Brookfield Infrastructure Reports Strong Second Quarter 2026 Results
Rhea-AI Summary
Brookfield Infrastructure (NYSE: BIP) reported second-quarter 2026 FFO of $702 million, or $0.89 per unit, up 10% year over year and in line with its growth target. Net income was $44 million versus $69 million a year earlier, affected by higher depreciation and borrowing costs linked to growth investments.
FFO growth was supported by inflation-linked increases in utilities, higher volumes in transport and midstream, and over $1.5 billion of commissioned projects, particularly in data. Segment FFO was $196 million for utilities, $311 million for transport, $183 million for midstream, and $154 million for data, with data FFO rising 36% and midstream 17%. Year-to-date, FFO reached $1.41 billion, up from $1.28 billion.
The company generated nearly $1.2 billion of asset sale proceeds year to date, including a $1.2 billion IPO of its U.S. colocation data center platform, while retaining 64% ownership. Liquidity exceeds $2.6 billion, over 95% of non-recourse term debt (excluding Brazil) is fixed rate, and rating agencies reaffirmed its BBB+ credit rating. Brookfield Infrastructure plans to merge BIP and BIPC into a single corporation, targeting completion in Q4 2026, and declared a quarterly distribution of $0.455 per unit, a 6% increase year over year.
Positive
- FFO $702 million in Q2 2026, up 10% year over year
- FFO per unit $0.89 vs. $0.81, achieving growth target
- Data segment FFO $154 million, up 36% year over year
- Midstream FFO $183 million, up 17% year over year
- Asset recycling proceeds nearly $1.2 billion year to date 2026
- U.S. colocation IPO gross proceeds ~$1.2 billion, with 64% ownership retained
- Corporate liquidity over $2.6 billion and no debt maturities until 2027
- Quarterly distribution $0.455 per unit, a 6% year-over-year increase
Negative
- Net income $44 million in Q2 2026 vs. $69 million prior year
- Per-unit net loss of $0.07 vs. $0.03 loss in prior-year quarter
- Higher depreciation and borrowing costs from growth initiatives reduced net income
- Asset sales resulted in foregone earnings in utilities, transport, and midstream segments
News Explained
The proposed combination of BIP and BIPC is not yet complete: securityholders will vote on
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Q1 earnings results | Positive | -1.5% | FFO increased 10% year over year despite a reported net loss and hedge-related losses. |
| Nov 07 | Q3 earnings results | Positive | +2.6% | FFO rose 9%, supported by asset sales, reinvestment, liquidity, and strong data segment growth. |
| Jul 31 | Q2 earnings results | Positive | +0.3% | FFO increased 5%, with acquisitions, capital recycling proceeds, and a higher quarterly distribution. |
| Apr 30 | Q1 earnings results | Positive | +1.9% | FFO grew 5% alongside capital commissioning, sale proceeds, acquisitions, and data-sector expansion. |
| Nov 06 | Q3 earnings results | Positive | +0.6% | FFO rose 7% as BIP achieved its capital recycling target and expanded investments. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
BIP's tag-matched earnings releases were usually followed by positive reactions, although the Q1 2026 release diverged with a negative response.
Key Terms
funds from operations financial
mark-to-market gains financial
non-recourse debt financial
investment-grade notes financial
AI-generated analysis. How Rhea-AI works. 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, July 30, 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 second quarter ended June 30, 2026.
“Brookfield Infrastructure delivered strong results in the first half of the year, generating
Overview
Brookfield Infrastructure generated funds from operations (FFO) per unit of
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||
| 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 | ||||||
Brookfield Infrastructure reported net income of
FFO for the second quarter was
Strategic Initiatives
We had a successful first half of the year with our asset rotation strategy having secured or deployed over
Momentum in AI infrastructure is accelerating, with our AI factory strategy gaining traction globally and expanding our pipeline of investment opportunities. In the U.S., Brookfield was selected by the Department of Energy to develop an AI data center campus in Kentucky, designed to support over 1.2 GW of compute capacity over several years. We have formed a consortium with NextEra Energy and local utility partners to advance the project through a bring-your-own-power model. In South Korea, Brookfield, NAVER and NVIDIA announced plans to develop 200 MW of sovereign compute capacity. Under the proposed arrangement, Brookfield would act as NAVER’s exclusive capital partner to finance the deployment of NVIDIA GPUs at the campus, supporting one of South Korea’s largest planned sovereign compute developments.
We also expanded our framework with Bloom Energy five-fold, from
Our ability to pursue this growing opportunity set is supported by our successful asset sale program. We have generated nearly
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 U.S. colocation data center operation on the New York Stock Exchange. Since our initial investment in 2018, we have transformed the business into a scaled platform comprising 64 sites across major U.S. markets and serving more than 1,700 customers. A key value driver in this transformation was the acquisition of over 40 sites from Cyxtera through its bankruptcy process, which scaled the platform, optimized the portfolio and accelerated growth. Since then, we have enhanced the company’s financial profile through lease-up of vacant capacity, under-roof densification projects, leased-site buyouts, cost optimization and selective site M&A. These initiatives have increased EBITDA by over 4x under our ownership and expanded capacity from 115 MW to approximately 390 MW.
The IPO represents the next step in our value creation plan. The transaction generated gross proceeds of approximately
We also advanced monetizations across two listed businesses in India. At our Indian telecom tower platform, we sold a
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
Finally, at our North American railcar leasing platform, we generated approximately
Segment Performance
The following table presents FFO by segment:
| For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||
| 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
FFO for the transport segment was
Our midstream segment generated FFO of
The data segment generated FFO of
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
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 of5.3% for a five-year term.
On our corporate balance sheet we have over
BIP and BIPC Structure
We recently announced our intention to simplify Brookfield Infrastructure's corporate structure by combining BIP and BIPC into a single publicly traded corporation.
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 U.S. taxable investors.
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 Toronto where members of Brookfield Infrastructure's senior management team will provide an update on our strategic priorities and growth outlook.
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 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 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 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).
| Brookfield Infrastructure Partners L.P. | |||||
| Consolidated Statements of Financial Position | |||||
| As of | |||||
| US$ millions, unaudited | June 30, 2026 | Dec. 31, 2025 | |||
| 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.
| Brookfield Infrastructure Partners L.P. | |||||||||||||||
| Consolidated Statements of Operating Results | |||||||||||||||
| For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||
| 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).
| Brookfield Infrastructure Partners L.P. | |||||||||||||||
| Consolidated Statements of Cash Flows | |||||||||||||||
| For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||
| 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 | |||||||
| Brookfield Infrastructure Partners L.P. | |||||||||||||||
| Reconciliation of Net Income to Funds from Operations | |||||||||||||||
| For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||
| 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.
| Brookfield Infrastructure Partners L.P. | ||||||||||||||
| Statements of Funds from Operations per Unit | ||||||||||||||
| For the three months ended June 30 | For the six months ended June 30 | |||||||||||||
| 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 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 | June 30, 2026 | Dec. 31, 2025 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 690 | $ | 431 | |||
| Due from Brookfield Infrastructure | 1,663 | 1,574 | |||||
| Property, plant and equipment | 13,518 | 14,198 | |||||
| Intangible assets | 3,238 | 3,102 | |||||
| Investments in associates | 275 | 295 | |||||
| Goodwill | 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 Brookfield Infrastructure | 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 | |||
| Brookfield Infrastructure Corporation | |||||||||||||||
| Consolidated Statements of Operating Results | |||||||||||||||
| For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||
| 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.
| Brookfield Infrastructure Corporation | |||||||||||||||
| Consolidated Statements of Cash Flows | |||||||||||||||
| For the three months ended June 30 | For the six months ended June 30 | ||||||||||||||
| 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 | |||||||
