Strategic Performance and Operational Drivers – Generated 10% FFO growth, meeting long-term targets through organic inflation-linked rate increases and the commissioning of new capital projects. – Data segment performance surged 36%, driven by the acquisition of a U.S. bulk…
ber network and initial contributions from the Intel semiconductor foundry partnership. – Midstream results benefited from strong asset utilization and elevated commodity pricing in the Canadian diversified midstream business, alongside new U.S. pipeline contributions. – Transport segment growth was supported by a ‘domino effect’ from global AI infrastructure build-outs, driving increased demand for machinery and components through rail and port networks. – Strategic capital recycling shifted toward public markets, utilizing IPOs and follow-on offerings to broaden the buyer universe and crystallize value at attractive valuations. – The U.S. colocation data center IPO successfully demonstrated a value creation strategy that expanded capacity from 115 megawatts to 390 megawatts during ownership. – Management emphasized a ‘bring-your-own-power’ model for large-scale AI campuses to secure social licenses and avoid adverse impacts on local utility ratepayers. Outlook and Strategic Initiatives – Anticipate completing a corporate simplification in Q4 2026 to convert BIP and BIPC into a single corporation, aimed at improving liquidity and index inclusion. – Targeting $300 million to $500 million in annual equity deployment toward AI infrastructure, focusing on AI factories, compute, and behind-the-meter power solutions. – AI factory capital deployment is expected to be back-end loaded over a three- to five-year timeframe due to the nature of large-scale development projects. – The Bloom Energy framework expansion from $5 billion to $25 billion creates a significant pipeline for behind-the-meter power solutions for hyperscale customers. – Future investment commitments remain contingent on securing