Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 245

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 245
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233 million and $174 million, respectively, during the same period in 2022. Adjusted EBITDA and FFO benefited from a 9% average increase in tariffs and a 4% increase in traffic volumes across our global portfolio. 2022 results included a contribution from our Indian toll road operation, which was divested in Q2 2023.

As of December 31, 2023, total capital to be commissioned was $1.2 billion compared to $0.9 billion as of December 31, 2022. Total capital to be commissioned increased as additional project mandates and the impact of foreign exchange more than offset projects commissioned during the period. Capital to be commissioned included approximately $235 million to increase capacity of our terminals by deepening the berths and expanding, enhancing and modernizing our existing infrastructure, approximately $390 million to upgrade and expand our network to capture volume growth from incremental activity in the sectors we serve, and approximately $530 million to expand the capacity of our roads by increasing and widening lanes on certain routes to support traffic growth.

124 Brookfield Infrastructure

Results of Operations

The following table presents our partnership’s share of the key metrics of our midstream segment:

                                             For the year ended December 31,                                                   
  US$ MILLIONS                               2024                                          2023                2022            
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Funds from Operations (FFO)                $                                    625      $          684      $          743  
  Maintenance capital expenditures           (162)                                         (152)               (118)           
  Adjusted Funds from Operations (AFFO)      $                                    463      $          532      $          625  
  Adjusted EBITDA (1)                        $                                    974      $          995      $          937  
  Adjusted EBITDA margin (2)                 58%                                           57%                 56%             

(1) Non-IFRS measure. Refer to the “ Reconciliation of Segment Adjusted EBITDA” section of this MD& A for a reconciliation from net income.

(2) Adjusted EBITDA margin is Adjusted EBITDA divided by revenues. Adjusted EBITDA margin is a non-IFRS measure. Refer to the “ Reconciliation of Segment Adjusted EBITDA” section of this MD& A for reconciliation from net income to Adjusted EBITDA.

The