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INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables) | 6 Months Ended
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Jun. 30, 2025
Interests In Other Entities [Abstract] |
Disclosure of joint ventures | The following table represents the change in the balance of investments in associates and joint ventures:
US$ MILLIONS | For the six-month period ended June 30, 2025 |  | For the 12-month period ended December 31, 2024
Balance at the beginning of the period | $ | 5,672 |  |  | $ | 5,402 |
Share of earnings for the period | 111 |  |  | 439 |
Foreign currency translation and other | 772 |  |  | (542) |
Share of other comprehensive (loss) income | (423) |  |  | 361 |
Distributions(3),(4) | (339) |  |  | (283) |
Disposition of interest(2),(6),(7),(8) | (1,030) |  |  | (55) |
Acquisitions(1),(5) | 606 |  |  | 350 |
Ending Balance | $ | 5,369 |  |  | $ | 5,672 |
1.On April 18, 2024, Brookfield Infrastructure completed the acquisition of an additional 10% interest in our Brazilian rail and port logistics business, for total consideration of approximately $350 million, increasing our ownership to approximately 21%. 2.On December 23, 2024, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Chimarrão Transmissora de Energia S.A., a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Chimarrão to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated Chimarrão effective December 23, 2024. Refer to Note 6 - Acquisition of Businesses, for further details. 3.On December 30, 2024, our French telecom infrastructure business completed the sale of its fiber platform for net proceeds to the partnership of approximately $100 million. Earnings from Investments in Associates and Joint Ventures in the Consolidated Statement of Operating Results, for the twelve month period ended December 31, 2024, includes a realized gain on sale of approximately $50 million. 4.In the first quarter of 2025, Brookfield Infrastructure completed the sale of its Mexican regulated natural gas transmission pipelines for net proceeds of $125 million, recognizing a gain of approximately $75 million, net of taxes and AOCI hedge recycling impacts. 5.On March 26, 2025, our global intermodal logistics operation sold its 33% interest in a subsidiary for net proceeds of approximately $120 million to the partnership (see Note 5 - Disposition of Businesses, for further details) and retained a 67% interest as an investment in associate. 6.On April 29, 2025, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Mantiqueira Transmissora de Energia S.A., a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Mantiqueira to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated Mantiqueira effective April 29, 2025. Refer to Note 6 - Acquisition of Businesses, for further details. 7.On May 9, 2025, Brookfield Infrastructure completed the sale of the remaining 25% portion of its U.S. gas pipeline for net proceeds of approximately $400 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $160 million, net of income tax expense, in the Consolidated Statements of Operating Results and approximately $70 million of revaluation gains (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within Other items on the Consolidated Statements of Partnership Capital. 8.On June 13, 2025, Brookfield Infrastructure sold a 23% interest in its Australian export terminal operation portion, reducing our interest from approximately 49% to 26%, and generated net proceeds of approximately $280 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $75 million, net of income tax expense, in the Consolidated Statements of Operating Results. Accumulated currency translation losses of $35 million were reclassified from accumulated other comprehensive income to the Consolidated Statement of Operating Results.
Disclosure of operating segments |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2025 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 676 |  |  | $ | 618 |  |  | $ | 385 |  |  | $ | 266 |  |  | $ | — |  |  | $ | 1,945 |  |  | $ | (478) |  |  | $ | 3,962 |  |  | $ | 5,429 |
Costs attributed to revenues(2) |  | (358) |  |  | (210) |  |  | (146) |  |  | (85) |  |  | — |  |  | (799) |  |  | 132 |  |  | (2,387) |  |  | (3,054) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (108) |  |  | (108) |  |  | — |  |  | — |  |  | (108) |
Other (expense) income |  | (28) |  |  | (11) |  |  | (4) |  |  | 6 |  |  | 51 |  |  | 14 |  |  | 7 |  |  | (130) |  |  | (109) |
Interest expense |  | (103) |  |  | (93) |  |  | (78) |  |  | (74) |  |  | (66) |  |  | (414) |  |  | 91 |  |  | (586) |  |  | (909) |
FFO |  | 187 |  |  | 304 |  |  | 157 |  |  | 113 |  |  | (123) |  |  | 638 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (421) |  |  | 114 |  |  | (634) |  |  | (941) |
Deferred taxes |  | 29 |  |  | (19) |  |  | 34 |  |  | 44 |
Mark-to-market and other |  | (177) |  |  | 177 |  |  | (88) |  |  | (88) |
Share of (losses) earnings from associates |  | — |  |  | (24) |  |  | 12 |  |  | (12) |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (183) |  |  | (183) |
Net income attributable to partnership(3) |  | $ | 69 |  |  | $ | — |  |  | $ | — |  |  | $ | 69 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 658 |  |  | $ | 650 |  |  | $ | 389 |  |  | $ | 213 |  |  | $ | — |  |  | $ | 1,910 |  |  | $ | (511) |  |  | $ | 3,739 |  |  | $ | 5,138 |
Costs attributed to revenues(2) |  | (351) |  |  | (225) |  |  | (162) |  |  | (74) |  |  | — |  |  | (812) |  |  | 153 |  |  | (2,334) |  |  | (2,993) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (92) |  |  | (92) |  |  | — |  |  | — |  |  | (92) |
Other (expense) income |  | (30) |  |  | (6) |  |  | (1) |  |  | 1 |  |  | 48 |  |  | 12 |  |  | 14 |  |  | (82) |  |  | (56) |
Interest expense |  | (97) |  |  | (100) |  |  | (83) |  |  | (62) |  |  | (68) |  |  | (410) |  |  | 99 |  |  | (515) |  |  | (826) |
FFO |  | 180 |  |  | 319 |  |  | 143 |  |  | 78 |  |  | (112) |  |  | 608 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (411) |  |  | 118 |  |  | (589) |  |  | (882) |
Deferred taxes |  | (2) |  |  | (12) |  |  | 65 |  |  | 51 |
Mark-to-market and other |  | (187) |  |  | 44 |  |  | (108) |  |  | (251) |
Share of earnings from associates |  | — |  |  | 95 |  |  | — |  |  | 95 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (176) |  |  | (176) |
Net income attributable to partnership(3) |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 1,360 |  |  | $ | 1,199 |  |  | $ | 810 |  |  | $ | 512 |  |  | $ | — |  |  | $ | 3,881 |  |  | $ | (946) |  |  | $ | 7,886 |  |  | $ | 10,821 |
Costs attributed to revenues(2) |  | (718) |  |  | (396) |  |  | (307) |  |  | (165) |  |  | — |  |  | (1,586) |  |  | 257 |  |  | (4,729) |  |  | (6,058) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (205) |  |  | (205) |  |  | — |  |  | — |  |  | (205) |
Other (expense) income |  | (62) |  |  | (17) |  |  | (12) |  |  | 12 |  |  | 108 |  |  | 29 |  |  | 17 |  |  | (228) |  |  | (182) |
Interest expense |  | (201) |  |  | (194) |  |  | (165) |  |  | (144) |  |  | (131) |  |  | (835) |  |  | 190 |  |  | (1,163) |  |  | (1,808) |
FFO |  | 379 |  |  | 592 |  |  | 326 |  |  | 215 |  |  | (228) |  |  | 1,284 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (846) |  |  | 234 |  |  | (1,289) |  |  | (1,901) |
Deferred taxes |  | 33 |  |  | (22) |  |  | 71 |  |  | 82 |
Mark-to-market and other |  | (277) |  |  | 171 |  |  | 24 |  |  | (82) |
Share of earnings from associates |  | — |  |  | 99 |  |  | 12 |  |  | 111 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (584) |  |  | (584) |
Net income attributable to partnership(3) |  | $ | 194 |  |  | $ | — |  |  | $ | — |  |  | $ | 194 |
|  | Total attributable to Brookfield Infrastructure |  |  |  |  |  |
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non-controlling interest |  | As per IFRS financials(1)
Revenues |  | $ | 1,317 |  |  | $ | 1,264 |  |  | $ | 850 |  |  | $ | 422 |  |  | $ | — |  |  | $ | 3,853 |  |  | $ | (985) |  |  | $ | 7,457 |  |  | $ | 10,325 |
Costs attributed to revenues(2) |  | (694) |  |  | (438) |  |  | (367) |  |  | (153) |  |  | — |  |  | (1,652) |  |  | 291 |  |  | (4,609) |  |  | (5,970) |
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | (189) |  |  | (189) |  |  | — |  |  | — |  |  | (189) |
Other (expense) income |  | (67) |  |  | (14) |  |  | (5) |  |  | 7 |  |  | 94 |  |  | 15 |  |  | 33 |  |  | (177) |  |  | (129) |
Interest expense |  | (186) |  |  | (191) |  |  | (165) |  |  | (130) |  |  | (132) |  |  | (804) |  |  | 191 |  |  | (1,007) |  |  | (1,620) |
FFO |  | 370 |  |  | 621 |  |  | 313 |  |  | 146 |  |  | (227) |  |  | 1,223 |  |  |  |  |  |  |
Depreciation and amortization expense |  | (840) |  |  | 224 |  |  | (1,202) |  |  | (1,818) |
Deferred taxes |  | 21 |  |  | (4) |  |  | 184 |  |  | 201 |
Mark-to-market and other |  | (226) |  |  | 114 |  |  | 174 |  |  | 62 |
Share of earnings from associates |  | — |  |  | 136 |  |  | — |  |  | 136 |
Net income attributable to non-controlling interest |  | — |  |  | — |  |  | (820) |  |  | (820) |
Net income attributable to partnership(3) |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
1.The above tables reconcile Brookfield Infrastructure’s share of results to our partnership’s unaudited interim condensed and consolidated statements of operating results on a line by line basis by aggregating the components comprising the earnings from our partnership’s investments in associates and reflecting the portion of each line item attributable to non-controlling interests. 2.Costs attributed to revenues exclude depreciation and amortization expense. Refer to Note 15, Direct Operating Costs, for further details. 3.Includes net income attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC exchangeable LP units and non-controlling interests - BIPC exchangeable shares and class A.2 exchangeable shares. The following is an analysis of Brookfield Infrastructure’s assets by reportable operating segment:
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF JUNE 30, 2025 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 9,503 |  |  | $ | 11,377 |  |  | $ | 8,818 |  |  | $ | 11,754 |  |  | $ | (2,914) |  |  | $ | 38,538 |  |  | $ | (8,843) |  |  | $ | 69,451 |  |  | $ | 9,545 |  |  | $ | 108,691 |
|  | Total Attributable to Brookfield Infrastructure |  |  |  |  |  |  |  |
AS OF DECEMBER 31, 2024 US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Corporate |  | Total |  | Contribution from investments in associates |  | Attributable to non- controlling interest |  | Working capital adjustment and other |  | As per IFRS financials(1)
Total assets |  | $ | 8,911 |  |  | $ | 11,720 |  |  | $ | 9,658 |  |  | $ | 9,358 |  |  | $ | (2,731) |  |  | $ | 36,916 |  |  | $ | (7,534) |  |  | $ | 66,461 |  |  | $ | 8,747 |  |  | $ | 104,590 |
1.The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities. The following table represents the carrying value of our partnership’s investments in associates and joint ventures:
| As of
US$ MILLIONS | June 30, 2025 |  | December 31, 2024
Utilities | $ | 199 |  |  | $ | 312 |
Transport | 2,780 |  |  | 2,162 |
Midstream | — |  |  | 707 |
Data | 2,382 |  |  | 2,326 |
Corporate | 8 |  |  | 165 |
Ending Balance | $ | 5,369 |  |  | $ | 5,672 |
Disclosure of associates | The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis:
| As of
US$ MILLIONS | June 30, 2025 |  | December 31, 2024
Financial position: |  |  |
Total assets | $ | 109,227 |  |  | $ | 100,510 |
Total liabilities | (67,421) |  |  | (59,359) |
Net assets | $ | 41,806 |  |  | $ | 41,151 |
| For the three-month period ended June 30 |  | For the six-month period ended June 30 |  |
US$ MILLIONS | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Financial performance: |  |  |  |  |  |  |  |  |  |  |
Total revenue | $ | 4,696 |  |  | $ | 4,481 |  |  | $ | 8,735 |  |  | $ | 8,955 |  |  |  |  |
Total net income for the period | 523 |  |  | 1,058 |  |  | 1,492 |  |  | 1,558 |  |  |  |  |
Brookfield Infrastructure’s share of net (loss) income | $ | (12) |  |  | $ | 95 |  |  | $ | 111 |  |  | $ | 136 |  |  |  |  |

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