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PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended
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Jun. 30, 2026
Property, plant and equipment [abstract] |
PROPERTY, PLANT AND EQUIPMENT | 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. The partnership’s property, plant, and equipment is measured at fair value on a recurring basis with an effective date of revaluation for all asset classes of December 31, 2025. Brookfield Infrastructure determined fair value under the income method or on a depreciated replacement cost basis. The partnership’s right-of-use assets recorded as property, plant, and equipment are measured using the cost model. Assets under development are revalued where fair value could be reliably measured.

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