Brookfield Infrastructure Partners L P : Q1 2024 Supplemental

Brookfield Infrastructure

Partners L.P.

Q 1 S U P P L E M E N T A L I N F O R M A T I O N

THREE MONTHS ENDED MARCH 31, 2024

Cautionary Statement Regarding Forward-Looking Statements

This Supplemental Information contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of certain securities laws including Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. We may make such statements in this report, in other filings with Canadian regulators or the SEC or in other communications. The words "expect", "target", "believe", "objective", "anticipate", "plan", "estimate", "growth", "increase", "return", "expand", "maintain", derivatives thereof and other expressions of similar import, or the negative variations thereof, and similar expressions of future or conditional verbs such as "will", "may", "should", "could", which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking statements. Forward-looking statements in this Supplemental Information include among others, statements with respect to our assets tending to appreciate in value over time, current and proposed growth initiatives in our assets and operations, increases in FFO per unit and resulting capital appreciation, returns on capital and on equity, increasing demand for commodities and global movement of goods, volume increases in the businesses in which we operate, expected capital expenditures, the impact of planned capital projects by customers of our businesses, the extent of our corporate, general and administrative expenses, our ability to close acquisitions and the expected timing thereof, our capacity to take advantage of opportunities in the marketplace, the future prospects of the assets that Brookfield Infrastructure operates or will operate, ability to identify, acquire and integrate new acquisition opportunities, long-term targeted returns on our assets, sustainability of distribution levels, the level of distribution growth and payout ratios over the next several years and our expectations regarding returns to our unitholders as a result of such growth, operating results and margins for our business and each of our operations, future prospects for the markets for our products, Brookfield Infrastructure's plans for growth through internal growth and capital investments, ability to achieve stated objectives, ability to drive operating efficiencies, return on capital expectations for the business, contract prices and regulated rates for our operations, our expected future maintenance and capital expenditures, commissioning of capital from our backlog, ability to deploy capital in accretive investments, impact on the business resulting from our view of future economic conditions, our ability to maintain sufficient financial liquidity, our ability to draw down funds under our bank credit facilities, our ability to secure financing through the issuance of equity or debt, expansions of existing operations, financing plans for operating companies, foreign currency management activities and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. Although we believe that Brookfield Infrastructure's anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Brookfield Infrastructure to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic and financial conditions in the countries in which we do business which may impact market demand for our products and services, foreign currency risk, the level of government regulation affecting our businesses, the outcome and timing of various regulatory, legal and contractual issues, global credit and financial markets, the competitive business environment in the industries in which we operate, the competitive market for acquisitions and other growth opportunities, availability of equity and debt financing, the impact of health pandemics, such as the COVID-19, on our business and operations (including the availability, distribution and acceptance of effective vaccines), the completion of various large capital projects by customers of our businesses which themselves rely on access to capital and continued favourable commodity prices, weakening of demand for products and services in the markets for the commodities that underpin demand for our infrastructure, our ability to complete transactions in the competitive infrastructure space (including the transactions referred to in this presentation, some of which remain subject to the satisfaction of conditions precedent, and the inability to reach final agreement with counterparties to transactions referred to in this presentation as being currently pursued, given that there can be no assurance that any such transaction will be agreed to or completed) and to integrate acquisitions into existing operations, our ability to complete large capital expansion projects on time and within budget, our ability to achieve the milestones necessary to deliver targeted returns to our unitholders, including targeted distribution growth, ability to negotiate favourable take-or-pay contractual terms, traffic volumes on our toll roads, our ability to obtain relevant regulatory approvals and satisfy conditions precedent required to complete acquisitions, acts of God, weather events, or similar events outside of our control, and other risks and factors detailed from time to time in documents filed by Brookfield Infrastructure with the securities regulators in Canada and the United States, including Brookfield Infrastructure's most recent Annual Report on Form 20-F under the heading "Risk Factors".

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Brookfield Infrastructure, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Statement Regarding Use of Non-IFRS, Accounting Measures

Although our financial results are determined in accordance with International Financial Reporting Standards (IFRS), the basis of presentation throughout much of this report differs from IFRS in that it is organized by business segment and utilizes, funds from operations (FFO), Adjusted funds from operations (AFFO), Adjusted EBITDA and invested capital as important measures. This is reflective of how we manage the business and, in our opinion, enables the reader to better understand our affairs. We provide a reconciliation to the most directly comparable IFRS measure on pages 33-40 of this Supplemental Information. Readers are encouraged to consider both measures in assessing Brookfield Infrastructure's results.

Business Environment and Risks

Brookfield Infrastructure's financial results are impacted by various factors, including the performance of each of our operations and various external factors influencing the specific segments and geographic locations in which we operate; macro-economic factors such as economic growth, changes in currency, inflation and interest rates; regulatory requirements and initiatives; and litigation and claims that arise in the normal course of business. These and other factors are described in Brookfield Infrastructure's most recent Annual Report on Form 20-F which is available on our website at www.brookfieldinfrastructure.com and at www.sec.gov/edgar.shtml and www.sedar.com.

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Q1 2024 Highlights

Key Performance Metrics

(See "Reconciliation of Non-IFRS Financial Measures")		Three Months Ended March 31
US$ Millions, Except Per Unit Information, unaudited		2024		2023
Funds from operations (FFO)	$	615	$	554
Per unit FFO1		0.78		0.72
Distributions per unit		0.405		0.3825
Payout ratio2		67%		68%
Growth of per unit FFO		8%		12%
Adjusted funds from operations (AFFO)		512		460
Return on Invested Capital (ROIC)3		14%		13%
Net income attributable to the partnership4		170		23
Net income (loss) per limited partner unit5		0.10		(0.07)

Key Balance Sheet Metrics

		As of
US$ Millions, unaudited		March 31, 2024		December 31, 2023
Total assets	$	103,260	$	100,784
Corporate borrowings		4,937		4,911
Invested capital		13,035		13,032

1. Average units on a time weighted average basis for the three month period ended March 31, 2024 of 792.0 million (2023: 771.4 million)
2. Payout ratio defined as distributions paid (inclusive of GP incentive and preferred unit) divided by FFO
3. ROIC is calculated as AFFO, adjusted for estimated return of capital, divided by average invested capital
4. Includes net income attributable to limited partners, the general partner, and non-controlling interests ‒ Redeemable Partnership Units held by Brookfield, Exchange LP units, BIPC exchangeable LP units and BIPC exchangeable shares
5. Average limited partnership units outstanding on a time weighted average basis for the three month period ended March 31, 2024 of 461.4 million (2023: 458.4 million)

$615 $0.405 67%

million of FFO distributions per unit payout ratio

Performance Highlights

• FFO of $615 million, or $0.78 per unit, in the first quarter represents an increase of 8% over the prior year
• • Organic growth was 7% capturing annual rate increases, strong transportation volumes, higher contracted and market sensitive revenues at our midstream operations and earnings associated with capital commissioned over the last 12 months
  • A net positive contribution from our asset rotation program including our acquisition of Triton in September 2023, partially offset by the impact of foreign exchange and higher borrowing costs
• Distribution of $0.405 per unit represents an increase of 6% compared to the prior year
• Payout ratio for the quarter of 67% falls within our long-term60-70% target range
• Net income benefited from strong operational performance and the contribution from recent acquisitions, partially offset by higher borrowing costs and capital recycling initiatives
• Total assets increased compared to December 31, 2023 as a result of the acquisition of a North American data storage business

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Q1 2024 Highlights (cont'd)

Operations

• Deployed ~$450 million of growth capital expenditures to increase rate base at our utility operations, and expand capacity at our transport, midstream, and data businesses
• Expanded our residential decarbonization infrastructure platform through organic growth opportunities and follow-on acquisitions
• • In Canada, we centralized our U.S. sale centers under one management team, which will provide cost savings and increased scale
• Our North American submetering business continued to execute on its U.S. market expansion by acquiring a submetering provider with operations across 40 states
• Executed several commercial wins across our transport segment:
• • Contracted an additional 30,000 lifts at our Australian ports, resulting in A$7 million of incremental EBITDA
  • Entered into a definitive agreement to extend a concession duration by 11 years at our Brazilian toll road operation which de-risks our operations by providing certainty over the revenue framework and term
• Continue to add incremental processing capacity and expand gas gathering capabilities at our Canadian natural gas gathering and processing operation
• • Initiated an expansion project that is 60% contracted and underpinned by take-or-pay arrangements that is expected to generate C$45 million of incremental EBITDA
• Commissioned approximately 40 megawatts of contracted hyperscale capacity during the last twelve months
• • Today, we have approximately 670 megawatts of booked-but-not-built capacity that we expect to come online over the next 3 years

Strategic Initiatives

• Committed ~$0.5 billion of capital to date in 2024:
• • On January 5, 2024, signed an agreement to acquire additional towers in India for total equity consideration of ~$1 billion (BIP's share ~$150 million)
  • On February 15, 2024, agreed to acquire an additional 10% interest in our Brazilian rail network for total equity consideration of ~$365 million net to BIP
• Closed the following previously announced transactions:
• • On January 12, 2024, acquired a portfolio of data centers out of bankruptcy from Cyxtera, as well as the associated real estate underlying the sites (no new equity was required)

Financing and Liquidity

• Current liquidity at the corporate level is ~$2.0 billion
• Secured ~$1.2 billion of capital recycling proceeds, representing more than half of our $2 billion target
• • Finalized an agreement to sell the fiber platform of our French Telecom Infrastructure business for ~$100 million net to BIP
  • Completed several opportunistic asset level financings to right-size capital structures and pull forward future sale proceeds over the last six months, totaling over $1 billion
• Well-laddereddebt profile with an average term to maturity of ~7 years with ~90%1 of debt fixed rate and no significant maturities this year
• • ~4% of our asset-level debt matures over the next 12 months, only half of which will refinance at higher rates

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1. Excludes (i) most revolving and capital expenditure facilities and (ii) BRL denominated financing given limited availability of fixed rate debt

Our Business

Our Mission

• To own and operate a globally diversified portfolio of high quality infrastructure assets that will generate sustainable and growing distributions over the long-term for our unitholders

Performance Targets and Measures

• Target a 12% to 15% total annual return on invested capital measured over the long term
• Expect to generate returns from in-place cash flows plus growth through investments in upgrades and expansions of our asset base
• Growth in FFO per unit is one of the key performance metrics that we use to assess our ability to sustainably increase distributions in future periods

Basis of Presentation

• Our consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)
• For each operating segment, this Supplemental Information outlines Brookfield Infrastructure's proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership's overall performance

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Distribution Profile

BIP has a conservative payout ratio underpinned by stable, highly regulated or contracted cash flows generated from operations

• We believe that a payout of 60-70% of FFO is appropriate
• Targeting 5% to 9% annual distribution growth, in light of expected per unit FFO growth
• Distribution payout is reviewed with the Board of Directors in the first quarter of each year
• The Board of Directors declared a quarterly distribution in the amount of $0.405 per unit, payable on June 28, 2024 to unitholders of record as at the close of business on May 31, 2024. This quarterly distribution represents a 6% increase compared to the prior year
• Distributions have grown at a compound annual growth rate of 8% over the last 10 years
• Below is a summary of our distribution history over the last 10 years1

$1.62

8%

$0.77

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024F

1. Annual distribution amounts have been adjusted for the 3-for-2 stock split effective September 14, 2016, the special distribution of BIPC shares effective March 31, 2020,	5
and the 3-for-2 stock split effective June 10, 2022

Distribution Payout Ratio

Over the last 10 years, BIP has been able to achieve its target payout ratio of 60-70% of funds from operations while increasing its distribution by an average of 8%

• Objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund recurring growth capital expenditures and general corporate requirements
• We fund all of our growth initiatives through a combination of issuances of common equity, preferred equity, corporate debt, proceeds from asset sales and retained internally generated cash flow
• • Available funding and assessment of corporate liquidity is undertaken prior to committing to all new investments and capital projects
• Based on our distribution track record, the Partnership's average distribution payout ratio for the last 10 years is 70% of FFO, as shown below

											Total
US$ Millions, unaudited	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2014-2023
FFO	$ 724	$ 808	$ 944	$ 1,170	$ 1,231	$ 1,384	$ 1,454	$ 1,733	$ 2,087	$ 2,288	$ 13,823
AFFO	593	672	771	941	982	1,096	1,173	1,412	1,701	1,838	11,179
Distributions
Limited Partner units	404	479	535	651	742	820	900	984	1,112	1,187	7,814
Incentive distribution	44	64	80	113	136	158	183	206	240	266	1,490
Preferred units1	-	3	13	30	41	49	51	67	66	63	383
Total distributions	448	546	628	794	919	1,027	1,134	1,257	1,418	1,516	9,687
FFO payout ratio2	62%	68%	67%	68%	75%	74%	78%	73%	68%	66%	70%
AFFO payout ratio2	76%	81%	81%	84%	94%	94%	97%	89%	83%	82%	87%

1.	Preferred unit distributions in 2022 and 2023 include perpetual subordinated notes
2.	FFO payout ratio is calculated by dividing total distributions paid to all shareholders by FFO, while the AFFO payout ratio is similar but deducts maintenance capital from	6
	FFO

Organic Growth within our Business

Organic growth demonstrates our ability to deliver sustainable cash flow growth

• Our business is well-positioned to deliver per unit FFO organic growth of 6 - 9%, the three principle drivers of recurring annual cash flow growth embedded in our businesses are:

Inflationary

Indexation

Target3 - 4%

Current	Current inflation
Environment	is ~3-4%1

Volume Upside

from GDP

Growth

1 - 2%

Transport operations performing well

Cash Flows

Reinvested

2 - 3%

Capital to be

commissioned of

~$7.6B

Organic Growth

6 - 9%

~7%

• In order to showcase the sustainability of our cash flow growth year-over-year, we calculate organic growth prior to fees and corporate expenses and remove the following impacts: i) contributions from acquisitions and dispositions completed in the last 12 months; ii) impacts of foreign exchange since the previous period; and iii) movements in results at our midstream operations that are impacted by volatility caused by commodity prices

1. Represents weighted average inflation during Q1 in the main countries we operate in

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Our Operations

• Own and operate a diversified portfolio of high-quality,long-life utilities, transport, midstream and data assets
• Generate stable cash flows with ~90% of FFO supported by regulated or long-term contracted revenues

Europe

Regulated Transmission

Commercial &

Residential Distribution

Rail

Toll Roads

Americas	Diversified Terminals

Midstream

Data Transmission &

Distribution

Data Storage

Asia Pacific

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Selected Income Statement and Balance Sheet Information

The following tables present selected income statement and balance sheet information by operating segment on a proportionate basis:

Statements of Operations

Three Months Ended March 31

US$ Millions, unaudited		2024		2023
Net income (loss) by segment
Utilities	$	72	$	80
Transport		89		92
Midstream		19		12
Data		146		(3)
Corporate		(156)		(158)
Net income	$	170	$	23
Adjusted EBITDA by segment
Utilities	$	316	$	314
Transport		401		272
Midstream		256		272
Data		130		107
Corporate		(97)		(103)
Adjusted EBITDA	$	1,006	$	862
FFO by segment
Utilities	$	190	$	208
Transport		302		192
Midstream		170		198
Data		68		70
Corporate		(115)		(114)
FFO	$	615	$	554

Statements of Financial Position

		As of
US$ Millions, unaudited		March 31, 2024 December 31, 2023
Net assets by segment
Utilities	$	9,039	$	9,035
Transport		11,639		11,840
Midstream		9,736		9,918
Data		8,292		7,511
Corporate		(1,975)		(2,480)
Total assets	$	36,731	$	35,824
Net debt by segment
Utilities	$	5,821	$	5,297
Transport		7,124		7,206
Midstream		5,915		5,993
Data		4,738		4,085
Corporate		4,264		4,099
Net debt	$	27,862	$	26,680
Partnership capital by segment
Utilities	$	3,218	$	3,738
Transport		4,515		4,634
Midstream		3,821		3,925
Data		3,554		3,426
Corporate		(6,239)		(6,579)
Partnership capital	$	8,869	$	9,144

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