Brookfield Infrastructure Partners L P : Quarterly Report (bip q3 2025 6k)

2025

Bíookfisld Infíustíuctuís Puítnsís L.P.

Ǫ3 INTERIM REPOR T

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2025 Commission file number 001-33632 BROOKFIELD INFRASTRUCTURE PARTNERS L.P. (Exact name of Registrant as specified in its charter) 73 Front Street, Fifth Floor Hamilton, HM 12 Bermuda

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

The information contained in Exhibit 99.1 of this Form 6-K is incorporated by reference into the registrant's following registration statements on Form F-3 (File Nos. 333-278737, 333-278529, 333-167860 and 333-278738-01).

The following documents, which are attached as exhibits hereto, are incorporated by reference herein:

Exhibit Title

1. Brookfield Infrastructure Partners L.P.'s interim report for the quarter ended September 30, 2025

2. Certification of Samuel Pollock, Chief Executive Officer, Brookfield Infrastructure Group L.P., pursuant to Canadian law

3. Certification of David Krant, Chief Financial Officer, Brookfield Infrastructure Group L.P., pursuant to Canadian law

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P.,

by its general partner, BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED

Date: November 13, 2025 By: /s/ William Cox Name: William Cox Title: Director

Exhibit 99.1 Brookfield Infrastructure Partners L.P.

Interim Report Q3 2025

UNAUDITED INTERIM CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 AND

FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

INDEX

Page

Unaudited Interim Condensed and Consolidated Statements of Financial Position of Brookfield Infrastructure Partners L.P. 2

Unaudited Interim Condensed and Consolidated Statements of Operating Results of Brookfield Infrastructure Partners L.P. 3

Unaudited Interim Condensed and Consolidated Statements of Comprehensive Income of Brookfield Infrastructure Partners L.P. 4

Unaudited Interim Condensed and Consolidated Statements of Partnership Capital of Brookfield Infrastructure Partners L.P. 5

Unaudited Interim Condensed and Consolidated Statements of Cash Flows of Brookfield Infrastructure Partners L.P. 9

Notes to the Unaudited Interim Condensed and Consolidated Financial Statements of Brookfield Infrastructure Partners L.P. 10

Management's Discussion & Analysis 47

Brookfield Infrastructure Partners L.P. (our "partnership" and together with its subsidiary and operating entities "Brookfield Infrastructure") is a leading global infrastructure company that owns and operates high-quality, essential, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. It is focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows.

Brookfield Corporation (together with its affiliates other than Brookfield Infrastructure, "Brookfield") has an approximate 26.6% economic interest in Brookfield Infrastructure on a fully exchanged basis. Brookfield Infrastructure has appointed Brookfield as its Service Providers to provide certain management, administrative and advisory services, for a fee, under the Master Services Agreement.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of

US$ MILLIONS, UNAUDITED	Notes	September 30, 2025	December 31, 2024
Assets
Cash and cash equivalents	7	$ 2,613	$ 2,071
Financial assets	7	729	669
Accounts receivable and other	7	5,650	4,455
Inventory		583	454
Assets classified as held for sale	4	2,301	1,958
Current assets		11,876	9,607
Property, plant and equipment	8	62,592	50,847
Intangible assets	9	17,930	14,521
Investments in associates and joint ventures	10	5,275	5,672
Investment properties		2,666	5,063
Goodwill	6	18,795	14,101
Financial assets	7	497	726
Other assets		4,540	3,933
Deferred income tax asset		128	120
Total assets		$ 124,299	$ 104,590
Liabilities and Partnership Capital
Liabilities
Accounts payable and other	7	$ 6,721	$ 5,758
Corporate borrowings	7,11	1,100	850
Non-recourse borrowings	7,11	4,281	2,838
Financial liabilities	7	384	248
Liabilities directly associated with assets classified as held for sale	4	1,502	1,209
Current liabilities		13,988	10,903
Corporate borrowings	7,11	4,163	3,692
Non-recourse borrowings	7,11	52,374	43,714
Financial liabilities(1)	7	3,135	2,532
Other liabilities		6,708	6,209
Deferred income tax liability		9,443	7,667
Preferred shares	7	20	20
Total liabilities		89,831	74,737
Partnership capital
Limited partners	16	4,512	4,704
General partner	16	23	27
Non-controlling interest attributable to:
Redeemable Partnership Units held by Brookfield	16	1,855	1,926
BIPC exchangeable shares and class A.2 exchangeable shares	16	1,291	1,355
Exchangeable units(2)	16	53	62
Perpetual subordinated notes	16	293	293
Interest of others in operating subsidiaries		25,619	20,568
Preferred unitholders	16	822	918
Total partnership capital		34,468	29,853
Total liabilities and partnership capital		$ 124,299	$ 104,590

1. $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.

2. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

The accompanying notes are an integral part of the financial statements.

2 BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF OPERATING RESULTS

For the three-month period ended September 30

For the nine-month period ended September 30

US$ MILLIONS, UNAUDITED	Notes	2025	2024	2025	2024
Revenues	14	$ 5,975	$ 5,270	$ 16,796	$ 15,595
Direct operating costs	8,9,15	(4,416)	(3,897)	(12,375)	(11,685)
General and administrative expenses		(107)	(113)	(312)	(302)
		1,452	1,260	4,109	3,608
Interest expense		(1,014)	(873)	(2,822)	(2,493)
Share of earnings from investments in associates and joint ventures	10	437	56	548	192
Mark-to-market losses	7	(158)	(23)	(423)	(61)
Other income (expense)		320	(107)	712	158
Income before income tax		1,037	313	2,124	1,404
Income tax (expense) recovery
Current		(173)	(135)	(564)	(429)
Deferred		(114)	56	(32)	257
Net income		$ 750	$ 234	$ 1,528	$ 1,232
Attributable to:
Limited partners		$ 210	$ (73)	$ 230	$ (55)
General partner		81	73	241	220
Non-controlling interest attributable to:
Redeemable Partnership Units held by Brookfield		87	(30)	96	(23)
BIPC exchangeable shares and class A.2 exchangeable shares		60	(21)	65	(16)
Exchangeable units(1)		2	(1)	2	-
Interest of others in operating subsidiaries		310	286	894	1,106
Basic and diluted income (loss) per limited partner unit:	16	$ 0.44	$ (0.18)	$ 0.45	$ (0.18)

1. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

The accompanying notes are an integral part of the financial statements.

Q3 2025 INTERIM REPORT 3

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three-month period ended September 30

For the nine-month period ended September 30

US$ MILLIONS, UNAUDITED	Notes	2025	2024	2025	2024
Net income		$ 750	$ 234	$ 1,528	$ 1,232
Other comprehensive (loss) income:
Items that will not be reclassified subsequently to profit or loss:
Revaluation of asset retirement obligation		(1)	(1)	2	(14)
Unrealized actuarial gains (losses)		2	3	(5)	37
Taxes on the above items		-	(1)	1	(7)
Share of income (losses) from investments in associates and joint ventures	10	3	1	2	(2)
		4	2	-	14
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation		(192)	610	1,614	24
Cash flow hedge	7	10	(520)	(321)	(331)
Net investment hedge	7	29	(22)	(158)	(4)
Taxes on the above items		4	97	82	99
Share of income (losses) from investments in associates and joint ventures	10	58	(161)	(364)	(35)
		(91)	4	853	(247)
Total other comprehensive (loss) income		(87)	6	853	(233)
Comprehensive income		$ 663	$ 240	$ 2,381	$ 999

Attributable to:
Limited partners	$ 268	$ (58)	$ 433	$ (98)
General partner	81	73	241	220
Non-controlling interest attributable to:
Redeemable Partnership Units held by Brookfield	110	(24)	178	(41)
BIPC exchangeable shares and class A.2 exchangeable shares	77	(17)	124	(29)
Exchangeable units(1)	3	(1)	5	-

Interest of others in operating subsidiaries 124 2671,400 947

1. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

The accompanying notes are an integral part of the financial statements.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL

			Limited Partners
							Non-controlling	Non-controlling interest - BIPC
FOR THE THREE-MONTH				Accumulated			interest -Redeemable	exchangeable shares and class	Non-controlling	Non-controlling	Non-controlling interest -
PERIOD ENDED	Limited			other			Partnership	A.2	interest -	interest - in	Perpetual	Preferred	Total
September 30, 2025	partners'		Ownership	comprehensive	Limited	General	Units held by	exchangeable	Exchangeable	operating	subordinated	unitholders	partners'
US$ MILLIONS, UNAUDITED	capital	(Deficit)	changes	income(1)	partners	partner	Brookfield	shares	units(5)	subsidiaries(6)	notes	capital	capital
Balance as at June 30, 2025	$ 6,203	$ (4,342)	$ 1,707	$ 877	$ 4,445	$ 23	$ 1,830	$ 1,273	$ 54	$ 20,909	$ 293	$ 822	$ 29,649
Net income	-	210	-	-	210	81	87	60	2	310	-	-	750
Other comprehensive income (loss)	-	-	-	58	58	-	23	17	1	(186)	-	-	(87)
Comprehensive income	-	210	-	58	268	81	110	77	3	124	-	-	663
Unit issuance(2)	3	-	-	-	3	-	-	-	-	-	-	-	3
Partnership distributions(3)	-	(198)	-	-	(198)	(81)	(82)	(57)	(2)	-	-	-	(420)
Partnership preferred distributions(3)	-	(8)	-	-	(8)	-	(4)	(3)	-	-	-	-	(15)
Acquisition of subsidiaries(4)	-	-	-	-	-	-	-	-	-	5,940	-	-	5,940
Capital provided to non-controlling interest	-	-	-	-	-	-	-	-	-	(1,045)	-	-	(1,045)
Subsidiary distributions to non-controlling interest	-	-	-	-	-	-	-	-	-	(314)	-	-	(314)
Other items(2)	1	14	-	(13)	2	-	1	1	(2)	5	-	-	7
Balance as at September 30, 2025	$ 6,207	$ (4,324)	$ 1,707	$ 922	$ 4,512	$ 23	$ 1,855	$ 1,291	$ 53	$ 25,619	$ 293	$ 822	$ 34,468

1. Refer to Note 18, Accumulated Other Comprehensive Income (Loss).

2. Refer to Note 16, Partnership Capital.

3. Refer to Note 17, Distributions.

4. Refer to Note 6, Acquisition of Businesses.

5. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

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.

The accompanying notes are an integral part of the financial statements.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL

			Limited Partners
							Non-controlling interest -				Non-controlling
FOR THE THREE-MONTH				Accumulated			Redeemable	Non-controlling	Non-controlling	Non-controlling	interest -
PERIOD ENDED	Limited			other			Partnership	interest - BIPC	interest -	interest - in	Perpetual	Preferred	Total
September 30, 2024	partners'		Ownership	comprehensive	Limited	General	Units held by	exchangeable	Exchangeable	operating	subordinated	unitholders	partners'
US$ MILLIONS, UNAUDITED	capital	(Deficit)	changes	income(1)	partners	partner	Brookfield	shares	units(5)	subsidiaries	notes	capital	capital
Balance as at June 30, 2024	$ 6,204	$ (3,622)	$ 1,698	$ 618	$ 4,898	$ 27	$ 2,011	$ 1,411	$ 66	$ 20,485	$ 293	$ 918	$ 30,109
Net (loss) income	-	(73)	-	-	(73)	73	(30)	(21)	(1)	286	-	-	234
Other comprehensive income (loss)	-	-		15	15	-	6	4	-	(19)	-	-	6
Comprehensive (loss) income	-	(73)	-	15	(58)	73	(24)	(17)	(1)	267	-	-	240
Unit issuance(2)	3	-	-	-	3	-	-	-	-	-	-	-	3
Partnership distributions(3)	-	(187)	-	-	(187)	(74)	(78)	(53)	(2)	-	-	-	(394)
Partnership preferred distributions(3)	-	(10)	-	-	(10)	-	(4)	(3)	-	-	-	-	(17)
Acquisition of subsidiaries(4)	-	-	-	-	-	-	-	-	-	370	-	-	370
Capital provided to non-controlling interest	-	-	-	-	-	-	-	-	-	(468)	-	-	(468)
Subsidiary distributions to non-controlling interest	-	-	-	-	-	-	-	-	-	(324)	-	-	(324)
Other items(2),(4)	-	(5)	-	-	(5)	-	(2)	-	(1)	(4)	-	-	(12)
Balance as at September 30, 2024	$ 6,207	$ (3,897)	$ 1,698	$ 633	$ 4,641	$ 26	$ 1,903	$ 1,338	$ 62	$ 20,326	$ 293	$ 918	$ 29,507

1. Refer to Note 18, Accumulated Other Comprehensive Income (Loss).

2. Refer to Note 16, Partnership Capital.

3. Refer to Note 17, Distributions.

4. Refer to Note 6, Acquisition of Businesses.

5. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

The accompanying notes are an integral part of the financial statements.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL

			Limited Partners
							Non-controlling	Non-controlling interest - BIPC
FOR THE NINE-MONTH PERIOD				Accumulated			interest -Redeemable	exchangeable shares and class	Non-controlling	Non-controlling	Non-controlling interest -
ENDED	Limited			other			Partnership	A.2	interest -	interest - in	Perpetual	Preferred	Total
September 30, 2025	partners'		Ownership	comprehensive	Limited	General	Units held by	exchangeable	Exchangeable	operating	subordinated	unitholders	partners'
US$ MILLIONS, UNAUDITED	capital	(Deficit)	changes	income(1)	partners	partner	Brookfield	shares	units(5)	subsidiaries(6)	notes	capital	capital
Balance as at December 31, 2024	$ 6,210	$ (3,982)	$ 1,698	$ 778	$ 4,704	$ 27	$ 1,926	$ 1,355	$ 62	$ 20,568	$ 293	$ 918	$ 29,853
Net income	-	230	-	-	230	241	96	65	2	894	-	-	1,528
Other comprehensive income	-	-	-	203	203	-	82	59	3	506	-	-	853
Comprehensive income	-	230	-	203	433	241	178	124	5	1,400	-	-	2,381
Unit issuance(2)	8	-	-	-	8	-	-	-	-	-	-	-	8
Unit repurchases(2)	(14)	(15)	-	-	(29)	-	-	-	-	-	-	-	(29)
Partnership distributions(3)	-	(595)	-	-	(595)	(243)	(246)	(171)	(6)	-	-	-	(1,261)
Partnership preferred distributions(3)	-	(26)	-	-	(26)	-	(12)	(9)	-	-	-	-	(47)
Acquisition of subsidiaries(4)	-	-	-	-	-	-	-	-	-	6,432	-	-	6,432
Capital provided to non-controlling interest	-	-	-	-	-	-	-	-	-	(1,717)	-	-	(1,717)
Subsidiary distributions to non-controlling interest	-	-	-	-	-	-	-	-	-	(1,069)	-	-	(1,069)
Preferred units redeemed(2)	-	-	-	-	-	-	-	-	-	-	-	(96)	(96)
Other items(2)	3	64	9	(59)	17	(2)	9	(8)	(8)	5	-	-	13
Balance as at September 30, 2025	$ 6,207	$ (4,324)	$ 1,707	$ 922	$ 4,512	$ 23	$ 1,855	$ 1,291	$ 53	$ 25,619	$ 293	$ 822	$ 34,468

1. Refer to Note 18, Accumulated Other Comprehensive Income (Loss).

2. Refer to Note 16, Partnership Capital.

3. Refer to Note 17, Distributions.

4. Refer to Note 6, Acquisition of Businesses.

5. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

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.

The accompanying notes are an integral part of the financial statements.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL

			Limited Partners
							Non-controlling interest -				Non-controlling
FOR THE NINE-MONTH PERIOD				Accumulated			Redeemable	Non-controlling	Non-controlling	Non-controlling	interest -
ENDED	Limited			other			Partnership	interest - BIPC	interest -	interest - in	Perpetual	Preferred	Total
September 30, 2024	partners'		Ownership	comprehensive	Limited	General	Units held by	exchangeable	Exchangeable	operating	subordinated	unitholders	partners'
US$ MILLIONS, UNAUDITED	capital	(Deficit)	changes	income(1)	partners	partner	Brookfield	shares	units(6)	subsidiaries	notes	capital	capital
Balance as at December 31, 2023	$ 6,196	$ (3,246)	$ 1,695	$ 676	$ 5,321	$ 28	$ 2,190	$ 1,533	$ 72	$ 23,661	$ 293	$ 918	$ 34,016
Net (loss) income	-	(55)	-	-	(55)	220	(23)	(16)	-	1,106	-	-	1,232
Other comprehensive loss	-	-	-	(43)	(43)	-	(18)	(13)	-	(159)	-	-	(233)
Comprehensive (loss) income	-	(55)	-	(43)	(98)	220	(41)	(29)	-	947	-	-	999
Unit issuance(2)	9	-	-	-	9	-	-	-	-	-	-	-	9
Partnership distributions(3)	-	(561)	-	-	(561)	(222)	(234)	(159)	(6)	-	-	-	(1,182)
Partnership preferred distributions(3)	-	(30)	-	-	(30)	-	(12)	(9)	-	-	-	-	(51)
Acquisition of subsidiaries(4)	-	-	-	-	-	-	-	-	-	370	-	-	370
Capital provided to non-controlling interest	-	-	-	-	-	-	-	-	-	(2,573)	-	-	(2,573)
Subsidiary distributions to non-controlling interest	-	-	-	-	-	-	-	-	-	(1,463)	-	-	(1,463)
Other items(2),(5)	2	(5)	3	-	-	-	-	2	(4)	(616)	-	-	(618)
Balance as at September 30, 2024	$ 6,207	$ (3,897)	$ 1,698	$ 633	$ 4,641	$ 26	$ 1,903	$ 1,338	$ 62	$ 20,326	$ 293	$ 918	$ 29,507

1. Refer to Note 18, Accumulated Other Comprehensive Income (Loss).

2. Refer to Note 16, Partnership Capital.

3. Refer to Note 17, Distributions.

4. Refer to Note 6, Acquisition of Businesses.

5. Principally comprised of the deconsolidation of our non-controlling interest in our Peruvian toll road operation. Refer to Note 19, Related Party Transactions.

6. Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.

The accompanying notes are an integral part of the financial statements.

BROOKFIELD INFRASTRUCTURE PARTNERS L.P. UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three-month period ended September 30

For the nine-month period ended September 30

US$ MILLIONS, UNAUDITED	Notes	2025	2024	2025	2024
Operating Activities
Net income		$ 750	$ 234	$ 1,528	$ 1,232
Adjusted for the following items:
Earnings from investments in associates and joint ventures, net of distributions received	10	93	22	321	24
Depreciation and amortization expense	8,9,15	1,050	854	2,951	2,672
Mark-to-market, provisions and other	7	(200)	92	(320)	(192)
Deferred income tax expense (recovery)		114	(56)	32	(257)
Changes in non-cash working capital, net		63	48	(585)	(387)
Cash from operating activities		1,870	1,194	3,927	3,092
Investing Activities
Acquisition of subsidiaries, net of cash acquired	6	(9,679)	(1,673)	(9,848)	(2,381)
Disposal of subsidiaries, net of cash disposed	5	1,719	-	2,150	77
Investments in associates and joint ventures	10	-	-	-	(350)
Disposal of investments in associates and joint ventures	10	775	-	1,449	-
Purchase of long-lived assets	8,9	(2,105)	(1,158)	(3,995)	(3,720)
Disposal of long-lived assets	8,9	61	293	193	510
Purchase of financial assets		(189)	(125)	(227)	(512)
Sale of financial assets		-	371	264	875
Net settlement of foreign exchange hedging items	7	(29)	(13)	(47)	(22)
Other investing activities(1)	19	(692)	(4)	(642)	(132)
Cash used by investing activities		(10,139)	(2,309)	(10,703)	(5,655)
Financing Activities
Distributions to general partner	17	(81)	(74)	(243)	(222)
Distributions to other unitholders	17	(354)	(337)	(1,065)	(1,011)
Subsidiary distributions to non-controlling interest		(314)	(324)	(1,069)	(993)
Capital provided by non-controlling interest		5,089	183	4,573	(1,922)
Proceeds from corporate borrowings	11	500	-	678	153
Repayment of corporate borrowings	11	-	-	-	(531)
Net (repayment) proceeds from commercial paper program	11	(45)	(8)	250	(11)
Proceeds from corporate credit facility	11	498	297	2,414	2,431
Repayment of corporate credit facility	11	(611)	(252)	(2,714)	(1,743)
Proceeds from non-recourse borrowings	11	6,285	7,784	11,151	19,614
Repayment of non-recourse borrowings	11	(1,967)	(5,533)	(5,762)	(12,405)
Preferred units redeemed	16	-	-	(90)	-
Partnership units repurchased, net of costs and issuances	16	3	3	(21)	9
Lease liability repaid		(148)	(89)	(378)	(317)
Other financing activities		(263)	(280)	(429)	(701)
Cash from financing activities		8,592	1,370	7,295	2,351
Cash and cash equivalents
Change during the period		323	255	519	(212)
Cash reclassified as assets held for sale		(34)	-	(62)	-
Impact of foreign exchange on cash and other		(18)	21	85	(43)
Balance, beginning of period		2,342	1,326	2,071	1,857
Balance, end of period	$ 2,613 $ 1,602 $ 2,613				$	1,602

1. Other investing activities for the nine-months ended September 30 2024, include the removal of cash on hand at our Peruvian toll road operation of $104 million following the deconsolidation of our Peruvian toll road operations. Please refer to Note 18 Related Party Transactions for further details.

The accompanying notes are an integral part of the financial statements.

NOTES TO THE UNAUDITED INTERIM CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 AND

FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024

1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

   Brookfield Infrastructure Partners L.P. (our "partnership" and, together with its subsidiaries and operating entities, "Brookfield Infrastructure") owns and operates utilities, transport, midstream and data businesses in the Americas, Europe and the Asia Pacific region. Our partnership was formed as a limited partnership established under the laws of Bermuda, pursuant to a limited partnership agreement dated May 17, 2007, as amended and restated. Our partnership is a subsidiary of Brookfield Corporation ("Brookfield"). Our partnership's units are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols "BIP" and "BIP.UN", respectively. Our cumulative Class A preferred limited partnership units, Series 3, Series 9 and Series 11 are listed on the Toronto Stock Exchange under the symbols "BIP.PR.B", "BIP.PR.E" and "BIP.PR.F", respectively. Our cumulative Class A preferred limited partnership units, Series 13 and Series 14, are listed on the New York Stock Exchange under the symbols "BIP.PR.A" and "BIP.PR.B", respectively. Our partnership's registered office is 73 Front Street, 5th Floor, Hamilton, HM 12, Bermuda.

   In these notes to the interim condensed and consolidated financial statements, references to "units" are to the limited partnership units in our partnership other than the preferred units, references to our "preferred units" are to preferred limited partnership units in our partnership and references to our "unitholders" and "preferred unitholders" are to the holders of our units and preferred units, respectively. References to "Class A Preferred Units,", "Series 3 Preferred Units," "Series 9 Preferred Units," "Series 11 Preferred Units," "Series 13 Preferred Units" and "Series 14 Preferred Units" are to cumulative Class A preferred limited partnership units, cumulative Class A preferred limited partnership units, Series 3, cumulative Class A preferred limited partnership units, Series 9, cumulative Class A preferred limited partnership units, Series 11, cumulative Class A preferred limited partnership units, Series 13, and cumulative Class A preferred limited partnership units, Series 14, in our partnership, respectively.

   On December 24, 2024, the partnership, Brookfield Infrastructure Holdings Corporation ("BIHC") and BIPC completed a reorganization through a court approved plan of arrangement under the BCBCA (the "Arrangement") pursuant to which (i) holders of class A exchangeable subordinate voting shares of BIHC, other than Brookfield, received BIPC exchangeable shares in exchange for their class A exchangeable subordinate voting shares of BIHC on a one-for-one basis; (ii) Brookfield transferred its class A exchangeable subordinate voting shares of BIHC to BIPC in exchange for class A.2 exchangeable shares on a one-for-one basis; (iii) the class A exchangeable subordinate voting shares of BIHC were delisted; and (iv) the exchangeable shares of BIPC were listed on the NYSE and the TSX.

2. MATERIAL ACCOUNTING POLICY INFORMATION

   1. Statement of Compliance

      These interim condensed and consolidated financial statements of our partnership and its subsidiaries (together "Brookfield Infrastructure") have been prepared in accordance with IAS 34, Interim Financial Reporting, ("IAS 34") under the IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IFRS" and "IFRS Accounting Standards") and using the accounting policies Brookfield Infrastructure applied in its consolidated financial statements as of and for the year-ended December 31, 2024. The accounting policies that our partnership applied in its annual consolidated financial statements as of and for the year-ended December 31, 2024, are disclosed in Note 3 of such financial statements, with which reference should be made in reading these interim condensed and consolidated financial statements.

      These interim condensed and consolidated financial statements were authorized for issuance by the Board of Directors of our partnership on November 13, 2025.

   2. Significant Accounting Judgments and Key Sources of Estimation Uncertainty

      In preparing our consolidated financial statements, we make judgments in applying our accounting policies. The areas of judgment are consistent with those reported in our consolidated financial statements as of and for the year ended December 31, 2024. As disclosed in our 2024 annual consolidated financial statements, our partnership uses significant assumptions and estimates to determine the fair value of our property, plant and equipment and the value-in-use or fair value less costs of disposal of the cash-generating units or groups of cash generating units to which goodwill or an intangible asset has been allocated.

3. SEGMENT INFORMATION

   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 income (loss) earned by data center developers which is generated through the development, commercialization, and sale of completed sites.

   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							Contribution from	Attributable to non-
   SEPTEMBER 30, 2025 US$ MILLIONS	Utilities	Transport	Midstream	Data	Corporate	Total	investments in associates	controlling interest	As per IFRS financials(1)
   Revenues $	720	$ 609	$ 409	$ 296	$ -	$ 2,034	$ (453)	$ 4,394	$ 5,975
   Costs attributed to revenues(2)	(389)	(214)	(172)	(85)	-	(860)	124	(2,630)	(3,366)
   General and administrative expenses	-	-	-	-	(107)	(107)	-	-	(107)
   Other (expense) income	(28)	(9)	2	4	55	24	(38)	(56)	(70)
   Interest expense	(113)	(100)	(83)	(77)	(64)	(437)	93	(670)	(1,014)
   FFO	190	286	156	138	(116)	654
   Depreciation and amortization expense						(453)	122	(719)	(1,050)
   Deferred taxes						1	(9)	(106)	(114)
   Mark-to-market and other						238	(267)	88	59
   Share of earnings from associates						-	428	9	437
   Net income attributable to non-controlling interest						-	-	(310)	(310)
   Net income attributable to partnership(3)						$ 440	$ -	$ -	$ 440
   Total attributable to Brookfield Infrastructure
   FOR THE THREE-MONTH PERIOD ENDED							Contribution from	Attributable to non-
   SEPTEMBER 30, 2024 US$ MILLIONS Utilities		Transport	Midstream	Data	Corporate	Total	investments in associates	controlling As per IFRS interest financials(1)
   Revenues $ 669		$ 640	$ 396	$ 226	$ -	$ 1,931	$ (506)	$ 3,845 $ 5,270
   Costs attributed to revenues(2) (357)		(223)	(158)	(75)	-	(813)	155	(2,385) (3,043)
   General and administrative expenses -		-	-	-	(113)	(113)	-	- (113)
   Other (expense) income (26)		(3)	(3)	1	52	21	11	(74) (42)
   Interest expense (98)		(106)	(88)	(67)	(68)	(427)	102	(548) (873)
   FFO 188		308	147	85	(129)	599
   Depreciation and amortization expense						(412)	126	(568) (854)
   Deferred taxes						7	6	43 56
   Mark-to-market and other						(246)	50	(27) (223)
   Share of earnings from associates						-	56	- 56
   Net income attributable to non-controlling interest						-	-	(286) (286)
   Net loss attributable to partnership(3)						$ (52)	$ -	$ - $ (52)

   Total attributable to Brookfield Infrastructure

   FOR THE NINE-MONTH PERIOD ENDED							Contribution from	Attributable to non-
   SEPTEMBER 30, 2025							investments	controlling	As per IFRS
   US$ MILLIONS	Utilities	Transport	Midstream	Data	Corporate	Total	in associates	interest	financials(1)
   Revenues	$ 2,080	$ 1,808	$ 1,219	$ 808	$ -	$ 5,915	$ (1,399)	$ 12,280	$ 16,796
   Costs attributed to revenues(2)	(1,107)	(610)	(479)	(250)	-	(2,446)	381	(7,359)	(9,424)
   General and administrative expenses	-	-	-	-	(312)	(312)	-	-	(312)
   Other (expense) income	(90)	(26)	(10)	16	163	53	(21)	(284)	(252)
   Interest expense	(314)	(294)	(248)	(221)	(195)	(1,272)	283	(1,833)	(2,822)
   FFO	569	878	482	353	(344)	1,938
   Depreciation and amortization expense						(1,299)	356	(2,008)	(2,951)
   Deferred taxes						34	(31)	(35)	(32)
   Mark-to-market and other						(39)	(96)	112	(23)
   Share of earnings from associates						-	527	21	548
   Net income attributable to non-controlling	interest					-	-	(894)	(894)
   Net income attributable to partnership(3)						$ 634	$ -	$ -	$ 634

   Total attributable to Brookfield Infrastructure

   FOR THE NINE-MONTH PERIOD ENDED							Contribution from	Attributable to non-
   SEPTEMBER 30, 2024							investments	controlling	As per IFRS
   US$ MILLIONS	Utilities	Transport	Midstream	Data	Corporate	Total	in associates	interest	financials(1)
   Revenues	$ 1,986	$ 1,904	$ 1,246	$ 648	$ -	$ 5,784	$ (1,491)	$ 11,302	$ 15,595
   Costs attributed to revenues(2)	(1,051)	(661)	(525)	(228)	-	(2,465)	446	(6,994)	(9,013)
   General and administrative expenses	-	-	-	-	(302)	(302)	-	-	(302)
   Other (expense) income	(93)	(17)	(8)	8	146	36	44	(251)	(171)
   Interest expense	(284)	(297)	(253)	(197)	(200)	(1,231)	293	(1,555)	(2,493)
   FFO	558	929	460	231	(356)	1,822
   Depreciation and amortization expense						(1,252)	350	(1,770)	(2,672)
   Deferred taxes						28	2	227	257
   Mark-to-market and other						(472)	164	147	(161)
   Share of earnings from associates						-	192	-	192
   Net income attributable to non-controlling interest		-					-	(1,106)		(1,106)
   Net income attributable to partnership(3)		$ 126					$ -	$ - $		126

   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

   Contribution Attributable

   AS OF SEPTEMBER 30, 2025

   US$ MILLIONS Utilities Transport Midstream Data

   Working

   from to non- capital As per investments controlling adjustment IFRS

   Corporate Total in associates interest and other financials(1)

   Total assets $ 9,465 $ 10,854 $ 9,937 $ 12,823 $ (3,253) $ 39,826 $ (8,340) $ 81,976 $ 10,837 $ 124,299

   Total Attributable to Brookfield Infrastructure

   Contribution Attributable

   AS OF DECEMBER 31, 2024

   US$ MILLIONS Utilities Transport Midstream Data

   Working

   from to non- capital As per investments controlling adjustment IFRS

   Corporate Total in associates interest and other 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.

4. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

   In the third quarter of 2025, Brookfield Infrastructure agreed to the sale of a 34% interest in its U.K. ports operation for proceeds of

   $427 million to the partnership (U.K. ports operation consortium - 62% or $780 million), with an implied 100% transaction value of

   $1.3 billion. Following the sale, our partnership will retain a 25% interest as an investment in associate and deconsolidate the business from our consolidated financial statements. As a result, the assets and liabilities of the business were classified as held for sale as at September 30, 2025. Subsequent to September 30, 2025, Brookfield Infrastructure completed the sale.

   Additionally, our U.K. rail operation agreed to the sale of its interest in a subsidiary. As a result, the assets and liabilities of the subsidiary were classified as held for sale as at September 30, 2025.

   The major classes of assets and liabilities of the businesses classified as held for sale are as follows:

   US$ MILLIONS	September 30, 2025
   Assets
   Cash and cash equivalents	$ 10
   Accounts receivable and other current assets	199
   Property, plant and equipment	1,240
   Intangible assets	491
   Investment Properties	301
   Other non-current assets	60
   Total assets classified as held for sale	$ 2,301
   Liabilities
   Accounts payable and other liabilities	$ 374
   Deferred income tax liability	282
   Non-recourse borrowings	846
   Total liabilities directly associated with assets classified as held for sale	1,502
   Net assets classified as held for sale	$ 799

5. DISPOSITION OF BUSINESSES

   Dispositions Completed in 2025

   1. Partial Disposition of our Indian Gas Transmission Operation

      During the third quarter of 2025, our partnership sold a portion of its interest in our Indian gas transmission operation. The sale resulted in net proceeds of approximately $55 million to the partnership (Indian gas transmission operation consortium of approximately $205 million). Our partnership recognized a gain on sale of approximately $7 million directly in equity in the Consolidated Statement of Partnership Capital.

   2. Disposition of a subsidiary of our European hyperscale data center platform

      During the third quarter of 2025, our European hyperscale data center platform sold a 90% interest in a portfolio of stabilized data center assets for net proceeds of approximately $310 million (European hyperscale data center platform consortium of approximately

      $1.7 billion). As a result of the transaction, our partnership recognized a gain of approximately $25 million (European hyperscale data center platform consortium of approximately $160 million) in other income (expense) on the Consolidated Statement of Operating Results. Upon disposition of its 90% interest in the subsidiary, our European hyperscale data center platform retained a 10% interest as an investment in associate.

   3. Disposition of a subsidiary of our Global Intermodal Logistics Operation

      During the first quarter of 2025, our global intermodal logistics operation sold a 33% interest in a stabilized container subsidiary for net proceeds of approximately $120 million (global intermodal logistics operation consortium of approximately $440 million). Our partnership recognized a gain on sale of approximately $50 million (global intermodal logistics operation consortium of approximately

      $190 million) in other income (expense) on the Consolidated Statement of Operating Results. Our global intermodal logistics operation recognized its retained interest in the subsidiary as an investment in associate.

      In the third quarter of 2025, our global intermodal logistics operation sold an additional 33% interest in a stabilized container portfolio. Refer to Note 10, Investments in Associates and Joint Ventures, for more details.

      Dispositions Completed Subsequent to September 30, 2025

      1. Partial disposition of our North American gas storage platform

      On October 15, 2025, Brookfield Infrastructure completed the initial public offering ("IPO") of our North American gas storage platform for proceeds of approximately $230 million (North American gas storage platform consortium of approximately $580 million or C$810 million). As a result of the IPO, our partnership partially sold down its interest in the business from approximately 40% to approximately 30% and will continue to consolidate the business following the sale.

      Dispositions Completed in 2024

      1. Disposition of a subsidiary of our Australian port operation

      During the first and second quarters of 2024, our Australian port operation sold interests in several of its subsidiaries. The sales resulted in net proceeds of approximately $20 million (Australian port operation consortium of approximately $75 million). Our partnership recognized a gain on sale of approximately $6 million (Australian port operation consortium total of approximately

      $25 million) in other income (expense) on the Consolidated Statement of Operating Results.

6. ACQUISITION OF BUSINESSES

   Acquisitions Completed in 2025

   1. Acquisition of U.S. Fiber network

      On September 3, 2025, Brookfield Infrastructure, alongside institutional partners (the "Hotwire consortium"), completed the acquisition of Hotwire Communications ("Hotwire"), a leading provider of bulk fiber-to-the home services in key growing markets in the U.S. for total consideration of $0.8 billion (Hotwire consortium - $3.9 billion). Concurrently, Brookfield Infrastructure entered into a voting agreement with an affiliate of Brookfield, providing Brookfield Infrastructure the right to direct the relevant activities of the entity, thereby providing Brookfield Infrastructure with control. Accordingly, Brookfield Infrastructure consolidated the entity effective September 3, 2025, with the partnership having an effective 20% interest. Acquisition costs of approximately $12 million were recorded as other income (expense) within the Consolidated Statement of Operating Results.

      Consideration Transferred:
      US$ MILLIONS
      Cash	$ 808
      Total consideration	$ 808
      Fair value of assets and liabilities acquired (provisional)(1): US$ MILLIONS
      Cash and cash equivalents	$ 307
      Accounts receivable and other	351
      Property, plant and equipment	2,266
      Intangible assets	2,010
      Goodwill	2,376
      Accounts payable and other liabilities	(450)
      Non-recourse borrowings	(2,913)
      Net assets acquired before non-controlling interest	3,947
      Non-controlling interest(2)	(3,139)
      Net assets acquired	$ 808

      1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of acquisition.

      2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, including those classified as financial liabilities, measured at fair value at the acquisition date.

      The partnership acquired property, plant, and equipment of $2.3 billion. The property, plant and equipment was valued using the depreciated replacement cost method with key inputs of replacement cost and remaining economic life. Additionally, the partnership acquired $2 billion of intangible assets, primarily composed of customer relationships. The acquired customer relationship assets were valued with key inputs of revenue growth rates, customer attrition rates, and a discount rate determined using a capital asset pricing model and have an estimated useful life of up to 25 years.

      The goodwill recorded on acquisition is largely reflective of potential capacity and customer growth. The goodwill recognized is not deductible for income tax purposes.

   2. Acquisition of U.S. Pipeline System

      On July 31, 2025, Brookfield Infrastructure, alongside institutional partners (the "Colonial consortium"), completed the acquisition of Colonial Enterprises Inc ("Colonial"), the largest refined products pipeline system in the U.S. for total consideration of $0.9 billion (Colonial consortium - $6.2 billion). The partnership contributed approximately $0.5 billion of equity capital (Colonial consortium -

      $3.4 billion), with the balance funded through acquisition debt. Concurrently, Brookfield Infrastructure entered into a voting agreement with an affiliate of Brookfield, providing Brookfield Infrastructure the right to direct the relevant activities of the entity, thereby providing Brookfield Infrastructure with control. Accordingly, Brookfield Infrastructure consolidated the entity effective July 31, 2025, with the partnership having an effective 15% interest. Acquisition costs of approximately $43 million were recorded as other income (expense) within the Consolidated Statement of Operating Results.

      Consideration Transferred:

      US$ MILLIONS
      Cash	$ 920
      Total consideration	$ 920
      Fair value of assets and liabilities acquired (provisional)(1): US$ MILLIONS
      Cash and cash equivalents	$ 110
      Accounts receivable and other	451
      Property, plant and equipment	8,874
      Goodwill	1,971
      Accounts payable and other liabilities	(503)
      Lease liabilities	(21)
      Non-recourse borrowings	(2,686)
      Deferred income tax liabilities	(1,971)
      Net assets acquired before non-controlling interest	6,225
      Non-controlling interest(2)	(5,305)
      Net assets acquired	$ 920

      1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, deferred income taxes and the resulting impact to goodwill as at the date of acquisition.

      2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition date.

      The partnership acquired property, plant, and equipment of $8.9 billion. The property, plant and equipment was valued using the depreciated replacement cost method with key inputs of replacement cost and remaining economic life.

   3. Acquisition of Brazilian electricity transmission operation

      On April 29, 2025, Brookfield Infrastructure, alongside institutional partners (the "Mantiqueira consortium"), exercised its option to acquire an additional 15% interest in Mantiqueira Transmissora de Energia S.A. ("Mantiqueira"), a Brazilian electricity transmission operation, for $45 million (Mantiqueira consortium - $145 million), increasing Brookfield Infrastructure's effective ownership in Mantiqueira to 31% (Mantiqueira consortium total of 100%). Prior to April 29, 2025, our partnership's existing interest in Mantiqueira was accounted for using the equity method.

      Consideration Transferred:
      US$ MILLIONS
      Cash	$ 45
      Pre-existing interest in businesses	134
      Total consideration	$ 179
      Fair value of assets and liabilities acquired (provisional)(1): US$ MILLIONS
      Cash and cash equivalents	$ 67
      Accounts receivable and other	40
      Intangible assets	1,330
      Goodwill	54
      Accounts payable and other liabilities	(144)
      Non-recourse borrowings	(563)
      Deferred income tax liabilities	(201)
      Net assets acquired before non-controlling interest	583
      Non-controlling interest(2)	(404)
      Net assets acquired	$ 179

      1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets and deferred income taxes as at the date of the acquisition.

      2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates.

   4. Individually insignificant business combinations

   The following table summarizes the purchase price allocation of individually insignificant business combinations that have been completed in 2025:

   Consideration Transferred:

   US$ MILLIONS
   Cash	$ 160
   Contingent consideration	17
   Total consideration	$ 177
   Fair value of assets and liabilities acquired (provisional)(1): US$ MILLIONS
   Cash and cash equivalents	$ 17
   Accounts receivable and other	65
   Property, plant and equipment	214
   Intangible assets	50
   Goodwill	114
   Accounts payable and other liabilities	(38)
   Lease liabilities	(58)
   Non-recourse borrowings	(75)
   Deferred income tax liabilities	(21)
   Net assets acquired before non-controlling interest	268
   Non-controlling interest(2)	(91)
   Net assets acquired	$ 177

   1. The fair values of certain acquired assets and liabilities for these operations have been determined on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. Our partnership is in the process of obtaining additional information primarily in order to assess the fair values of property, plant and equipment, intangible assets and the resulting impact to goodwill as at the date of the acquisition.

   2. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates.

   Supplemental Information

   Had the acquisitions of Mantiqueira, Colonial, and Hotwire been effective January 1, 2025, the revenue and net income of Brookfield Infrastructure would have increased by approximately $1.7 billion and $0.1 billion, respectively, for the nine-months ended September 30, 2025.

   Acquisitions Completed in 2024

   1. Acquisition of Brazilian electricity transmission operation

      On December 23, 2024, Brookfield Infrastructure, alongside institutional partners (the "Chimarrão consortium"), exercised its option to acquire an additional 15% interest in Chimarrão Transmissora de Energia S.A. ("Chimarrão"), a Brazilian electricity transmission operation, for $22 million (Chimarrão consortium - $72 million), increasing Brookfield Infrastructure's effective ownership in Chimarrão to 31% (Chimarrão consortium total of 100%). Prior to December 23, 2024, our partnership's existing interest in Chimarrão was accounted for using the equity method.

      Consideration Transferred:

      Cash $ 22

US$ MILLIONS

Total consideration $ 55

Pre-existing interest in businesses 33

Fair value of assets and liabilities acquired:

Cash and cash equivalents $ 11

US$ MILLIONS

Intangible assets 619

Accounts receivable and other 22

Non-recourse borrowings (359)

Accounts payable and other liabilities (52)

Net assets acquired before non-controlling interest 178

Deferred income tax liabilities (63)

Net assets acquired $ 55

Non-controlling interest(1) (123)

1. Non-controlling interest represents the interest not acquired by Brookfield Infrastructure, measured at fair value at the acquisition dates.

1. Acquisition of an Indian telecom tower operation

   On September 12, 2024, Brookfield Infrastructure, alongside institutional partners (the "ATC India consortium"), completed the acquisition of ATC Telecom Infrastructure Private Limited ("ATC India"), an Indian telecom tower operation for total consideration of approximately $2.0 billion. The partnership contributed approximately $140 million of equity capital (ATC India consortium -

   $0.8 billion), with the balance funded through acquisition debt. The portfolio will operate alongside our existing telecom tower operations in India with the partnership holding an effective 16% interest in ATC India. Concurrently, Brookfield Infrastructure entered into a voting agreement with an affiliate of Brookfield, providing Brookfield Infrastructure the right to direct the relevant activities of the entity, thereby providing Brookfield Infrastructure with control. Accordingly, Brookfield Infrastructure consolidated the entity effective September 12, 2024. Acquisition costs of approximately $5 million were recorded as other income (expense) within the Consolidated Statement of Operating Results.

   Consideration Transferred:
   US$ MILLIONS
   Cash	$ 2,041
   Total consideration	$ 2,041
   Fair value of assets and liabilities acquired: US$ MILLIONS
   Cash and cash equivalents	$ 368
   Accounts receivable and other	415
   Property, plant and equipment	1,785
   Intangible assets	582
   Goodwill	294
   Accounts payable and other liabilities	(344)
   Lease liabilities	(778)
   Non-recourse borrowings	(119)
   Deferred income tax liabilities	(162)
   Net assets acquired	$ 2,041

   The partnership acquired property, plant, and equipment of $1.8 billion, including $0.8 billion of remeasured lease assets. The property, plant and equipment was valued using the depreciated replacement cost method with key inputs of replacement cost and remaining economic life. The remeasured lease assets were valued based on the present value of future lease payments over the remaining lease term, with key inputs of lease term, lease payments and discount rate. Additionally, the partnership acquired

   $0.6 billion of intangible assets, primarily composed of customer relationships. The acquired customer relationship assets were valued with key inputs of revenue growth rates, customer attrition rates, and a discount rate determined using a capital asset pricing model and have an estimated useful life of 20 years.

   The goodwill recorded on acquisition is largely reflective of potential to achieve growth over time, supported by underlying growth and expansion of the services we provide and markets we operate in. The goodwill recognized is not deductible for income tax purposes.

2. Acquisition of a North American Retail Colocation Data Center Business

On January 12, 2024, Brookfield Infrastructure, through our North American retail colocation data center operation subsidiary, completed the acquisition of Cyxtera Technologies Inc. ("Cyxtera") for $0.8 billion. Brookfield Infrastructure consolidated the entity effective January 12, 2024, with the partnership having an effective 29% interest in Cyxtera through our existing interest in our North American retail colocation data center operation. Upon closing of the acquisition, Brookfield Infrastructure recorded a bargain purchase gain of $0.6 billion ($0.2 billion to the partnership) in other income (expense) within the Consolidated Statement of Operating Results, as the net assets acquired of $1.4 billion exceeded the purchase price of $0.8 billion. Acquisition costs of approximately $50 million were recorded as other income (expense) within the Consolidated Statement of Operating Results.

Consideration Transferred:
US$ MILLIONS
Cash	$ 803
Total consideration	$ 803
Fair value of assets and liabilities acquired: US$ MILLIONS
Cash and cash equivalents	$ 14
Accounts receivable and other	140
Property, plant and equipment	2,334
Intangible assets	379
Assets held for sale	270
Accounts payable and other liabilities	(248)
Lease liabilities	(1,233)
Liabilities held for sale	(70)
Deferred income tax liabilities	(229)
Net assets acquired	$ 1,357
Bargain purchase gain	$ 554

The partnership acquired property, plant and equipment of $2.3 billion, including $0.8 billion of land and equipment, $1.2 billion of remeasured lease assets and $0.3 billion of favourable lease assets. The equipment was valued using the depreciated replacement cost method with key inputs of replacement cost and remaining economic life. The remeasured lease assets were valued based on the present value of future lease payments over the lease term, with key inputs of lease term, lease payments and discount rate. The favourable lease assets were valued based on the difference between the contractual lease terms and market terms, key inputs include market rent rates, rental growth rate and discount rate. Additionally, the partnership acquired $0.4 billion of intangible assets, primarily composed of customer relationships. The acquired customer relationship assets were valued with key inputs of revenue growth rates, customer attrition rates, and a discount rate determined using a capital asset pricing model.

Supplemental Information

Had the acquisitions of Chimarrão, ATC India, and Cyxtera been effective January 1, 2024, the revenue and net income of Brookfield Infrastructure would have increased by approximately $850 million and $110 million, respectively, for the year ended December 31, 2024.

1. FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are determined by reference to quoted bid or ask prices, as appropriate. Where bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates such as bid and ask prices, as appropriate for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analyses, using observable market inputs.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, Brookfield Infrastructure looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, and price and rate volatilities as applicable. The fair value of interest rate swap contracts which form part of financing arrangements is calculated by way of discounted cash flows using market interest rates and applicable credit spreads.

Classification of Financial Instruments

Financial instruments classified as fair value through profit or loss are carried at fair value on the Consolidated Statements of Financial Position. Changes in the fair values of financial instruments classified as fair value through profit or loss are recognized in profit or loss. Mark-to-market adjustments for those in an effective hedging relationship and changes in the fair value of securities designated as fair value through other comprehensive income are recognized in other comprehensive income.

Carrying Value and Fair Value of Financial Instruments

The following table provides the allocation of financial instruments and their associated classifications as at September 30, 2025:

US$ MILLIONS Financial Instrument Classification
MEASUREMENT BASIS	Fair value through profit or loss	Fair value through OCI	Amortized Cost	Total
Financial assets
Cash and cash equivalents	$ -	$ -	$ 2,613	$ 2,613
Accounts receivable and other	-	-	8,701	8,701
Financial assets (current and non-current)(1)	795	30	401	1,226
Total	$ 795	$ 30	$ 11,715	$ 12,540

Financial liabilities
Corporate borrowings	$ -	$ - $ 5,263	$ 5,263
Non-recourse borrowings (current and non-current)	-	- 56,655	56,655
Accounts payable and other	-	- 4,596	4,596
Financial liabilities (current and non-current)(1)	756	- 2,763	3,519
Lease liabilities	-	- 4,758	4,758
Preferred shares(2)	-	- 20	20
Total	$ 756 $ - $ 74,055 $ 74,811

1. Derivative instruments which are elected for hedge accounting totaling $224 million are included in financial assets and $578 million of derivative instruments are included in financial liabilities.

2. $20 million of preferred shares issued to subsidiaries of Brookfield.

   The following table provides the allocation of financial instruments and their associated classifications as at December 31, 2024:

   US$ MILLIONS Financial Instrument Classification
   MEASUREMENT BASIS	Fair value through profit or loss	Fair value through OCI	Amortized Cost	Total
   Financial assets
   Cash and cash equivalents	$ -	$ -	$ 2,071	$ 2,071
   Accounts receivable and other	-	-	7,130	7,130
   Financial assets (current and non-current)(1)	1,214	25	156	1,395
   Total	$ 1,214	$ 25	$ 9,357	$ 10,596

   Financial liabilities
   Corporate borrowings	$ -	$ - $ 4,542	$ 4,542
   Non-recourse borrowings (current and non-current)	-	- 46,552	46,552
   Accounts payable and other	-	- 4,344	4,344
   Financial liabilities (current and non-current)(1)	414	- 2,366	2,780
   Lease liabilities	-	- 5,117	5,117
   Preferred shares(2)	-	- 20	20
   Total	$ 414 $ - $ 62,941 $ 63,355

   1. Derivative instruments which are elected for hedge accounting totaling $582 million are included in financial assets and $267 million of derivative instruments are included in financial liabilities.

   2. $20 million of preferred shares issued to subsidiaries of Brookfield.

The following table provides the carrying values and fair values of financial instruments as at September 30, 2025, and December 31, 2024:

September 30, 2025 December 31, 2024

US$ MILLIONS	Carrying Value	Fair Value	Carrying Value	Fair Value
Financial assets
Cash and cash equivalents	$ 2,613	$ 2,613	$ 2,071	$ 2,071
Accounts receivable and other	8,701	8,701	7,130	7,130
Financial assets (current and non-current)	1,226	1,226	1,395	1,395
Total	$ 12,540 $ 12,540 $ 10,596 $ 10,596

Financial liabilities
Corporate borrowings(1)	$ 5,263	$ 5,302	$ 4,542	$ 4,533
Non-recourse borrowings (current and non-current)(2)	56,655	57,577	46,552	46,388
Accounts payable and other	4,596	4,596	4,344	4,344
Financial liabilities (current and non-current)	3,519	3,519	2,780	2,780
Preferred shares(3)	20	20	20	20
Total	$ 70,053 $ 71,014 $ 58,238 $ 58,065

1. Corporate borrowings are classified under level 1 of the fair value hierarchy; quoted prices in an active market are available.

2. Non-recourse borrowings are classified under level 2 of the fair value hierarchy with the exception of certain borrowings at our global intermodal logistics operation, which are classified under level 1. For level 2 fair values, future cash flows are estimated based on observable forward interest rates at the end of the reporting period.

3. $20 million of preferred shares issued to subsidiaries of Brookfield.

Hedging Activities

Brookfield Infrastructure uses derivatives and non-derivative financial instruments to manage or maintain exposures to interest and currency risks. For certain derivatives which are used to manage exposures, Brookfield Infrastructure determines whether hedge accounting can be applied. When hedge accounting can be applied, a hedge relationship can be designated as a fair value hedge, cash flow hedge or a hedge of foreign currency exposure of a net investment in a foreign operation with a functional currency other than the

U.S. dollar. To qualify for hedge accounting, the derivative must be designated as a hedge of a specific exposure and the hedging relationship must meet all of the hedge effectiveness requirements in accomplishing the objective of offsetting changes in the fair value or cash flows attributable to the hedged risk both at inception and over the life of the hedge. If it is determined that the hedging relationship does not meet all of the hedge effectiveness requirements, hedge accounting is discontinued prospectively.

Cash Flow Hedges

Brookfield Infrastructure uses interest rate swaps to hedge the variability in cash flows related to a variable rate asset or liability and highly probable forecasted issuances of debt. The settlement dates coincide with the dates on which the interest is payable on the underlying debt, and the amount accumulated in equity is reclassified to profit or loss over the period that the floating rate interest payments on debt affect profit or loss. For the three and nine-month periods ended September 30, 2025, gains of $10 million and losses of $321 million, respectively (2024: losses of $520 million and $331 million) were recorded in other comprehensive income for the effective portion of the cash flow hedges. As of September 30, 2025, there was a net derivative liability balance of $215 million relating to derivative contracts designated as cash flow hedges (December 31, 2024: net derivative asset balance of $312 million).

Net Investment Hedges

Brookfield Infrastructure uses foreign exchange contracts and foreign currency denominated debt instruments to manage its foreign currency exposures arising from net investments in foreign operations having a functional currency other than the U.S. dollar. For the three and nine-month periods ended September 30, 2025, gains of $29 million and losses of $158 million, respectively (2024: losses of

$22 million and $4 million) were recorded in other comprehensive income relating to the hedges of net investments in foreign operations. For the three and nine-month periods ended September 30, 2025, Brookfield Infrastructure paid $11 million and

$29 million, respectively (2024: paid $13 million and $22 million) relating to the settlement of foreign exchange contracts in the period. As of September 30, 2025, there was a net unrealized derivative liability balance of $139 million relating to derivative contracts designated as net investment hedges (December 31, 2024: net unrealized derivative asset balance of $3 million).

Fair Value Hierarchical Levels-Financial Instruments

Fair value hierarchical levels are directly determined by the amount of subjectivity associated with the valuation inputs of these assets and liabilities, and are as follows:

• Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

• Level 2 - Inputs other than quoted prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. Fair valued assets and liabilities that are included in this category are primarily certain derivative contracts and other financial assets carried at fair value in an inactive market.

• Level 3 - Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to determining the estimate. Fair valued assets and liabilities classified as Level 3 include interest rate swap contracts, derivative contracts, and certain equity securities carried at fair value which are not traded in an active market.

The fair value of our partnership's financial assets and financial liabilities are measured at fair value on a recurring basis. The following table summarizes the valuation techniques and significant inputs for Brookfield Infrastructure's financial assets and financial liabilities:

Fair value

US$ MILLIONS	hierarchy	September 30, 2025	December 31, 2024
Marketable securities	Level 1(1)	$ 82	$ 91
Foreign currency forward contracts	Level 2(2)
Financial asset		$ 24	$ 78
Financial liability		153	17
Interest rate swaps & other	Level 2(2)
Financial asset		$ 368	$ 671
Financial liability		468	312
Other contracts	Level 3(3)
Financial asset		$ 351	$ 399
Financial liability		135	85

1. Valuation technique: Quoted bid prices in an active market.

2. Valuation technique: Discounted cash flow. Future cash flows are estimated based on forward exchange and interest rates (from observable forward exchange and interest rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects our credit risk and the credit risk of various counterparties.

3. Valuation technique: Discounted cash flow. Future cash flows primarily driven by assumptions concerning the amount and timing of estimated future cash flows and interest rates.

During the three and nine-month periods ended September 30, 2025, no transfers were made between level 1 and 2 or level 2 and 3.