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v3.26.1

PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended
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Jun. 30, 2026
Property, plant and equipment [abstract] |
Disclosure of detailed information about property, plant and equipment |
US$ MILLIONS | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Gross carrying amount: |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | 8,567 |  |  | $ | 17,574 |  |  | $ | 14,744 |  |  | $ | 13,815 |  |  | $ | 54,700 |
Acquisitions through business combinations | 104 |  |  | — |  |  | 8,898 |  |  | 2,852 |  |  | 11,854 |
Additions, net of disposals | 583 |  |  | 1,365 |  |  | 804 |  |  | 2,343 |  |  | 5,095 |
Assets held by subsidiaries disposed during the period | (1) |  |  | (807) |  |  | (1) |  |  | (5) |  |  | (814) |
Non-cash additions (disposals) | — |  |  | 117 |  |  | 27 |  |  | 79 |  |  | 223 |
Assets reclassified as held for sale | — |  |  | (736) |  |  | — |  |  | — |  |  | (736) |
Net foreign currency exchange differences | 440 |  |  | 332 |  |  | 710 |  |  | (463) |  |  | 1,019 |
Balance at December 31, 2025 | $ | 9,693 |  |  | $ | 17,845 |  |  | $ | 25,182 |  |  | $ | 18,621 |  |  | $ | 71,341 |
Additions, net of disposals (1) | 310 |  |  | 1,384 |  |  | 356 |  |  | 605 |  |  | 2,655 |
Assets reclassified as held for sale (3) | — |  |  | (988) |  |  | (312) |  |  | — |  |  | (1,300) |
Non-cash (disposals) additions | (24) |  |  | (15) |  |  | (81) |  |  | (87) |  |  | (207) |
Assets held by subsidiaries disposed during the period | — |  |  | (24) |  |  | — |  |  | (2,300) |  |  | (2,324) |
Net foreign currency exchange differences | (157) |  |  | 58 |  |  | (497) |  |  | (484) |  |  | (1,080) |
Balance at June 30, 2026 | $ | 9,822 |  |  | $ | 18,260 |  |  | $ | 24,648 |  |  | $ | 16,355 |  |  | $ | 69,085 |
Accumulated depreciation: |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | (2,068) |  |  | $ | (3,284) |  |  | $ | (1,946) |  |  | $ | (1,962) |  |  | $ | (9,260) |
Depreciation expense | (429) |  |  | (897) |  |  | (781) |  |  | (1,007) |  |  | (3,114) |
Disposals | 48 |  |  | 24 |  |  | 1 |  |  | 3 |  |  | 76 |
Assets reclassified as held for sale | — |  |  | 268 |  |  | — |  |  | — |  |  | 268 |
Assets held by subsidiaries disposed during the period | 1 |  |  | 363 |  |  | — |  |  | 2 |  |  | 366 |
Non-cash disposals | 43 |  |  | 34 |  |  | 29 |  |  | 57 |  |  | 163 |
Net foreign currency exchange differences | (87) |  |  | (145) |  |  | (106) |  |  | 84 |  |  | (254) |
Balance at December 31, 2025 | $ | (2,492) |  |  | $ | (3,637) |  |  | $ | (2,803) |  |  | $ | (2,823) |  |  | $ | (11,755) |
Depreciation expense | (224) |  |  | (401) |  |  | (498) |  |  | (550) |  |  | (1,673) |
Disposals | 22 |  |  | 15 |  |  | 1 |  |  | 66 |  |  | 104 |
Assets reclassified as held for sale (3) | — |  |  | 282 |  |  | 58 |  |  | — |  |  | 340 |
Assets held by subsidiaries disposed during the period | — |  |  | 18 |  |  | — |  |  | 42 |  |  | 60 |
Non-cash disposals | 24 |  |  | 38 |  |  | 19 |  |  | 40 |  |  | 121 |
Net foreign currency exchange differences | 48 |  |  | (29) |  |  | 79 |  |  | 102 |  |  | 200 |
Balance at June 30, 2026 | $ | (2,622) |  |  | $ | (3,714) |  |  | $ | (3,144) |  |  | $ | (3,123) |  |  | $ | (12,603) |
Accumulated fair value adjustments: |  |  |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | 1,969 |  |  | $ | 1,393 |  |  | $ | 2,033 |  |  | $ | 12 |  |  | $ | 5,407 |
Fair value adjustments | 198 |  |  | 2 |  |  | 1,603 |  |  | — |  |  | 1,803 |
Net foreign currency exchange differences | 171 |  |  | 90 |  |  | 16 |  |  | — |  |  | 277 |
Assets held by subsidiaries disposed during the period | $ | — |  |  | $ | (276) |  |  | $ | — |  |  | $ | — |  |  | $ | (276) |
Balance at December 31, 2025 | $ | 2,338 |  |  | $ | 1,209 |  |  | $ | 3,652 |  |  | $ | 12 |  |  | $ | 7,211 |
Net foreign currency exchange differences | (12) |  |  | 37 |  |  | (24) |  |  | (2) |  |  | (1) |
Balance at June 30, 2026 | $ | 2,326 |  |  | $ | 1,246 |  |  | $ | 3,628 |  |  | $ | 10 |  |  | $ | 7,210 |
Net book value: |  |  |  |  |  |  |  |  |
December 31, 2025 | $ | 9,539 |  |  | $ | 15,417 |  |  | $ | 26,031 |  |  | $ | 15,810 |  |  | $ | 66,797 |
June 30, 2026(2) | $ | 9,526 |  |  | $ | 15,792 |  |  | $ | 25,132 |  |  | $ | 13,242 |  |  | $ | 63,692 |
1.On January 1, 2026, our partnership acquired a North American railcar leasing platform through a joint venture with GATX Corporation for approximately $1.1 billion, which was principally comprised of approximately $1.0 billion of property, plant and equipment. The transaction did not meet IFRS 3 Business Combination criteria and was treated as an asset purchase. 2.Includes right-of-use assets of $270 million in our utilities segment, $702 million in our transport segment, $297 million in our midstream segment and $2,817 million in our data segment. Current lease liabilities of $586 million have been included in accounts payable and other and non-current lease liabilities of $3,719 million have been included in other liabilities in the Consolidated Statements of Financial Position. 3.See Note 4, Assets and Liabilities Classified as Held for Sale, for additional information.

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