Brookfield Infrastructure Partners L.P., a Bermuda-based limited partnership listed on the New York and Toronto stock exchanges, files its annual report for the year ended December 31, 2025. It owns and operates global utilities, transport, data and midstream infrastructure through a complex partnership and corporate structure closely tied to Brookfield.
The report notes 460,488,788 Limited Partnership Units and multiple preferred series outstanding as of December 31, 2025, plus listed subordinated notes. Financial statements are prepared under IFRS Accounting Standards, while management emphasizes non‑IFRS measures such as FFO, AFFO, Adjusted EBITDA, Invested Capital and net debt to assess performance and leverage.
Extensive risk disclosures highlight exposure to commodity demand, construction and capital needs, environmental and climate regulation, cyber-security, joint ventures, political and legal uncertainty in multiple jurisdictions, high leverage, re‑contracting risk, and strong dependence on Brookfield and its service affiliates for sourcing deals and day‑to‑day management.
Brookfield Infrastructure Partners reported strong results for the year ended December 31, 2025, with net income attributable to the partnership of $1.1 billion, up from $391 million in 2024, driven by solid operations and gains from capital recycling.
Funds from operations (FFO) were $2.6 billion, or $3.32 per unit, a 6% increase versus 2024 and about 10% above normalized FFO. Data segment FFO rose over 50% to $502 million, while utilities and midstream each grew FFO by 7%. The partnership exceeded its $3 billion capital recycling target and completed $1.1 billion of new acquisitions.
The Board declared a quarterly distribution of $0.455 per unit, a 6% year-over-year increase, marking the 17th consecutive distribution increase, with an equivalent dividend on Brookfield Infrastructure Corporation shares. BIPC reported net income of $700 million, with underlying earnings 60% higher than the prior year.
Brookfield Infrastructure Partners L.P. and Brookfield Infrastructure Corporation filed a Form 6-K to furnish an Equity Distribution Agreement and related legal opinions. The filing notes that these exhibits are incorporated by reference into their joint shelf registration statement on Form F-3. The Equity Distribution Agreement, dated November 19, 2025, is among Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners L.P. and several RBC and Scotia investment bank affiliates. The filing also includes legal opinions from McMillan LLP on British Columbia law and Appleby (Bermuda) Limited on Bermuda law, along with related consents, and a press release dated November 19, 2025.
Principal Global Investors, LLC and Principal Funds, Inc. – Principal MidCap Fund filed an amended Schedule 13G reporting passive beneficial ownership in Brookfield Infrastructure Partners L.P. (BIP).
PGI reports beneficial ownership of 31,975,602 limited partnership units, representing 6.9% of the class, with shared voting and dispositive power over the same amount and no sole power. Principal MidCap Fund reports 27,773,075 units, or 6.0%, with shared voting and dispositive power and no sole power, as of September 30, 2025. The filing certifies the holdings were acquired and are held in the ordinary course and not to change or influence control.
Brookfield Infrastructure Partners L.P. disclosed that its financing affiliates executed the Fifteenth and Sixteenth Supplemental Indentures and related guarantees with Computershare Trust Company of Canada, creating guarantees for the notes issued under each supplemental indenture. The filings identify the issuer entities as Brookfield Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited and Brookfield Infrastructure Finance Pty Ltd, and guarantors including Brookfield Infrastructure Partners L.P., Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure LLC and BIPC Holdings Inc. The document is signed by the company secretary.