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

• Imagine a global version of **Kinder Morgan** or **Enbridge**, but also owning and operating essential electricity grids in addition to natural gas pipelines across different continents.

• It's like a utility company such as **Duke Energy** or **NextEra Energy**, but focused purely on acquiring and managing regulated gas pipelines and electricity transmission/distribution networks globally, rather than primarily generating power in one regional market.

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• Natural Gas Transmission: Operates systems for transporting natural gas through pipelines to various regions.
• Gas Distribution: Manages networks that deliver natural gas to homes and businesses.
• Electricity Transmission: Operates infrastructure for the large-scale transport of electricity across distances.
• Electricity Distribution: Manages local networks that deliver electricity to end-users.

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Brookfield Infrastructure (BIPC) serves a diverse customer base, encompassing both direct end-users and other companies, primarily through its regulated utility operations. Given its "3.9 million gas and electricity connections" for distribution services, a significant portion of its customers are individuals and businesses directly connected to its networks. The company's major customers can be categorized as follows:

• Residential Customers: Individuals and households consuming gas and electricity for domestic use. These customers are primarily served by BIPC's gas and electricity distribution networks in the United Kingdom and Australia.

• Commercial Customers: Small to medium-sized businesses (e.g., shops, offices, restaurants) that utilize its gas and electricity distribution services for their operations in the United Kingdom and Australia.

• Industrial and Wholesale Customers: This category includes large industrial facilities, power generators, and local gas distribution companies that utilize BIPC's natural gas transmission pipelines in Brazil. It also encompasses larger industrial enterprises connected to its electricity and gas distribution networks in the United Kingdom and Australia.

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Sam Pollock, Chief Executive Officer

Mr. Pollock is the Chief Executive Officer of Brookfield's Infrastructure business and Brookfield Infrastructure Partners, responsible for the investments, operations, and expansion of the Infrastructure business. He is also a member of Brookfield's Executive Committee. Having joined Brookfield in 1994, Mr. Pollock has held several senior positions within 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

Mr. Krant serves as the Chief Financial Officer and a Managing Partner of Infrastructure at Brookfield Infrastructure Corporation, overseeing the company's financial strategy. He is a Chartered Professional Accountant (CPA). Mr. Krant joined the Brookfield organization in 2012 and Brookfield Infrastructure in 2015. Prior to his appointment as CFO on March 1, 2021, he held various critical roles in finance and operations, most recently as Senior Vice President of Finance.

Ben Vaughn, Chief Operating Officer

Mr. Vaughn is the Chief Operating Officer of Brookfield Infrastructure.

Bahir Manios, Chief Strategy Officer

Mr. Manios previously served as the Chief Financial Officer of Brookfield Infrastructure before David Krant. He now holds a senior role with Brookfield Infrastructure as Chief Strategy Officer. Additionally, Mr. Manios is the Chief Investment Officer of Brookfield Asset Management's newly formed reinsurance business and retains responsibilities related to Brookfield's private infrastructure funds.

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Here are the key risks to the business for Brookfield Infrastructure (symbol: BIPC):

1. Market Volatility and Interest Rate Environment: As a capital-intensive infrastructure company with a significant debt load, Brookfield Infrastructure Corporation (BIPC) is highly susceptible to fluctuations in market volatility and interest rates. Short-term market volatility and the prevailing interest rate environment can impact the company's financial performance. A high debt load, reported at over $70 billion at the group level as of late 2024, necessitates constant capital deployment into potentially rising-rate markets, increasing financing costs. Higher interest rates can adversely affect the value of fixed-income-like investments, increase borrowing costs, and reduce investment returns, all of which are pertinent to BIPC's operations and growth strategy.
2. Execution Risk on Large, Complex Acquisitions and Capital Projects: BIPC's growth strategy heavily relies on successfully integrating complex acquisitions and executing a substantial organic capital backlog. The company has an approximate $1.8 billion backlog in new projects as of early 2025. Any missteps in these large-scale projects, such as cost overruns, delays, or challenges related to factors like labor shortages in the construction industry, could significantly impede its growth and financial performance.
3. Regulatory and Political Risks: Operating a diversified portfolio of regulated utilities and infrastructure assets across various countries, including Brazil, the United Kingdom, and Australia, exposes BIPC to considerable regulatory and political risks. While a large portion of its cash flow is backed by regulated or long-term contracts (approximately 85% of Funds From Operations), changes in governmental policies, legislation, or increased regulatory scrutiny in any of its operating jurisdictions could negatively impact its business. The "Legal & Regulatory" category represents a significant risk factor for Brookfield Infrastructure.

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The accelerating global energy transition and decarbonization efforts, driven by climate change concerns and governmental policies, pose a clear emerging threat to Brookfield Infrastructure's regulated natural gas transmission and distribution assets. This trend could lead to decreasing demand for natural gas over the long term, potential asset stranding if repurposing for alternative fuels (like hydrogen) is not viable or cost-effective, and adverse regulatory or policy changes that disincentivize gas consumption or infrastructure development.

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Brookfield Infrastructure Corporation (BIPC) operates in several key infrastructure sectors across different geographies. The addressable markets for its main products and services are as follows:

• Regulated Natural Gas Transmission Systems (Brazil): The Brazilian city gas distribution market, which includes pipeline natural gas distribution, was estimated at approximately $33 billion in 2023.
• Regulated Gas Distribution Operations (United Kingdom): The revenue for the Gas Distribution industry in the UK is forecast to be £5.2 billion for the period through 2025-26.
• Regulated Electricity Distribution Operations (United Kingdom): The UK power transmission and distribution market generated a revenue of approximately $11,362.4 million in 2024.
• Electricity Transmission (Australia): The market size for Electricity Transmission in Australia was $4.7 billion in 2024.
• Electricity Distribution (Australia): The market size for the Electricity Distribution industry in Australia is projected to be $13.2 billion in 2026.
• Gas Distribution (Australia): The Gas Supply industry in Australia, which includes gas distribution, is forecast to have a market size of $16.3 billion in 2026.

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1. Expansion in Data Segment and AI Infrastructure: Brookfield Infrastructure is strategically focusing on the rapidly growing data segment, particularly in artificial intelligence (AI) infrastructure. The company anticipates deploying up to $500 million annually into AI-related infrastructure, including AI factories and behind-the-meter power solutions. This focus is already yielding significant growth, with the data segment's Funds From Operations (FFO) surging in recent periods and representing a substantial portion of the company's capital backlog. Recent and ongoing initiatives include commissioning new capacity at hyperscale and retail colocation data centers, expanding fiber networks (such as the U.S. bulk fiber network), and securing partnerships and funds dedicated to AI infrastructure development.
2. Organic Growth through Commissioning of Capital Projects: A significant driver of future revenue growth for BIPC is the ongoing commissioning of new capital projects from its substantial backlog. The company consistently reports strong organic growth rates, supported by bringing new infrastructure assets online. This includes a backlog of over $1.5 billion in new capital commissioned in the 12 months leading up to Q2 2025, primarily within its data center platform, and record levels of CapEx commissioning expected in the coming years.
3. Strategic Capital Recycling and Reinvestment: Brookfield Infrastructure employs a disciplined capital recycling strategy, selling mature, lower-growth assets to fund higher-return opportunities. The company has consistently exceeded its capital recycling targets, such as raising over $3 billion in proceeds in 2025, and expects this elevated pace to continue. The proceeds from these sales are then strategically reinvested into growth initiatives and new development projects that are expected to contribute significantly to future revenue and FFO.
4. Inflation Indexation of Contracted Assets: A substantial portion of Brookfield Infrastructure's existing asset base benefits from inflation-linked contracts, providing a stable and predictable source of revenue growth. This indexation, particularly prominent in its utilities segment and across its diversified portfolio in OECD and emerging markets, is highlighted as a key organic growth driver. As inflation rates fluctuate, these contractual escalators help to increase revenues and FFO.
5. Strategic Acquisitions and New Investments: BIPC continuously seeks out and executes strategic acquisitions and new investments across its core segments (utilities, transport, midstream, and data). Recent examples include investments in a global intermodal logistics operation, an increased stake in a Brazilian integrated rail and logistics provider, and utility acquisitions in the Asia-Pacific region, including a South Korean industrial gas business. These new investments are expected to fully contribute to the company's results and expand its operational footprint, driving future revenue growth.

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Share Repurchases

• Brookfield Infrastructure Corporation (BIPC) renewed its normal course issuer bid (NCIB) on November 28, 2025, allowing it to repurchase up to 45,151 Exchangeable Shares daily on the TSX.
• The repurchases under the NCIB are authorized to commence on December 2, 2025, and will terminate on December 1, 2026, or earlier.
• The renewal of the NCIB provides BIPC with flexibility to use available funds to purchase shares when they are trading at prices that do not fully reflect their value.

Share Issuance

• On November 19, 2025, BIPC announced an "at-the-market" (ATM) equity issuance program, authorizing the sale of up to $400 million of its Class A exchangeable subordinate voting shares directly from treasury.
• The ATM Program is designed to be non-dilutive, as the net proceeds are intended to facilitate repurchases by Brookfield Infrastructure Partners L.P. of its LP Units under its normal course issuer bid program and for general corporate purposes.
• In August 2021, as part of the Inter Pipeline acquisition, 16.7 million BIPC Shares and 3.9 million Exchange LP Units were issued to Inter Pipeline shareholders who tendered to the offer.

Outbound Investments

• Brookfield Infrastructure exceeded its capital recycling target of $3 billion in 2025 and invested approximately $2.2 billion into growth initiatives.
• In 2025, the company deployed approximately $1.5 billion into new investments, including the inaugural project under a framework agreement with Bloom Energy for a 55 MW power solution for a data center in the U.S., which has expanded to approximately 230 MW through additional projects.
• Other significant investments in 2025 included the acquisition of a South Korean industrial gas business and a leading railcar leasing platform.

Capital Expenditures

• Brookfield Infrastructure commissioned over $1.5 billion of new capital projects from its backlog in 2025.
• In 2024, the company added approximately $1.8 billion of new projects to its capital backlog.
• Brookfield Infrastructure anticipates deploying up to $500 million annually into AI-related infrastructure in the coming years, with a focus on AI factories and behind-the-meter power solutions.