Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 247

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 247
---
 cash flows and an initial contribution from the Heartland Petrochemical Facility (HPC), partially offset by the normalization of market sensitive revenues. FFO was impacted from higher borrowing costs from refinancing and lower interest capitalization following the commissioning of HPC. 2022 results included a full year contribution from our U. S. gas pipeline, which was partially divested in Q2 2023.

As of December 31, 2023, total capital to be commissioned was $344 million compared to $245 million as of December 31, 2022. Total capital to be commissioned increased as additional project mandates more than offset projects commissioned during the period and the impact of the partial divestment of our U. S. gas pipeline. Capital to be commissioned relates to additional growth projects that are expected to expand capacity across our midstream operations.

Recent Developments

In March 2025, Brookfield Infrastructure signed an agreement to sell our remaining 25% interest in our U. S. gas pipeline to one of the business’s existing owners. This transaction, when combined with the financing completed in advance of the sale, will have generated total proceeds of over $900 million in the last 18 months.

126 Brookfield Infrastructure

Results of Operations

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

                                             For the year ended December 31,                                                   
  US$ MILLIONS                               2024                                            2023               2022           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Funds from Operations (FFO)                $                                      333      $         275      $         239  
  Maintenance capital expenditures           (32)                                            (31)               (39)           
  Adjusted Funds from Operations (AFFO)      $                                      301      $         244      $         200  
  Adjusted EBITDA (1)                        $                                      597      $         447      $         345  
  Adjusted EBITDA margin (2)                 66%                                             67%                59%            
  Growth capital expenditures                $                                    1,187      $         824      $         470  

(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.