Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 243

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 243
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                                          (76)               34                    (35)            
  Capital backlog, end of period                                       461               714                   603             
  Construction work in progress                                        193               445                   314             
  Total capital to be commissioned                                       $      654      $          1,159      $          917  

122 Brookfield Infrastructure

2024 vs. 2023

Results benefited from higher volumes across the segment and average rate increases of 7% across our rail networks and 6% across our toll road portfolio. Current year results reflect full year contribution from the acquisition of Triton, a global intermodal logistics operation, in Q3 2023, and the contribution from an additional 10% interest in our Brazilian rail network.

For the year ended December 31, 2024, our diversified terminals reported Adjusted EBITDA of $885 million and FFO of $653 million, compared to $555 million and $382 million, respectively, during the same period in 2023. Adjusted EBITDA and FFO benefited from inflationary increases and higher volumes over the prior year. Current year results reflect full year contribution from the acquisition of our global intermodal logistics operation in Q3 2023.

For the year ended December 31, 2024, our rail business generated Adjusted EBITDA of $500 million and FFO of $388 million, compared to $411 million and $317 million, respectively, during the same period in 2023. Adjusted EBITDA and FFO benefited from inflationary tariff increases of 7%. Current year results also reflect contribution from an additional 10% interest in our Brazilian rail network.

For the year ended December 31, 2024, our toll roads contributed Adjusted EBITDA of $261 million and FFO of $183 million, compared to $269 million and $189 million, respectively, during the same period in 2023. Adjusted EBITDA and FFO benefited from inflationary tariff increases of 6% and an 8% increase in traffic volumes across our portfolio. Results were impacted by the depreciation of the Brazilian real. Prior year results included contribution from our Indian toll road operation, which was divested in Q2 2023.

As of December 31, 2024, total capital to be commissioned was $0.7 billion compared to $1.2 billion as of December 31, 2023. Total capital to be commissioned decreased as additional project mandates