SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

IFRS 8, Operating Segments, requires operating segments to be determined based on information that is regularly reviewed by the Executive Management and the Board of Directors for the purpose of allocating resources to the segment and to assess its performance. The Chief Operating Decision Maker (“CODM”) uses Funds from Operations (“FFO”) in assessing performance and in making resource allocation decisions, which enable the determination of return on the equity deployed. 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 includes the cumulative gain or loss on development assets that were recorded in other income (expenses) in the current and previous periods.

FFO 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.


	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.

Segment assets

For the purpose of monitoring segment performance and allocating resources between segments, the CODM monitors the assets, including investments accounted for using the equity method, attributable to each segment.

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.