Slides
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Brookfield Infrastructure Partners
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The Inflection is Underway The Advantage of Scale Building the Backbone of Artificial Intelligence More Ways to Grow, More Ability to Choose Closing Remarks and Q&A
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Sam Pollock Chief Executive Officer, Infrastructure The Inflection is Underway
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BROOKFIELD.COM Our full-cycle business strategy remains the foundation for driving 10%+ FFO per unit growth 4 Maintain a strong financial position Deploy capital at or above 12–15% target returns Crystallize value through capital recycling
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BROOKFIELD.COM Last year, we said our FFO per unit growth was at an inflection point 5
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BROOKFIELD.COM 6 FFO per unit CAGR 7% 10% Results this year showcase that our inflection is underway 10% 14% Since inception 2023–20252020–2022 Q2 2026 YTD
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BROOKFIELD.COM We are well on the way to achieving our goals for the year 7
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BROOKFIELD.COM 8 Achieved 10% FFO per unit growth Q2 year-to-date, while maintaining a strong financial position $2.6B Available corporate liquidity BBB+ Investment-grade ratings from two agencies ~65% Payout ratio
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BROOKFIELD.COM On track to deploy over $2 billion this year… 9 Growth capital backlogSemiconductor foundries $300M $600M New investments $500M Secured $1.4 billion of growth investment on a Q2 year-to-date basis
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BROOKFIELD.COM …at returns that exceed historical levels 10 15%+ Average expected return on capital deployed AI infrastructure Scale and competitive moat Infrastructure supercycle
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BROOKFIELD.COM On track to secure over $2 billion of asset sales this year 11 Indian telecom towers North American hyperscale data centers U.S. colocation data centers Brazilian electricity transmission Secured $1.4 billion1 of asset sale proceeds year-to-date 16% IRR 44% IRR20% IRR $1B+ IPO 1. Excludes $360M of net to BIP proceeds from the IPO of Csquare
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BROOKFIELD.COM ~2X Trading liquidity ~$30B Market capitalization Our simplification creates a larger, more liquid security 12 March 2020 BIPC created January 2008 BIP listed as a partnership July 21, 2026 Announced simplification October 14, 2026 Securityholder votes Q4 2026 Expected close BIPCBIP L.P. BIP Inc. BIP Inc. > BIP + BIPC
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BROOKFIELD.COM The strength of our base business, combined with increased investment, is expected to drive FFO per unit growth higher 13
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BROOKFIELD.COM M&A and corporate partnerships AI infrastructure Organic growth The avenues for capital deployment have never been stronger 14
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Scott Peak President, Infrastructure The Advantage of Scale
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BROOKFIELD.COM Setting the stage 16 Scale is a prerequisite for success BIP is a leading corporate partner Global infrastructure demand is accelerating
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BROOKFIELD.COM The infrastructure opportunity set has doubled in 10 years 17 Energy & power Other infrastructure $100T+ AI infrastructure Transportation & logistics Digital infrastructure ~$50T 2016 Global infrastructure investment forecast 1 2026 Global infrastructure investment forecast 1 1. Source: McKinsey & Company, The Infrastructure Moment (September 2025)
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BROOKFIELD.COM We are uniquely positioned for outperformance in this environment 18 Long-term deployment visibility Business scale Operational capabilities Corporate relationships + + =
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BROOKFIELD.COM Most infrastructure opportunities stem from leading global corporates… 19 Corporates Governments Prerequisites Large-scale capital Brand reputation Relevant asset portfolio Proven asset management Operating expertise Joint ventures BIP Carve-outs Strategic partnerships Take privates
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BROOKFIELD.COM 2016 $6B 2019 $2B 2020 $14B 2020 $6B 2022 $30B 2023 $19B 2025 $1B 2026 $6B 2026 $4B 2026 $25B Consequently, we have a market-leading corporate partnership resume 20 Note: Dollar amounts represent either enterprise value or framework size, where applicable
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BROOKFIELD.COM Our scale is impressive… 21 Operating breadth Global reach Transaction experience Assets under management $200B+ Corporate offices Equity deployed1 12 ~$75B 57,000+ Professionals Operating employees Acquisitions & divestitures1 320+ 100+ Portfolio companies 50+ Countries with operations Projects being advanced2 15+ ~$20B A highly valuable & strategic moat built over decades 1. Since inception. Cumulative equity deployed includes BIP and its institutional partners 2. Total project capital expenditures being advanced by BIP and its institutional partners, excluding the Intel project
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BROOKFIELD.COM Utilities $47B AUM Midstream $40B AUM Data $82B AUM Transport $41B AUM 3,500 km natural gas pipelines 280 bcf natural gas storage 309,000 telecom towers 36,300 km rail 1,900 km electricity transmission lines 5.6 bcf/d processing capacity 155,000 km fiber-optic cable 120,000 railcars 9.8 million residential infrastructure customers 19,500 km long-haul, conventional and natural gas gathering pipelines 785,000 fiber connections 30 million tonnes LNG export capacity 7.4 million electricity and natural gas connections 2.4 GW contracted data center capacity 7 million intermodal containers …but what corporates truly value sits below the surface 22
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BROOKFIELD.COM As our average investment size has grown, so too have our average returns 23
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BROOKFIELD.COM 24 Build strong leadership organizations Drive margin improvement Enhance contracting and revenue growth Position the business for future exit optionality Optimize capital structure Execute accretive capex projects Bigger deals…more avenues for growth and outperformance
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BROOKFIELD.COM 25 Underwritten returns Mid-teen IRR We are a trusted custodian with proven operational capabilities Global intermodal logistics Bolt-on acquisitions Lease & financing optimization Create StableCo drop-down vehicle U.S. bulk fiber Expand homebuilder partnerships Integrate Brookfield ecosystem Create StableCo drop-down vehicle U.S. refined products pipeline Expand blending & marketing Cost optimization Enhance utilization/throughput BIP’s asset management return uplift +200-400 bps Reforecasted business plan returns High-teen IRR
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BROOKFIELD.COM Bloom North- River 26 2021–20262015–2020 $0 $3 $6 Enterprise value G&W IPL Home- Serve Triton Altius Sabine Pass Michigan Rail Data4 Compass Hotwire Colonial DFMG Intel Enercare NTS $9 Marquee businesses—often acquired on a value basis—continue to grow TDF Our infrastructure business scale has evolved with the market Siemens $B
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BROOKFIELD.COM 27 Increasing our annual deployment…and average returns 2021–20262015–2020 $300M Average BIP equity deployed per deal @ @ $600M Average BIP equity deployed per deal 12-15% Average target return on capital deployed 15%+ Average target return on capital deployed
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BROOKFIELD.COM Key takeaways 28 BIP is ideally positioned for opportunistic investment Our scale establishes us as a leading infrastructure corporate partner Our businesses’ returns are growing beyond initial underwriting We continue to expect investment returns above our stated targets
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Sam Pollock CEO (Moderator)Panel: Building the Backbone of AI Sikander Rashid Global Head of AI Infrastructure Lief Williams Managing Director, AI Infrastructure
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BROOKFIELD.COM The AI infrastructure opportunity set exceeds $7T by 20351 30 AI factories Power & transmissionCompute infrastructure Strategic adjacencies Current BIP investments Future opportunities 1. Brookfield estimate
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BROOKFIELD.COM 31 Compute infrastructure ~$2B Total expected equity investment Owns and leases high-performance compute infrastructure Take-or-pay contracts Investment-grade counterparties Limited or no technology risk Attractive returns achieved during the initial lease term ~$10B Enterprise value Investment attributes 5-year opportunity Framework size
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BROOKFIELD.COM 32 ~$10B Purpose-built AI data centers, supporting sovereign compute and hyperscale workloads Growing government commitments to domestic AI capacity Long-term contracts with highly creditworthy counterparties Scale and access to power and infrastructure create high barriers to entry Investment attributes 5-year opportunity AI factories Framework size ~$50B Enterprise value Total expected equity investment
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BROOKFIELD.COM 33 AI factories In-progress investment pipeline Paducah, United States Keephills, Canada 1.2GW Compute capacity potential 1.1GW Compute capacity potential
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BROOKFIELD.COM 34 Power & transmission ~$5B Strategic partnership to deploy behind-the-meter power for data centers and AI factories Proven, highly reliable fuel cell technology Fast time to power in constrained markets Long-term contracts Investment-grade counterparties Investment attributes 5-year opportunity ~$25B Framework size Enterprise value Total expected equity investment
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BROOKFIELD.COM High barriers to entry Essential services Strong counterparties Contracted revenues High operating margins Limited or no technology risk Applying disciplined underwriting to AI 35
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BROOKFIELD.COM Key takeaways 36 The AI infrastructure investment cycle is rapidly accelerating We are well positioned to invest in the AI backbone at attractive returns This represents a scalable, multi-year deployment opportunity
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David Krant Chief Financial Officer More Ways to Grow, More Ability to Choose
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BROOKFIELD.COM The three main avenues of growth investment 38 Traditional M&A AI infrastructure Organic growth capital
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BROOKFIELD.COM Traditional M&A has been our largest deployment channel 39 2017–2019 2020–2022 2023–2025 Equity-funded growth capex $0.4B $0.5B $0.6B Traditional M&A $1.5B $2.1B $1.6B Average annual growth investment $1.9B $2.6B $2.2B M&A has accounted for approximately 80% of our average annual growth investment
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BROOKFIELD.COM Power & transmission AI factories Compute Framework size (EV) ~$25B ~$50B ~$10B Deployment cycle 1-2 years 3-4 years < 1 year Expected total equity (5 years) ~$5B ~$10B ~$2B Expected BIP equity1 (5 years) ~$750M ~$1B ~$400M Average annual investment ~$150M ~$200M ~$100M 40 Deploy approximately $500M annually into AI infrastructure 1. Assumes an illustrative 10–20% BIP share of total equity. Actual BIP investment will depend on transaction-specific capital formation
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BROOKFIELD.COM Organic projects are our largest source of 2026 deployment 41 Q2 2026 YTD % Equity-funded growth capex $0.6B ~45% Intel equity funding $0.3B ~20% Traditional M&A1 $0.5B ~35% Total growth investments ~$1.4B We are on track to deploy over $2 billion in growth initiatives in 2026 1. Includes both invested and committed capital not yet deployed
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BROOKFIELD.COM …which generates some of our most attractive risk-adjusted investment opportunities Lower risk Less competition Strong returns 42
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BROOKFIELD.COM Our backlog stands at an all-time high 43 2021 Investor Day Target (Next 2-3 Years) 2024 Actual Q2 2026 ~$3B ~$4B $6B1 2x 1. Excludes $2 billion of capital yet to be funded for our semiconductor facility in Arizona +33%
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BROOKFIELD.COM …and we will continue to replenish and grow our backlog 44 Our disclosed backlog includes only fully commercialized, approved projects currently under construction $15B+ ~$9B $6B1 Site selection, internal diligence, customer discussions Site acquired, permits underway, commercial discussions advanced, return analysis completed Approved and under construction Early-stage opportunities Planning & commercialization Disclosed 1. Excludes $2 billion of capital yet to be funded for our semiconductor facility in Arizona
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BROOKFIELD.COM Our scale and the expanding opportunity set allow us to invest a significant amount of capital 45
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BROOKFIELD.COM We now have more channels for growth investment… 46 Traditional M&A $1.0B–$2.0B Organic growth $500M–$1.0B AI infrastructure ~$500M ~$2.0B–$3.0B Annual growth investment target
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BROOKFIELD.COM …which allow us to selectively deploy at higher target returns 47 Target returns Per unit growth 15% 5% 17% 6% 15% 6% 17% 8% Investment amount $2.0B $3.0B Impact on our growth outlook Traditional M&A 15%+ Organic growth 15%+ AI infrastructure 17%+
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BROOKFIELD.COM Combined with inflationary benefits, these investments should help deliver FFO per unit growth at or above our target range… 48 We are on track to deliver 10%+ with a plan to achieve 12%+ in the next 2-3 years 3–4% 1–2% ~5% Inflationary indexation Volume growth Target growth Invest $2.0B at 15% returns 10%+ Higher returns and/or deployment 2–4% Investment upside 12%+
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BROOKFIELD.COM 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 49 9% Distributions per unit CAGR $1.82 $0.42 ...and continue our 17-year track record of distribution increases 1 1. 2026 distribution is based on Q2 2026 YTD distributions annualized
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BROOKFIELD.COM Key takeaways Organic growth is at record levels Our scale makes us a partner of choice AI infrastructure is providing opportunities at attractive risk-adjusted returns Our growth rate is in the early stages of inflection 50
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Sam Pollock Chief Executive Officer, Infrastructure Closing Remarks and Q&A
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BROOKFIELD.COM 52 Attractive entry point for BIP investors BIP remains the go-to grow-tility! >5% dividend yield Accelerating growth rate Simpler corporate structure
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Q&A
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BROOKFIELD.COM All amounts are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this presentation is presented as of June 30, 2026. DISCLAIMER This presentation has been prepared for informational purposes only from information supplied by Brookfield Infrastructure and from third-party sources indicated herein. Such third-party information has not been independently verified. Brookfield Infrastructure makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable U.S. and Canadian securities laws. The words “expect”, “estimate”, “anticipate”, “plan”, “believe”, “seek”, “intend”, “forecast”, “project”, “target” or 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 and information. Forward-looking statements and information in this presentation include statements regarding growth in FFO (as defined below) and FFO per unit; participating in a growing asset class; the likelihood and timing of successfully completing the transactions and other initiatives referred to in this presentation; the benefits of asset rotation; the ability to expand margin in an inflationary environment; the limited impacts from changes in interest and foreign exchange rates; the expansion and commissioning of our capital backlog; the ability to secure new investment opportunities as a result of current macroeconomic trends; the integration of newly acquired businesses into our existing operations; the future prospects and financing of the assets that Brookfield Infrastructure operates or will operate; our intention to maintain an investment grade credit rating; the continued growth and expansion of Brookfield Infrastructure and its businesses; future revenue and distribution growth prospects in general and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied by these forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by these forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and information herein. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this presentation include general economic and political 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, 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 performance of global capital markets, the availability and terms of equity and debt financing for Brookfield Infrastructure, 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, 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, changes in technology which have the potential to disrupt the business and industries in which we invest, uncertainty with respect to future sources of investment opportunities, our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, our active pipeline of new investment opportunities and growing backlog of committed organic growth capital expenditure projects may not be completed as planned, and other risks and factors described in the documents filed by Brookfield Infrastructure Partners L.P. (the “Partnership”) with the securities regulators in Canada and the United States including under “Risk Factors” in the Partnership’s most recent Annual Report on Form 20-F, its most recent interim report, and the prospectus qualifying the special distribution of BIPC’s shares. 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. IMPORTANT NOTE REGARDING NON-IFRS FINANCIAL MEASURES To measure performance we focus on net income as well as funds from operations (“FFO”), adjusted funds from operations (“AFFO”), adjusted EBITDA, rate base, return on rate base, adjusted EBITDA to interest ratio, consolidated leverage, corporate interest coverage, constant currency basis and adjusted EBITDA margin, which we refer to throughout this presentation. 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 define adjusted EBITDA as net income excluding the impact of depreciation and amortization, interest expense, current and deferred income taxes, breakage and transaction costs and non-cash valuation gains or losses. We define rate base as a regulated or notionally stipulated asset base. We define return on rate base as adjusted EBITDA divided by time weighted average rate base. We define adjusted EBITDA to interest ratio as adjusted EBITDA divided by interest expense on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations. We define consolidated leverage as net debt divided by net debt plus the market value of Brookfield Infrastructure based on the closing price of Brookfield Infrastructure’s units on the New York Stock Exchange (assuming full conversion of Brookfield’s interest in Brookfield Infrastructure into units of Brookfield Infrastructure). We define corporate interest coverage as AFFO plus interest expense incurred on corporate debt divided by interest expense incurred on corporate debt. We define constant currency basis as current period earnings translated at prior period foreign exchange rates which allows the Partnership to remove the impact of changes in rates from our operating results. We define adjusted EBITDA margin as adjusted EBITDA divided by revenues. These measures are not calculated in accordance with, and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). These measures are therefore unlikely to be comparable to similar measures presented by other issuers. These measures have limitations as analytical tools. See the Reconciliation of Non-IFRS Financial Measures section of the Partnership’s most recent Annual Report on Form 20-F and most recent interim report for a more fulsome discussion including reconciliations to the most directly comparable IFRS measures. Notice to Recipients 54