Brookfield Infrastructure Finance ULC - 5% NT REDEEM 24/05/2081 USD 25

Earnings strength / growth (core “good news”): Brookfield Infrastructure Partners reported Q3’26 FFO of $717M ($0.91/unit), achieving 10% FFO-per-unit growth for the third consecutive quarter. Growth was driven by high-end organic growth, inflationary price increases, strong asset utilization, and commissioning ~$1.4B of capital projects from backlog; also supported by new investments completed in the last 12 months generating returns above the loss yield from asset sales.

Segment performance highlights (what moved and why) - Utilities: $200M FFO (+5% YoY)—benefited from inflation indexation and ~$600M commissioned into rate base; partly offset by foregone earnings from asset sales. - Transport: $315M FFO (+10%)—port volumes/tariffs and contribution from acquired North American railcar leasing platform; offset by foregone earnings from prior-year asset sales (e.g., Australian container terminal, partial UK port). - Midstream: $178M FFO (+14%)—strong organic growth (esp. Canada) with utilization and elevated commodity prices; also benefited from a full-quarter contribution from a US refined products pipeline acquisition. - Data: $172M FFO (+25%)—strong organic growth; contributions from Intel partnership (Arizona semiconductor foundries) after equity funding; and a full-quarter contribution from a US bulk fiber acquisition.

Capital deployment & forecasts (forward-looking “what to expect”): - Equity deployed YTD: ~$1.8B, with a plan to deploy >$2B in 2026. - Organic growth: ~$700M equity invested so far in 2026, aiming for lower execution risk / more visibility. - AI infrastructure momentum: Strategic AI partnership with NAVER for 200+ MW compute capacity for Asia-Pacific AI factories—expected GPU deployment H1’27, full deployment by end of 2028; Brookfield expects ~$100M (possibly up to ~$200M) equity commitment for this deal. - AI ambition: management reiterated an objective to deploy a proxy ~$500M/year on average in AI infrastructure. - Outlook: Confident in closing the year with strong performance and maintaining the 10% FFO-per-unit growth target.