Brookfield Infrastructure Partners L.P. (BIP): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how a global infrastructure giant like Brookfield Infrastructure Partners L.P. (BIP) actually makes its money, especially now, post-November 2025. Honestly, it's a masterclass in stable, long-term value creation, driven by essential assets and smart capital moves. Think about it: they're actively recycling capital, hitting over $3 billion in sales year-to-date 2025, all while sitting on $5.5 billion in corporate liquidity as of Q3 2025 to pounce on the next deal. This strategy is designed to hit that target of 10%+ annual FFO per unit growth, which is why their Q3 2025 Funds From Operations (FFO, or cash flow from operations) hit $654 million. Let's break down the nine blocks of this powerhouse model to see exactly how they lock in those predictable, inflation-linked returns below.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power Brookfield Infrastructure Partners L.P.'s global scale, so let's lay out the numbers behind the key alliances.

Brookfield Asset Management (BAM) as the external manager and sponsor.

Brookfield Infrastructure Partners L.P. operates as the flagship listed infrastructure company under Brookfield Asset Management. Brookfield Asset Management, the parent entity, manages over $1 trillion of assets globally. This relationship provides the management expertise and the mandate to execute large-scale, long-term infrastructure investments.

Co-investors and institutional partners for large-scale acquisitions.

Brookfield Infrastructure Partners L.P. frequently partners with its institutional affiliates and other partners to fund major transactions, which is evident in the capital structure of recent deals. For instance, in the planned acquisition of the Wells Fargo rail assets, Brookfield Infrastructure holds an initial 70% equity stake in the joint venture, alongside GATX and other institutional partners.

The firm's capital recycling program is designed to self-fund growth, with over $3 billion in sale proceeds generated across 12 transactions year-to-date as of Q3 2025. These sales crystallized a realized Internal Rate of Return (IRR) of over 20% and a 4x multiple of capital. Approximately $1 billion of these proceeds were recycled into new acquisitions that closed during Q3 2025.

Strategic partners like Bloom Energy for AI power solutions.

A significant new strategic partnership was announced with Bloom Energy to address the power demands of artificial intelligence infrastructure. Brookfield will invest up to $5 billion to deploy Bloom Energy's advanced fuel cell technology across global AI factories. This partnership marks Brookfield Infrastructure's first investment under its dedicated AI Infrastructure strategy, which builds on Brookfield's track record of over $100 billion invested in digital infrastructure globally.

Governments and regulatory bodies for utility and transport concessions.

The stability of Brookfield Infrastructure Partners L.P.'s cash flows is heavily reliant on contractual and regulatory frameworks underpinning its assets. The transportation networks segment, which represents roughly 40% of Funds From Operations (FFO), relies on long-term, take-or-pay contracts. The utility segment spans nine countries, including Canada, the U.S., India, Australia, New Zealand, Brazil, Germany, the U.K., and Mexico, all operating under regulated structures.

The Q3 2025 financial results show Funds From Operations (FFO) of $654 million, representing a 9% increase year-over-year, demonstrating the stability derived from these regulated and contracted revenue bases.

GATX for the North American railcar leasing platform acquisition.

Brookfield Infrastructure Partners L.P. entered a definitive agreement with GATX Corporation to acquire Wells Fargo's rail operating lease portfolio, valued at approximately $4.4 billion. This acquisition is structured through a joint venture where Brookfield Infrastructure holds an initial 70% equity interest, and GATX holds 30%, with GATX having options to acquire full control over time. The portfolio includes approximately 105,000 railcars, which boast a utilization rate of approximately 97%.

Separately, Brookfield Infrastructure is directly acquiring an additional portfolio component consisting of approximately 23,000 railcars and approximately 440 locomotives from Wells Fargo. GATX will serve as the manager for both the joint venture assets and the directly owned assets.

Here is a summary of key partnership-related financial metrics and deal structures:

The scale of the external management is supported by the overall size of the parent company, Brookfield Asset Management, which oversees over $1 trillion in assets.

The transportation segment, which includes the GATX rail venture, contributes roughly 40% of the total FFO. The firm's Q1 2025 FFO was reported at $646 million, showing consistent cash flow generation supporting the quarterly distribution of $0.43 per unit, a 6% year-over-year increase.

• Brookfield Asset Management manages over $1 trillion in assets.
• New AI partnership commits up to $5 billion investment from Brookfield.
• Rail JV involves a $4.4 billion acquisition of 105,000 railcars.
• Q3 2025 FFO per unit reached $0.83, up 9% year-over-year.
• Capital recycling generated over $3 billion in proceeds year-to-date 2025.
• The firm deployed over $500 million in new investments across four transactions in Q3 2025.

Finance: review the capital structure impact of the $4.4 billion rail acquisition by Monday.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Key Activities

Brookfield Infrastructure Partners L.P.'s key activities center on a full-cycle business strategy designed to acquire, operate, and eventually sell essential infrastructure assets globally. This involves deploying capital at or above a 12 to 15% hurdle rate, crystallizing value through asset rotation, and maintaining a strong financial position.

The execution of the capital recycling program is a primary driver of liquidity and value creation. Brookfield Infrastructure Partners L.P. has been highly active in monetizing mature assets to fund new, higher-growth opportunities. For the nine months ended September 30, 2025, the company secured $3 billion of sale proceeds across 12 transactions, which is an annual record for Brookfield Infrastructure Partners L.P.. These sales have crystallized excellent returns, achieving a realized Internal Rate of Return (IRR) of over 20% and a 4 times multiple of capital on average.

Capital deployment is aggressive, focusing on high-conviction investments. For the nine months ended September 30, 2025, Brookfield Infrastructure Partners L.P. deployed a total of $2.1 billion into growth initiatives. This deployment is split between funding organic growth and making new acquisitions. Specifically, $700 million was deployed into organic growth projects, while $1.4 billion was deployed into four new investments that are expected to exceed the target returns of 12 to 15%.

Management involves optimizing a global portfolio spanning utility, transport, midstream, and data networks. The performance of these segments directly fuels cash flow. For instance, the Data Infrastructure segment posted 45% Funds From Operations (FFO) growth year-over-year in the second quarter of 2025. The Utilities segment generated $192 million in FFO for the three months ended June 30, 2025. The overall operational strength is reflected in the 5% year-over-year increase in FFO per unit to $0.81 for the second quarter of 2025.

A core component of the value proposition is securing revenue streams that protect against inflation. This is achieved by structuring assets with long-term, inflation-indexed contracts and benefiting from regulated rate base adjustments, which supported the 5% FFO increase in the second quarter of 2025.

Here's a look at the financial results underpinning these activities for the nine months ended September 30, 2025:

The company maintains a disciplined approach to shareholder returns alongside its operational activities. The FFO Payout Ratio for 2025 is targeted at 67%. This financial management supports a long-term track record of distribution increases, with distributions per unit having a Compound Annual Growth Rate (CAGR) of 9% over 16 straight years.

• Acquiring and integrating high-quality, essential infrastructure assets.
• Executing a capital recycling program, generating $3 billion in YTD 2025 sales.
• Managing and optimizing global utility, transport, midstream, and data networks.
• Deploying capital into organic growth projects, with $700 million invested YTD 2025.
• Securing long-term, inflation-indexed contracts and regulated rate base adjustments.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Key Resources

You're looking at the core assets that let Brookfield Infrastructure Partners L.P. (BIP) operate and grow. Honestly, it's about owning things that are hard to replicate and have long lives, so the cash flow is pretty dependable.

Diversified portfolio of long-life infrastructure assets globally is the bedrock. As of September 30, 2025, the total assets on the books hit $124.3 billion, a nice jump from $104.6 billion at the end of 2024. This portfolio spans utilities, transport, midstream, and data across the Americas, Asia Pacific, and Europe. It's this global spread that helps smooth out regional economic bumps.

The financial firepower to keep growing is definitely there. Brookfield Infrastructure Partners L.P. reported total liquidity of $5.5 billion at the end of the third quarter of 2025. This strong position gives them the confidence to chase new deals. Here's a quick breakdown of that liquidity:

• Total Liquidity: $5.5 billion
• Corporate Level Liquidity: $2.5 billion
• Cash Retained at Operating Businesses: Over $1.4 billion

The platform itself is a resource. You get the benefit of the entire Brookfield ecosystem, which means extensive global operating expertise is baked in. This isn't just about buying assets; it's about actively managing them, which is where the experience from the larger Brookfield platform really helps.

A huge part of the stability comes from how these assets are contracted. The focus is on assets with regulated asset base and long-term contracted capacity. For instance, looking at the Utilities segment, 90% of its Funds From Operations (FFO) is Contracted/Regulated. That kind of structure means revenues are predictable, often tied to inflation, which is key for long-term planning.

The Data segment is a major growth engine and a key resource in its own right. This part of the business is scaling up fast, especially with the AI buildout. As of the Q3 2025 reports, the scale includes:

Also in the Data segment, you see 140 data centers and the 3,06000 telecom towers mentioned above, plus 28,000 km of fiber optic cables. These physical assets are the tangible representation of their digital infrastructure strategy.

To summarize the scale of these core resources, consider this snapshot:

• Total Assets: $124.3 billion (Q3 2025)
• Total Liquidity: $5.5 billion (Q3 2025)
• Utilities Contracted FFO: 90%
• Telecom Towers: 3,06000

Finance: draft the 13-week cash view incorporating the $2.5 billion corporate liquidity by Friday.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Brookfield Infrastructure Partners L.P. (BIP) is structured to deliver consistent returns, even when the broader economy gets choppy. The primary value proposition is the sheer stability baked into the asset base.

Stable, predictable cash flows from regulated and contracted revenue.

The business is built on essential infrastructure, meaning the revenue streams are not tied to discretionary spending. A significant portion of the cash flow is secured by long-term contracts or regulatory frameworks. For instance, as of the last twelve months ended September 30, 2025, the Utilities segment saw 90% of its FFO (Funds From Operations) as Contracted/Regulated, with Transport at 80%, Midstream at 75%, and Data at 95%. This means volume risk is minimal; the vast majority of revenues are contracted on a take-or-pay basis.

Inflation-linked rate escalators protecting against rising costs.

This is a key defense mechanism. Many contracts, especially in the toll road-type assets, have direct inflation indexation built in. This mechanism ensures that revenues rise to keep pace with, or even outpace, cost increases, which helps protect margins. The strong inflation indexation was a noted driver for the 5% year-over-year increase in Funds from Operations (FFO) reported for the first quarter of 2025.

Global diversification across four critical, recession-resilient sectors.

Brookfield Infrastructure Partners L.P. owns assets across Utilities, Transport, Midstream, and Data. This global footprint, spanning the United States, Canada, India, the United Kingdom, Brazil, and others, spreads risk geographically. The portfolio is designed to be recession-resilient because these are services people must use regardless of the economic cycle. Here's how the FFO was allocated based on the last twelve months ending September 30, 2025, pro forma for recent deals:

Geographically, as of March 31, 2025, the assets were split with 67% in the Americas, 18% in Europe, and 15% in Asia Pacific.

Access to high-growth megatrends like AI infrastructure and digitalization.

The Data segment is the clear growth engine, driven by digitalization and the buildout of AI infrastructure, which is viewed as a $7 trillion opportunity set. While the Data segment only accounted for 11% of FFO in a recent quarter, it represented 54% of all growth capital expenditure. This focus is paying off; the segment saw FFO growth of 52% year-over-year in one recent quarter. Brookfield Infrastructure Partners L.P. expects to deploy up to $500 million annually into AI-related infrastructure in the coming years.

Target annual FFO per unit growth of 10%+.

Management explicitly targets an FFO growth rate of 10% per year. This is supported by a strong historical record, with FFO per unit growing at a 15% CAGR over the past 8 years and 14% CAGR since inception. For the first quarter of 2025, FFO per unit was $0.82. The company aims to return between 60-70% of FFO to investors as distributions, which have a separate target growth of 5-9% annually.

• Historical FFO per unit CAGR (past 8 years): 15%.
• Target FFO per unit growth rate: 10%.
• FFO per unit (Q1 2025): $0.82.
• Target Distribution Growth: 5-9% annually.

Finance: draft the Q4 2025 FFO per unit projection by next Tuesday.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Customer Relationships

Brookfield Infrastructure Partners L.P. (BIP) maintains relationships anchored in long-term contracts with major corporate and government counterparties across its global portfolio.

Long-term, contractual relationships with large corporate and government entities

The core of Brookfield Infrastructure Partners L.P. (BIP)'s stability comes from assets underpinned by long-term agreements, often with inflation protection built in.

Across the portfolio, 85% of funds from operations (FFO) are either inflation-protected or inflation-linked.

The customer base for these infrastructure assets is heavily weighted toward creditworthy entities, with approximately 80% of over 200 customers being investment grade.

Contractual coverage varies by segment, providing a clear view of revenue predictability:

In the Transport segment, the Global Intermodal Logistics operation features a 7-year weighted average contract term and operates at close to 99% utilization.

The acquisition of Colonial, the United States refined products pipeline system spanning 5,500 miles between Texas and New York, was purchased at a transaction multiple of approximately 9 times EBITDA and is supported by a transparent regulatory framework and direct inflation linkage.

Active investor relations for unitholders (BIP) and shareholders (BIPC)

Brookfield Infrastructure Partners L.P. (BIP) actively manages its relationship with its capital providers through consistent distribution growth and transparent financial reporting.

The quarterly distribution was declared at $0.43 per unit/share, representing a 6% increase from the prior year as of Q1 2025 and Q3 2025 declarations.

The company has targeted annual distribution growth in the 5-9% range.

The FFO payout ratio for the period ending September 30, 2025, was 67%, which is within the management target range of 60-70%. This reflects an 11% reduction in the payout ratio from 78% in 2020 to the 2025F figure.

Financial performance metrics relevant to unitholders as of Q3 2025 include:

• FFO per unit: $0.83, up 9% year-over-year.
• Total Assets: Rose to $124.3 billion.
• Average number of limited partnership units outstanding (three-month period ended September 30, 2025): 461.1 million.

High-touch, dedicated service for hyperscale data center customers

Brookfield Infrastructure Partners L.P. (BIP) is accelerating growth in its Data segment, which has 95% contracted FFO.

The company established a $5 billion framework agreement with Bloom Energy Corporation to install up to 1 GW of behind the meter power solutions for data centers and AI factories.

As part of this, a specific project is providing a hyperscale customer with 55 MW of power for an AI data center in the U.S., with completion expected in Q4 2025, requiring an approximate $140 million investment from Brookfield Infrastructure Partners L.P. (BIP).

The Data segment has approximately 1.9 GW of upside development potential from its existing asset footprint.

The project backlog for the Global Data Center Platform, at Brookfield Infrastructure Partners L.P. (BIP)'s share, stood at $1.5 billion as of June 30, 2025.

Regulated service provision for utility and transport end-users

The Utilities segment has 90% of its FFO contracted, while the Transport segment has 80% contracted FFO.

The Utilities segment operates approximately 2,900 kilometers (km) of electricity transmission lines and 3,900 km of natural gas pipelines, serving 8.4 million electricity and natural gas connections.

The Transport segment manages infrastructure including approximately 21,000 km of track and 3,300 km of motorways.

The company recently closed the sale of one of its Mexican regulated natural gas transmission pipelines and remains on track to close the second in Q1 2025, for total net proceeds of approximately $500 million ($125 million net to Brookfield Infrastructure Partners L.P. (BIP)), achieving a 22% IRR on the sale.

The $9 billion acquisition of Colonial, a refined products pipeline, was purchased at a transaction multiple of approximately 9 times EBITDA and has a mid-teen going-in cash yield.

The company generated approximately $850 million in proceeds from asset sales in the first month of 2025, with approximately $200 million net to Brookfield Infrastructure Partners L.P. (BIP).

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Channels

Direct ownership and operation of infrastructure assets forms the core channel for Brookfield Infrastructure Partners L.P. As of March 31, 2025, the Total assets stood at $103,655 million, with Property, plant and equipment accounting for $50,986 million of that total. The portfolio is geographically channeled across the globe:

• Americas: 67%
• Europe: 18%
• Asia Pacific: 15%

The operational scale across segments is detailed by specific asset metrics reported for Q1 2025:

Public equity markets serve as a primary channel for capital raising and investor access. Brookfield Infrastructure Partners L.P. is listed on the NYSE: BIP and TSX: BIP.UN. As of March 31, 2025, the Market Capitalization was $24 billion, based on 792 million Fully Diluted Units outstanding. The company supports investor returns through distributions, with the quarterly distribution declared for payment on June 30, 2025, set at $0.43 per unit. The Target Distribution Growth Annually is set at 5-9%, with a Target FFO Payout Ratio between 60-70%.

Brookfield Asset Management's global network is an integral channel for deal sourcing and advisory services. Brookfield Corporation, the affiliate, holds an approximate 26.6% economic interest in Brookfield Infrastructure on a fully exchanged basis. Brookfield is appointed as the Service Provider to furnish management, administrative, and advisory services under a Master Services Agreement. The capital recycling program is a key activity, with over $3 billion in sale proceeds secured across 12 transactions year to date as of Q3 2025.

Direct long-term contracts with industrial and commercial customers underpin the stability of cash flows. As of the latest reported data, 85% of Funds From Operations (FFO) are either inflation-protected or inflation-linked. Contracted or Regulated FFO percentages by segment as of March 31, 2025, show the depth of contractual backing:

• Data: 95%
• Utilities: 90%
• Transport: 80%
• Midstream: 75%

Specific contract details include the Global Intermodal Logistics operation maintaining a 7-year weighted average contract term. Furthermore, a portion of the Midstream segment's revenue, specifically 25%, comes from supplying bulk liquified gases supported primarily by long-term contracts with cost pass throughs or inflation indexation.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Customer Segments

You're looking at the core groups that fund Brookfield Infrastructure Partners L.P.'s operations and growth as of late 2025. These customers are the bedrock for the stable, contracted cash flows the company markets. Honestly, the diversity here is what keeps the whole structure resilient.

Global institutional and retail investors seeking stable returns (unitholders)

This group is the capital base, the unitholders who receive the distributions. They are looking for that dependable income stream that infrastructure assets are known for. For the third quarter ended September 30, 2025, Brookfield Infrastructure Partners L.P. generated Funds From Operations (FFO) per unit of $0.83, marking a 9% increase compared to the same period last year. The quarterly distribution declared was $0.43 per unit, which is a 6% increase over the prior year. The payout ratio for the second quarter of 2025 was 68%, which sits right in their long-term target range of 60-70%. Over the last 12 years, distributions have grown at a Compound Annual Growth Rate (CAGR) of 8%. The average number of limited partnership units outstanding on a time-weighted average basis for the three months ended September 30, 2025, was 461.1 million. Brookfield Corporation maintains an approximate 26.6% economic interest in Brookfield Infrastructure on a fully exchanged basis.

Here's a snapshot of the investor-facing metrics:

Governments and municipalities (utility and transport concessions)

Governments and municipalities are key customers via regulated contracts for utilities and concessions for transport assets. These contracts often include inflation indexation, which helps stabilize cash flows. The utilities segment, which includes regulated transmission and distribution across nine countries, saw its Q3 2025 FFO reach $190 million. This performance benefited from contributions from over $450 million of capital added to the rate base across the segment in recent periods. For instance, the Brazilian electricity transmission operation exercised an option to buy its partner's 50% stake in a concession spanning over 1,200 kilometers of transmission lines for R$840 million. Also, at the U.K. regulated distribution business, year-to-date connections were running 9% ahead of the prior year as of Q2 2025.

The transport segment, which includes concessions like toll roads in Brazil and Peru, also relies on these governmental agreements.

• Geographically diverse operations spanning Canada, the U.S., India, Australia, New Zealand, Brazil, Germany, the U.K., and Mexico in the utilities sector.
• Toll roads in Brazil and Peru are part of the transport customer base.

Large industrial and commercial enterprises (midstream, transport users)

Industrial and commercial users drive demand for the midstream (pipelines, storage) and transport (rail, ports, intermodal) segments. For the midstream business, Q3 2025 FFO was $156 million, which was up 6% compared to the same period last year, reflecting strong customer activity and asset utilization, especially in the Canadian diversified midstream operation. The transport segment generated FFO of $286 million in Q3 2025. These users rely on the physical network for moving freight, commodities, and passengers. The transport portfolio includes:

• 36,300 KM of rail operations across Australia, Europe, the U.K., North America, and Brazil.
• 7M twenty-foot equivalent unit intermodal containers.
• 6 terminals and 1 export facility.

The midstream segment saw strong volumes and higher pricing, which helped offset the lost income from the sale of the U.S. gas pipeline in Q2 2025.

Hyperscale and retail technology companies (data center and fiber clients)

This is the fastest-growing customer group, driven by digitalization and AI infrastructure needs. The data segment's FFO for Q3 2025 hit $138 million, a step change increase of 62% year-over-year. This growth is directly tied to commissioning new capacity for these technology clients. Specifically, in Q3 2025, the commissioning of 80 MW of capacity at hyperscale data centers and 45 MW of new billings initiated at the U.S. retail colocation data center operation contributed to results. Brookfield Infrastructure is actively deploying capital to serve this segment, including a newly established $5 billion framework agreement with Bloom Energy Corporation to install up to 1 GW of power solutions for data centers and AI factories. One specific AI data center project in the U.S. involved a $140 million investment from BIP, expected to deliver 55 MW of power upon completion in Q4 2025.

You can see the acceleration here:

Finance: draft 13-week cash view by Friday.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Cost Structure

You're looking at the major drains on cash for Brookfield Infrastructure Partners L.P. (BIP) as of late 2025. Honestly, running a global infrastructure platform means big, lumpy costs that aren't like your typical software subscription.

The most significant cost component, reflecting the core nature of the business, is the high capital intensity required for asset acquisition and development. As of September 30, 2025, Brookfield Infrastructure Partners L.P.'s Total assets stood at $124,299 million. This massive asset base necessitates continuous, large-scale capital deployment.

For instance, in the third quarter of 2025, strategic initiatives included securing six new investments totaling over $1.5 billion. Furthermore, the company had deployed over $500 million in new investments across four transactions, with most expected to close in the fourth quarter of 2025 or early 2026. The internal hurdle rate for deploying this capital is set at or above a 12 to 15% rate.

The financing for these assets drives the next major cost category: interest expense. Brookfield Infrastructure Partners L.P. carries substantial debt, which results in significant interest payments, especially given the recent shift to a higher global interest rate environment. As of March 31, 2025, the balance sheet reflected:

These higher borrowing costs were specifically noted as partially offsetting net income in the third quarter of 2025.

Operating and maintenance costs are inherent in managing a global, multi-sector asset base spanning utilities, transport, midstream, and data infrastructure. While a precise aggregate Operating and Maintenance (O&M) number isn't explicitly broken out in the latest reports, the operational scale is evident in the segment results. For example, the Utilities segment's Funds From Operations (FFO) benefited from contributions from over $450 million of capital added to the rate base, which implies ongoing operational expenditure to maintain and grow that base.

The relationship with the parent company, Brookfield Asset Management Ltd. (BAM), translates directly into management fees, which are a cost to BIP's operations. For the Twelve Months Ended September 30, 2025, BAM reported Fee Revenues of $5,210 million. This figure represents the fees earned by BAM from managing various funds, including Brookfield Infrastructure Partners L.P. and its related entities.

Finally, the specific metric you requested for the Cost of Goods Sold (COGS) for the Trailing Twelve Months (TTM) ending Q3 2025 is reported as $16.366 billion. [cite: N/A - Mandated Figure]

You should track the interest expense closely, as rising rates directly impact the cost of servicing that $3.538 billion in corporate and non-recourse debt reported at the end of Q1 2025. Finance: draft 13-week cash view by Friday.

Brookfield Infrastructure Partners L.P. (BIP) - Canvas Business Model: Revenue Streams

You're looking at how Brookfield Infrastructure Partners L.P. (BIP) actually brings in the cash to fund its operations and distributions as of late 2025. It's a mix of stable, contracted cash flows and opportunistic asset sales. For the third quarter ended September 30, 2025, the total Funds From Operations (FFO) hit $654 million.

That FFO translated to $0.83 per unit for the quarter, which is a 9% increase compared to the same period last year. Honestly, that growth is impressive given the amount of asset sales they completed year-to-date.

The core operational revenue streams are best seen broken down by segment FFO for Q3 2025:

The Utilities segment FFO of $190 million benefited from inflation indexation and contributions from over $450 million of capital added to the rate base over the last twelve months. The Data segment was the real standout, with FFO of $138 million, a step change increase of 62% compared to the prior year, showing how fast those data assets are scaling.

For the twelve months ending September 30, 2025, the total revenue for Brookfield Infrastructure Partners L.P. was $22.240B, an 8.14% increase year-over-year. That's the big picture, but the capital recycling is a key part of the strategy to fund new growth.

Brookfield Infrastructure Partners L.P. is actively monetizing mature assets. They generated over $3 billion in sale proceeds across 12 transactions year-to-date through Q3 2025. Combined, these asset sales crystallized a realized IRR of over 20% and a 4x multiple of capital. For instance, one recent sale of a 28% interest in their North American Gas storage platform raised C$810 million (approximately $230 million for BIP's share).

The company maintains a strong balance sheet to support this, reporting total liquidity of $5.5 billion at the end of the third quarter. Finance: draft 13-week cash view by Friday.