Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 240

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 240
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 project mandates       485                                               569                   604             
  Less: capital expenditures                (487)                                           (542)                 (522)             
  Impact of (asset sales) acquisitions      —                                               (127)                    75             
  Foreign exchange and other                (18)                                               16                  (43)             
  Capital backlog, end of period            542                                               562                   646             
  Construction work in progress             477                                               469                   443             
  Total capital to be commissioned          $                                    1,019          $      1,031          $      1,089  

2024 vs. 2023

Results for our utilities segment benefited from strong organic growth due to the continued benefit of inflation indexation and the contribution associated with over $450 million of capital commissioned into the rate base over the last 12 months. Results were impacted by the depreciation of the Brazilian real and from lower rates on foreign exchange hedge contracts. FFO was further impacted by higher borrowing costs associated with funding growth projects and upfinancings completed at two regulated transmission businesses. Prior year results included earnings from an Australian regulated utility divested in Q3 2023.

For the year ended December 31, 2024, our commercial and residential distribution operations generated Adjusted EBITDA of $705 million and FFO of $498 million, compared to $696 million and $511 million, respectively, in the prior year. Results benefited from inflation indexation, growth in the customer base at our U. K. regulated distribution business, and capital commissioned into rate base over the

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last 12 months. Results were impacted by lower rates on our foreign exchange hedge contracts. FFO was further impacted by higher borrowing costs to fund ongoing capital projects.

For the year ended December 31, 2024, our regulated transmission operations generated Adjusted EBITDA of $547 million and FFO of $262 million, compared to $631 million and $368 million, respectively, in 2023. Adjusted EBITDA and FFO decreased from the prior year due to the sale of an Australian regulated utility in Q3 2023. The base business benefited from higher tariffs and the commissioning of our largest concession at our Brazilian electricity transmission operation. R esults were impacted by the depreciation of the Brazilian real. FFO was further impacted by higher borrowing costs from upfinancings completed at our regulated pipelines in Brazil and Mexico.

As of December 31, 202