Brookfield Infrastructure Partners LP Q4 FY2023 earnings call

• 2023 was a successful year with over $2 billion in new investments, $1.9 billion in capital recycling, a second investment grade credit rating, and maintained financial strength. • Fourth quarter FFO was $0.79 per unit, up 10% from prior year. Board approved 6% quarterly distribution increase to $1.62 per unit annualized. • Strong access to capital despite volatile markets, ended 2023 with $2.8 billion in corporate liquidity. Completed $550 million in asset level financings. • Ben Vaughan discussed contrarian investments in Brazilian utilities, including Quantum and NTS, with strong growth potential. • Sam Pollock provided updates on acquisitions like Triton, hyperscale data centers, ATC India, and residential decarbonization business with millions of clients and 14 million homes involved.

• Utilities: FFO was $879 million, a 19% increase from prior year ($739 million). • Transport: FFO was $888 million, a 12% increase from prior year ($794 million). • Midstream: FFO totaled $684 million for the year. • Data: FFO was $275 million, a 15% increase year-on-year. Organic growth for 2023 was 8% due to inflation, volume growth, and new capital projects contributing to earnings.

• Aim to achieve $2 billion capital recycling target in 2024. • 2024 expected to be more constructive for capital recycling and offer improved operating environment. • Anticipated decline in interest rates to positively impact cost of capital and asset valuations, reducing capital scarcity and supporting capital recycling initiatives. • Unit price expected to be more constructive with receding interest rates.

• Market volatility and capital constraints. • Regulatory changes in various jurisdictions that could impact operations and valuations. • Uncertainties in economic conditions affecting business segments.

Q: Cherilyn Radbourne asked about balance between capital deployment and recycling in 2024.

A: Sam Pollock said it's still early, but likely balanced with more activity and transactions coming to market.

Q: Robert Kwan inquired about capital recycling, $550 million financing, and Heartland's outlook.

A: Sam Pollock discussed portable debt in certain deals and Ben Vaughan mentioned Heartland's plant running with 80% utilization.

Q: Devin Dodge asked about NTS dividend recap and Brazil toll roads settlement.

A: David Krant explained NTS capital structure and Ben Vaughan provided context on the toll roads settlement.

Q: Frederic Bastien asked about ATC India and data growth.

A: Sam Pollock talked about ATC India's unique position and data being a focus for new capital deployment