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UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL - USD ($) $ in Millions | Total | Limited Partners | Limited Partners Limited Partners | Limited Partners (Deficit) | Limited Partners Ownership changes | Limited Partners Accumulated other comprehensive income | General partner | General partner Accumulated other comprehensive income | Non-controlling interest – Redeemable Partnership Units held by Brookfield | Non-controlling interest – Redeemable Partnership Units held by Brookfield Accumulated other comprehensive income | Non-controlling interest – BIPC exchangeable shares and class A.2 exchangeable shares | Non-controlling interest - exchange LP units, equity | Non-controlling interest – in operating subsidiaries | Non-controlling interest – Perpetual subordinated notes | Preferred unitholders capital
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Beginning balance at Dec. 31, 2024 |  | $ 29,853 |  | $ 4,704 |  | $ 6,210 |  | $ (3,982) |  | $ 1,698 |  | $ 778 | [1] | $ 27 |  | $ 5 | $ 1,926 |  | $ 319 | $ 1,355 |  | $ 62 | [2] | $ 20,568 | [3] |  | $ 918
Perpetual subordinated notes, beginning balance at Dec. 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 293 |
Net (loss) income |  | 778 |  | 20 |  |  |  | 20 |  |  |  |  |  | 160 |  |  | 9 |  |  | 5 |  |  |  | 584 | [3] |  |
Other comprehensive loss |  | 940 |  | 145 |  |  |  |  |  |  |  | 145 | [1] |  |  | 0 | 59 |  | 59 | 42 |  | 2 | [2] | 692 | [3] |  |
Comprehensive (loss) income |  | 1,718 |  | 165 |  |  |  | 20 |  |  |  | 145 | [1] | 160 |  |  | 68 |  |  | 47 |  | 2 | [2] | 1,276 | [3] |  |
Unit issuance | [4] | 5 |  | 5 |  | 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unit repurchases | [4] | (29) |  | (29) |  | (14) |  | (15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership distributions | [5] | (841) |  | (397) |  |  |  | (397) |  |  |  |  |  | (162) |  |  | (164) |  |  | (114) |  | (4) | [2] |  |  |  |
Partnership preferred distributions | [5] | (32) |  | (18) |  |  |  | (18) |  |  |  |  |  |  |  |  | (8) |  |  | (6) |  |  |  |  |  |  |
Acquisition of subsidiaries | [3] | 492 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 492 |  |  |
Capital provided to non-controlling interest |  | (672) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (672) | [3] |  |
Subsidiary distributions to non-controlling interest |  | (755) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (755) | [3] |  |
Preferred units redeemed | [4] | (96) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (96)
Other items |  | 6 | [4] | 15 | [4] | 2 | [4] | 50 | [4] | 9 | [4] | (46) | [4] | (2) | [4] | (1) | 8 | [4] | (18) | (9) | [4] | (6) | [2],[4] |  |  |  |
Ending balance at Jun. 30, 2025 |  | 29,649 |  | 4,445 |  | 6,203 |  | (4,342) |  | 1,707 |  | 877 | [6] | 23 |  | 4 | 1,830 |  | 360 | 1,273 |  | 54 | [7] | 20,909 | [3],[8] |  | 822
Perpetual subordinated notes, ending balance at Jun. 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Beginning balance at Dec. 31, 2024 |  | 29,853 |  | 4,704 |  | 6,210 |  | (3,982) |  | 1,698 |  | 778 | [1] | 27 |  | 5 | 1,926 |  | 319 | 1,355 |  | 62 | [2] | 20,568 | [3] |  | 918
Perpetual subordinated notes, beginning balance at Dec. 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Ending balance at Dec. 31, 2025 |  | 35,540 |  | 4,889 |  | 6,199 |  | (4,233) |  | 1,712 |  | 1,211 | [9] | 25 |  | 7 | 2,017 |  | 500 | 1,440 |  | 61 | [10] | 26,086 | [11] |  | 729
Perpetual subordinated notes, ending balance at Dec. 31, 2025 |  | 293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Beginning balance at Mar. 31, 2025 |  | 29,775 |  | 4,585 |  | 6,214 |  | (4,158) |  | 1,698 |  | 831 | [6] | 26 |  |  | 1,876 |  |  | 1,318 |  | 60 | [7] | 20,699 | [8] |  | 918
Perpetual subordinated notes, beginning balance at Mar. 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Net (loss) income |  | 252 |  | (6) |  |  |  | (6) |  |  |  |  |  | 80 |  |  | (3) |  |  | (2) |  |  |  | 183 | [8] |  |
Other comprehensive loss |  | 694 |  | 86 |  |  |  |  |  |  |  | 86 | [6] |  |  |  | 35 |  |  | 25 |  | 1 |  | 547 | [8] |  |
Comprehensive (loss) income |  | 946 |  | 80 |  |  |  | (6) |  |  |  | 86 | [6] | 80 |  |  | 32 |  |  | 23 |  | 1 |  | 730 | [8] |  |
Unit issuance | [12] | 3 |  | 3 |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unit repurchases | [12] | (29) |  | (29) |  | (14) |  | (15) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership distributions | [13] | (420) |  | (198) |  |  |  | (198) |  |  |  |  |  | (81) |  |  | (82) |  |  | (57) |  | (2) | [7] |  |  |  |
Partnership preferred distributions | [13] | (16) |  | (9) |  |  |  | (9) |  |  |  |  |  |  |  |  | (4) |  |  | (3) |  |  |  |  |  |  |
Acquisition of subsidiaries | [14] | 492 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 492 | [8] |  |
Capital provided to non-controlling interest |  | (552) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (552) | [8] |  |
Subsidiary distributions to non-controlling interest |  | (460) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (460) | [8] |  |
Preferred units redeemed | [12] | (96) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (96)
Other items | [7],[12] | 6 |  | 13 |  |  |  | 44 |  | 9 |  | (40) | [6] | (2) |  |  | 8 |  |  | (8) |  | (5) |  |  |  |  |
Ending balance at Jun. 30, 2025 |  | 29,649 |  | 4,445 |  | 6,203 |  | (4,342) |  | 1,707 |  | 877 | [6] | 23 |  | 4 | 1,830 |  | 360 | 1,273 |  | 54 | [7] | 20,909 | [3],[8] |  | 822
Perpetual subordinated notes, ending balance at Jun. 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Beginning balance at Dec. 31, 2025 |  | 35,540 |  | 4,889 |  | 6,199 |  | (4,233) |  | 1,712 |  | 1,211 | [9] | 25 |  | 7 | 2,017 |  | 500 | 1,440 |  | 61 | [10] | 26,086 | [11] |  | 729
Perpetual subordinated notes, beginning balance at Dec. 31, 2025 |  | 293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Net (loss) income |  | 637 |  | (110) |  |  |  | (110) |  |  |  |  |  | 172 |  |  | (46) |  |  | (32) |  | (1) | [10] | 654 | [11] |  |
Other comprehensive loss |  | (17) |  | 68 |  |  |  |  |  |  |  | 68 | [9] |  |  | 0 | 27 |  | 27 | 20 |  | 1 | [10] | (133) | [11] |  |
Comprehensive (loss) income |  | 620 |  | (42) |  |  |  | (110) |  |  |  | 68 | [9] | 172 |  |  | (19) |  |  | (12) |  |  |  | 521 | [11] |  |
Unit issuance | [15] | 145 |  | 6 |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |  | 139 |  |  |  |  |  |  |
Unit repurchases | [15] | (113) |  | (113) |  | (40) |  | (73) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership distributions | [16] | (894) |  | (417) |  |  |  | (417) |  |  |  |  |  | (176) |  |  | (173) |  |  | (123) |  | (5) | [10] |  |  |  |
Partnership preferred distributions | [16] | (28) |  | (17) |  |  |  | (17) |  |  |  |  |  |  |  |  | (7) |  |  | (4) |  |  |  |  |  |  |
Capital provided to non-controlling interest |  | (1,724) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,724) | [11] |  |
Subsidiary distributions to non-controlling interest |  | (1,021) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,021) | [11] |  |
Other items |  | (2) | [15] | 107 | [15] |  |  | (9) | [15] | 118 | [15] | (2) | [15] | 3 | [15] | 1 | 16 | [15] | 1 | (126) | [15] | (2) | [10],[15] |  |  |  |
Ending balance at Jun. 30, 2026 |  | 32,523 |  | 4,413 |  | 6,165 |  | (4,859) |  | 1,830 |  | 1,277 | [9],[17] | 24 |  | 8 | 1,834 |  | 528 | 1,314 |  | 54 | [18] | 23,862 | [11],[19] |  | 729
Perpetual subordinated notes, ending balance at Jun. 30, 2026 |  | 293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Beginning balance at Mar. 31, 2026 |  | 34,234 |  | 4,616 |  | 6,162 |  | (4,600) |  | 1,765 |  | 1,289 | [17] | 24 |  |  | 1,917 |  |  | 1,480 |  | 55 | [18] | 25,120 | [19] |  | 729
Perpetual subordinated notes, beginning balance at Mar. 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Net (loss) income |  | 489 |  | (24) |  |  |  | (24) |  |  |  |  |  | 86 |  |  | (11) |  |  | (7) |  |  |  | 445 | [19] |  |
Other comprehensive loss |  | (100) |  | (13) |  |  |  |  |  |  |  | (13) | [17] |  |  |  | (6) |  |  | (4) |  |  |  | (77) | [19] |  |
Comprehensive (loss) income |  | 389 |  | (37) |  |  |  | (24) |  |  |  | (13) | [17] | 86 |  |  | (17) |  |  | (11) |  | 0 | [18] | 368 | [19] |  |
Unit issuance | [20] | 3 |  | 3 |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Partnership distributions | [21] | (447) |  | (208) |  |  |  | (208) |  |  |  |  |  | (88) |  |  | (86) |  |  | (62) |  | (3) | [18] |  |  |  |
Partnership preferred distributions | [21] | (14) |  | (9) |  |  |  | (9) |  |  |  |  |  |  |  |  | (3) |  |  | (2) |  |  |  |  |  |  |
Capital provided to non-controlling interest |  | (1,123) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,123) |  |  |
Subsidiary distributions to non-controlling interest |  | (503) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (503) | [19] |  |
Other items | [20] | (16) |  | 48 |  |  |  | (18) |  | 65 |  | 1 |  | 2 |  |  | 23 |  |  | (91) |  | 2 | [18] |  |  |  |
Ending balance at Jun. 30, 2026 |  | 32,523 |  | $ 4,413 |  | $ 6,165 |  | $ (4,859) |  | $ 1,830 |  | $ 1,277 | [9],[17] | $ 24 |  | $ 8 | $ 1,834 |  | $ 528 | $ 1,314 |  | $ 54 | [18] | $ 23,862 | [11],[19] |  | $ 729
Perpetual subordinated notes, ending balance at Jun. 30, 2026 |  | $ 293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 293 |
[1] | Refer to Note 18, Accumulated Other Comprehensive Income (Loss).
[2] | 5.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[3] | 6.$1.8 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from partnership capital, interest of others in operating subsidiaries, and classified as a liability.
[4] | Refer to Note 16, Partnership Capital.
[5] | Refer to Note 17, Distributions. 4.Refer to Note 6, Acquisition of Businesses.
[6] | Refer to Note 18, Accumulated Other Comprehensive Income (Loss).
[7] | 5.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[8] | 6.$1.8 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from partnership capital, interest of others in operating subsidiaries, and classified as a liability.
[9] | Refer to Note 18, Accumulated Other Comprehensive Income (Loss).
[10] | 4.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[11] | 5.$2.0 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from partnership capital, interest of others in operating subsidiaries, and classified as a liability.
[12] | Refer to Note 16, Partnership Capital.
[13] | Refer to Note 17, Distributions.
[14] | Refer to Note 6, Acquisition of Businesses.
[15] | Refer to Note 16, Partnership Capital.
[16] | Refer to Note 17, Distributions.
[17] | Refer to Note 18, Accumulated Other Comprehensive Income (Loss)
[18] | 4.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[19] | 5.$2.0 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from partnership capital, interest of others in operating subsidiaries, and classified as a liability.
[20] | Refer to Note 16, Partnership Capital.
[21] | Refer to Note 17, Distributions.

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