v3.26.1
FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Schedule of Capital Structure
The capital structure of our company consists of debt, offset by cash and cash equivalents, exchangeable and class B shares, loans payable to Brookfield Infrastructure and share capital comprised of issued capital and accumulated gains.
US$ MILLIONS20252024
Non-recourse borrowings$13,169 $12,178 
Cash and cash equivalents(431)(674)
Net debt12,738 11,504 
Shares classified as financial liability5,129 4,644 
Loans payable to Brookfield Infrastructure100 102 
Total equity2,005 2,222 
Total capital and net debt$19,972 $18,472 
Net debt to capitalization ratio64 %62 %
Schedule of Maturity Analysis for Financial Liabilities The tables include both interest and principal cash flows:
Less than
1 year		1-2 years2-5 years5+ yearsTotal
contractual
cash flows
December 31, 2025
US$ MILLIONS
Accounts payable and other liabilities$887 $10 $12 $12 $921 
Non-recourse borrowings1,303 674 5,917 5,633 13,527 
Financial liabilities17 5 1 — 23 
Shares classified as financial liability5,129 — — — 5,129 
Loans payable to Brookfield Infrastructure100 — — — 100 
Interest Expense:
Non-recourse borrowings956 851 1,833 1,310 4,950 
Less than
1 year		1-2 years2-5 years5+ yearsTotal
contractual
cash flows
December 31, 2024
US$ MILLIONS
Accounts payable and other liabilities$697 $5 $13 $7 $722 
Non-recourse borrowings781 1,321 4,719 5,814 12,635 
Financial liabilities32 1 — — 33 
Shares classified as financial liability4,644 — — — 4,644 
Loans payable to Brookfield Infrastructure102 — — — 102 
Interest Expense:
Non-recourse borrowings900 834 1,852 1,273 4,859 
Schedule of Sensitivity Analysis for Interest Rate and Foreign Exchange Risk Such parallel shift in the yield curve by 50 basis points would have had the following impact, assuming all other variables were held constant:
 2025
US$ MILLIONS50 bp decrease50 bp increase
Net income (loss) to the partnership(1)
$5 $(5)
Other comprehensive income to the partnership(1)
— — 
(1)Net income and other comprehensive income are attributable to the partnership subsequent to the Arrangement as a result of the partnership holding all of the class B shares issued by our company. Please refer to Note 3(b), Material Accounting Policy Information, for further details.
The following tables detail our company’s sensitivity to a 10% increase and decrease in the U.S. dollar against the relevant foreign currencies, with all other variables held constant as at reporting date. 10% is the sensitivity rate used when reporting foreign currency risk internally. The sensitivity analysis is performed as follows:
•Outstanding foreign currency denominated monetary items (excluding foreign exchange derivative contracts) are adjusted at period end for a 10% change in foreign currency rates from the rate at which they are translated;
•Foreign currency derivative contracts are measured as the change in fair value of the derivative as a result of a 10% change in the spot currency rate; and
•The impact on net income results from performing a sensitivity of a 10% change in foreign exchange rates applied to the profit or loss contribution from foreign operations (after considering the impact of foreign exchange derivative contracts).
 Impact on Net Income to the Partnership
 202520242023
US$ MILLIONS-10%10%-10%10%-10%10%
USD/GBP$(12)$12 $(8)$8 $(8)$8 
USD/BRL(12)12 (14)14 (20)20 
 Impact on Parent Equity
 202520242023
US$ MILLIONS-10%10%-10%10%-10%10%
USD/GBP$(182)$182 $(150)$150 $(142)$142 
USD/BRL36 (36)31 (31)(15)15 
USD/EUR(1)1 — — (1)1 
Schedule of Foreign Currency Exposure
The tables below set out our company’s currency exposure at December 31, 2025, 2024 and 2023:
2025
US$ MILLIONSUSDGBPBRLEUR & OthersTotal
Assets:   
Current assets$370 $331 $652 $15 $1,368 
Non-current assets10,872 7,046 3,157 4 21,079 
$11,242 $7,377 $3,809 $19 $22,447 
Liabilities:
Current liabilities$1,065 $611 $707 $6 $2,389 
Non-current liabilities5,899 4,503 3,950 — 14,352 
$6,964 $5,114 $4,657 $6 $16,741 
Non-controlling interest
3,335 449 (489)9 3,304 
Net investment attributable to Brookfield Infrastructure$943 $1,814 $(359)$4 $2,402 

2024
US$ MILLIONSUSDGBPBRLEUR & OthersTotal
Assets:   
Current assets$2,325 $273 $871 $13 $3,482 
Non-current assets10,002 5,882 2,936 3 18,823 
$12,327 $6,155 $3,807 $16 $22,305 
Liabilities:
Current liabilities$1,563 $561 $745 $2 $2,871 
Non-current liabilities6,213 3,725 3,779 — 13,717 
$7,776 $4,286 $4,524 $2 $16,588 
Non-controlling interest3,496 372 (402)9 3,475 
Net investment attributable to Brookfield Infrastructure$1,055 $1,497 $(315)$5 $2,242 
2023
US$ MILLIONSUSDGBPBRLEUR & OthersTotal
Assets:   
Current assets$419 $318 $747 $10 $1,494 
Non-current assets11,947 5,580 3,576 2 21,105 
$12,366 $5,898 $4,323 $12 $22,599 
Liabilities:
Current liabilities$982 $387 $549 $2 $1,920 
Non-current liabilities6,639 3,744 3,099 — 13,482 
$7,621 $4,131 $3,648 $2 $15,402 
Non-controlling interest3,586 348 526 7 4,467 
Net investment attributable to Brookfield Infrastructure$1,159 $1,419 $149 $3 $2,730