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INVESTMENT IN ASSOCIATES AND JOINT VENTURES (Tables)
 6 Months Ended
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$ MILLIONSFor 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 period111 439 
Foreign currency translation and other772 (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		UtilitiesTransportMidstreamDataCorporateTotalContribution
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)
FFO187 304 157 113 (123)638 
Depreciation and amortization expense(421)114 (634)(941)
Deferred taxes29 (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		UtilitiesTransportMidstreamDataCorporateTotalContribution
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)
FFO180 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		UtilitiesTransportMidstreamDataCorporateTotalContribution
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)
FFO379 592 326 215 (228)1,284 
Depreciation and amortization expense(846)234 (1,289)(1,901)
Deferred taxes33 (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		UtilitiesTransportMidstreamDataCorporateTotalContribution
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)
FFO370 621 313 146 (227)1,223 
Depreciation and amortization expense(840)224 (1,202)(1,818)
Deferred taxes21 (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		UtilitiesTransportMidstreamDataCorporateTotalContribution
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$ MILLIONSUtilitiesTransportMidstreamDataCorporateTotalContribution
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 $104,590 
1.The above table provides each segment’s assets in the format that management organizes its reporting segments to make operating decisions and assess performance. Each segment is presented based on our partnership’s share of total assets, taking into account Brookfield Infrastructure’s ownership in operations using consolidation and the equity method whereby our partnership either controls or exercises significant influence over the investment, respectively. The above table reconciles Brookfield Infrastructure’s share of total assets to total assets presented on our partnership’s Consolidated Statements of Financial Position by removing net liabilities contained within investments in associates and joint ventures and reflecting the assets attributable to non-controlling interests, and adjusting for working capital assets which are netted against working capital liabilities.
The following table represents the carrying value of our partnership’s investments in associates and joint ventures:
As of
US$ MILLIONSJune 30, 2025December 31, 2024
Utilities$199 $312 
Transport2,780 2,162 
Midstream— 707 
Data2,382 2,326 
Corporate 8 165 
Ending Balance$5,369 $5,672 
Disclosure of associates
The following tables summarize the aggregate balances of investments in associates and joint ventures on a 100% basis:
As of
US$ MILLIONSJune 30, 2025December 31, 2024
Financial position:
Total assets$109,227 $100,510 
Total liabilities(67,421)(59,359)
Net assets$41,806 $41,151 
For the three-month
period ended June 30		For the six-month
period ended June 30
US$ MILLIONS2025202420252024
Financial performance:
Total revenue$4,696 $4,481 $8,735 $8,955 
Total net income for the period523 1,058 1,492 1,558 
Brookfield Infrastructure’s share of net (loss) income$(12)$95 $111 $136