Here are 1-3 brief analogies to describe Brookfield Infrastructure (BIPC):

• It's like a Real Estate Investment Trust (REIT), but instead of owning buildings, it owns and operates essential global infrastructure such as power grids, toll roads, and data centers.
• Think of it as a Berkshire Hathaway, but solely focused on acquiring and operating critical global infrastructure businesses like pipelines, ports, and telecom towers.
• Imagine a global 'super-utility' company that owns not just power lines, but also ports, toll roads, and data centers worldwide.

• Utilities Services: Provides essential services like electricity transmission and distribution, natural gas pipelines, and water systems to homes and businesses.
• Transport Services: Operates critical transportation infrastructure such as toll roads, railways, and ports for the movement of goods and people.
• Midstream Services: Manages and operates facilities for the transportation, processing, and storage of natural gas and other energy products.
• Data Services: Offers essential digital infrastructure, including data centers, fiber optic networks, and cell towers, to support the digital economy.

Brookfield Infrastructure (symbol: BIPC) operates a diverse portfolio of infrastructure assets across utilities, transport, midstream, and data sectors. Due to the nature of its business as an owner and operator of essential infrastructure, BIPC primarily sells its services and capacity to other companies, rather than directly to individuals.

Identifying specific named major customer companies for a diversified infrastructure conglomerate like BIPC is generally not feasible, as its revenue is derived from thousands of contracts across numerous assets globally, and such granular details are typically not publicly disclosed. However, its customers fall into the following major categories of businesses:

• Telecommunications & Technology Companies: These customers utilize BIPC's data infrastructure assets, including telecom towers, fiber optic networks, and data centers. They include mobile network operators, internet service providers, cloud computing providers, and large enterprises.
• Energy & Industrial Companies: This category encompasses businesses that rely on BIPC's midstream assets (e.g., natural gas pipelines, processing, and storage facilities) and transport assets (e.g., ports, rail networks). These customers include upstream energy producers, refiners, shipping lines, logistics firms, manufacturers, and commodity traders.
• Other Utilities & Public Entities: For its regulated utility assets (e.g., electricity transmission lines, gas distribution networks, water systems), BIPC's revenue streams are often tied to tariffs and long-term contracts with other utilities, large industrial off-takers, municipalities, or government agencies.

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Sam Pollock, Chief Executive Officer, Infrastructure

Sam Pollock is the Chief Executive Officer of Brookfield's Infrastructure business and Brookfield Infrastructure Partners. In this role, he is responsible for investments, operations, and the expansion of the Infrastructure business. He is also a member of Brookfield's Executive Committee. Mr. Pollock joined Brookfield in 1994 and has held several senior positions across the organization, including leading Brookfield's corporate investment group and its private equity business. He holds a Bachelor of Commerce degree from Queen's University and is a Chartered Professional Accountant.

David Krant, Chief Financial Officer, Infrastructure

David Krant is a Managing Partner and Chief Financial Officer of Brookfield's Infrastructure Group, where he has overall responsibility for the group's finance, tax, treasury, and investor relations activities. Mr. Krant joined Brookfield in 2012 and has held various senior roles within the organization, becoming CFO of Brookfield Infrastructure effective March 1, 2021. Prior to joining Brookfield, he worked in the assurance and advisory group at a Big Four accounting firm. Mr. Krant is a graduate of the School of Business and Economics at Wilfrid Laurier University and is a member of the Canadian Institute of Chartered Accountants.

Bahir Manios, Chief Strategy Officer, Infrastructure

Bahir Manios served as the Chief Financial Officer of Brookfield Infrastructure before transitioning to the role of Chief Strategy Officer of Brookfield Infrastructure, effective March 1, 2021. He also assumed the role of Chief Investment Officer of Brookfield Asset Management's newly created reinsurance business and retains responsibilities with Brookfield's private infrastructure funds. Mr. Manios joined Brookfield in 2004 and was responsible for the finance and treasury functions for Brookfield's infrastructure group prior to his CFO appointment in 2013.

Rene Lubianski, Managing Partner, Infrastructure Group

Rene Lubianski is a Managing Partner in Brookfield's Infrastructure Group. His responsibilities include corporate development, capital raising, co-investments, investor relations, and other strategic initiatives for Brookfield's infrastructure funds. Mr. Lubianski joined Brookfield in 2010. Before his tenure at Brookfield, he worked at a global investment bank in its financial advisory group, focusing on infrastructure investments. He holds a Bachelor of Commerce degree from McMaster University and the Chartered Financial Analyst designation.

Sikander Rashid, Head of Europe, Infrastructure Group

Sikander Rashid is the Head of Europe for Brookfield Asset Management and also serves as Head of Europe for Brookfield's Infrastructure Group. In these roles, he oversees business activities and manages all infrastructure investment and portfolio management activity in the European region. Mr. Rashid joined Brookfield in 2012 and has held progressively senior roles within the organization. He holds a Bachelor of Mathematics degree from the University of Waterloo and is a member of the Canadian Institute of Chartered Professional Accountants.

The global energy transition away from fossil fuels, which poses a long-term threat to the value and utilization of Brookfield Infrastructure's traditional midstream energy infrastructure assets (such as oil and gas pipelines and storage facilities) as economies decarbonize and shift towards renewable energy sources.

Brookfield Infrastructure (symbol: BIPC) operates across four primary segments: Utilities, Transport, Midstream, and Data infrastructure. The addressable markets for their main products and services on a global scale are sized as follows:

• Utilities Infrastructure: The global utilities market size was recorded at $5,478.73 billion in 2021 and is projected to reach $7,101.3 billion by the end of 2025. It is further expected to grow to $11,930.4 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 6.7% from 2025 to 2033. North America is anticipated to hold approximately 27.9% of the global utilities market share in 2025.

• Transportation Infrastructure: The global transportation infrastructure market was valued at $1,770 billion in 2021 and is projected to reach $3,606.8 billion by 2031, with a CAGR of 7.2% from 2022 to 2031.

• Midstream Infrastructure: The global oil and gas midstream market was valued at USD 835.7 billion in 2024 and is projected to reach USD 1,273.2 billion by 2033, growing at a CAGR of 4.8% during the forecast period (2025-2033). North America holds a dominant market share at 42%.

• Data Infrastructure: The global Data Center Infrastructure market is projected to expand from USD 273.88 billion in 2024 to USD 549.99 billion by 2032, reflecting a CAGR of 9.11%. North America held the largest market share of 41.9% in 2022.

Brookfield Infrastructure (BIPC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Organic Growth and Inflation Indexation: The company consistently benefits from inflation-linked rate increases across its utility and transport segments, along with higher revenues from its critical infrastructure networks. Strong organic growth is observed within its existing businesses, notably in utilities and midstream operations. For example, the utilities segment's FFO increased due to inflation indexation and additional capital added to the rate base. Similarly, the midstream segment has shown growth driven by strong organic performance and higher customer activity levels.
2. Strategic New Investments and Acquisitions: Brookfield Infrastructure is actively deploying capital into new investments and acquisitions across its diverse segments. Recent reports highlight significant investments in areas like a New Zealand natural gas infrastructure operation and a South Korean industrial gas business. The company deployed over $1 billion into new investments in 2024 and completed three accretive tuck-in acquisitions that are now contributing to earnings. The Q3 2025 earnings call also mentioned new investments and acquisitions totaling $1.5 billion in 2025.
3. Expansion into AI Infrastructure: A significant driver for future revenue growth is the rapid build-out of AI infrastructure. Brookfield Infrastructure views this as a substantial, multi-trillion-dollar opportunity and expects to deploy up to $500 million annually into AI-related infrastructure in the coming years, particularly in AI factories and behind-the-meter power solutions. This focus is already contributing to the robust growth in its data segment.
4. Capital Recycling and Redeployment: Brookfield Infrastructure strategically sells mature or non-core assets to reallocate capital into higher-growth opportunities. While asset sales may temporarily reduce current Funds From Operations (FFO), the proceeds are reinvested into new acquisitions and organic expansion projects that are anticipated to deliver higher returns over the long term. The company generated over $3 billion in asset sale proceeds year-to-date in Q3 2025, with an additional $3 billion expected over the next 12 to 18 months for reinvestment.
5. Strong Data Segment Performance: The data segment continues to be a robust area of growth, with significant increases in FFO. This is fueled by the commissioning of newly built capacity at hyperscale data centers, new billings at U.S. retail colocation data centers, and acquisitions such as a tower portfolio in India. The data segment experienced a 60% increase in FFO in Q3 2025.

Share Repurchases

• Brookfield Infrastructure Corporation (BIPC) was authorized to repurchase up to 11,889,600 Exchangeable Shares through a Normal Course Issuer Bid from December 2, 2024, to December 1, 2025.
• BIPC did not execute any share repurchases under its buyback programs in the twelve months preceding November 2024.

Share Issuance

• BIPC was created in March 2020 through a special distribution by Brookfield Infrastructure Partners, resulting in the issuance of approximately 46.3 million Class A shares.
• A three-for-two share split of BIPC exchangeable shares was completed on June 10, 2022.
• BIPC shares were used as transaction consideration for an approximately $1.2 billion investment in Triton International, a global intermodal logistics operation.

Outbound Investments

• In 2023, Brookfield Infrastructure (including BIPC) deployed over $2 billion into new investments, including an approximately $1.2 billion investment by BIPC for a 28% interest in Triton International.
• During 2022, Brookfield Infrastructure secured $2.9 billion in investments across five transactions and entered into a partnership with Intel to jointly invest up to $30 billion in a semiconductor foundry in the U.S.
• Brookfield Infrastructure anticipates deploying approximately $500 million annually into AI infrastructure in the coming years, alongside investments in utility sectors in Asia-Pacific.

Capital Expenditures

• Brookfield Infrastructure commissioned approximately $1 billion of new capital projects in 2023 and over $1 billion in 2024.
• Organic growth in 2023 included approximately $500 million of capital commissioned into the rate base of its utilities segment.
• The primary focus for capital expenditures is on growth projects, including new data centers and AI infrastructure, with over $1.5 billion in new growth capital projects commissioned over the past year (as of Q3 2025).