Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 244

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 244
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 were offset by projects commissioned during the period, including one of the largest road infrastructure projects at our Brazilian toll road business, and the impact of foreign exchange. Capital to be commissioned included approximately $195 million to increase capacity of our terminals by deepening the berths and expanding, enhancing and modernizing our existing infrastructure, approximately $330 million to upgrade and expand our network to capture volume growth from incremental activity in the sectors we serve, and approximately $130 million to expand the capacity of our roads by increasing and widening lanes on certain routes to support traffic growth.

2023 vs. 2022

Results benefited from strong operational performance driven by inflationary tariff increases and higher volumes. The strong operational performance was partially offset from the normalization of commodity prices at our U. S. export terminal, and higher borrowing costs from funding capital projects across the segment. 2023 results reflected a partial contribution from the acquisition of Triton, a global intermodal logistics operation, which occurred on September 28, 2023. 2022 results included a contribution from the North America container terminal divested in Q2 2022 and an Indian toll road portfolio divested in Q2 2023.

For the year ended December 31, 2023, our diversified terminals reported Adjusted EBITDA of $555 million and FFO of $382 million, compared to $484 million and $335 million, respectively, during the same period in 2022. Adjusted EBITDA and FFO benefited from inflationary increases and a 1% increase in volumes over 2022, which were partially offset by the normalization of commodity prices at our U. S. LNG export terminal. 2023 results reflected a partial contribution from the acquisition of a global intermodal logistics operation in Q3 2023, partially offset by the lost contribution from the North America container terminal divested in Q2 2022.

Brookfield Infrastructure 123

For the year ended December 31, 2023, our rail business generated Adjusted EBITDA of $411 million and FFO of $317 million, compared to $365 million and $285 million, respectively, during the same period in 2022. Adjusted EBITDA and FFO benefited from an average tariff increase of 8% and a 2% increase in volumes across our rail networks.

For the year ended December 31, 2023, our toll roads contributed Adjusted EBITDA of $269 million and FFO of $189 million, compared to $