Our partnership’s investments in associates and joint ventures are reviewed and reported on a segmented basis, refer to Note 3, Segment Information, for further details. The following table represents the change in the balance of investments in associates and joint ventures:


US$ MILLIONS	For the six-month period ended June 30, 2026		For the 12-month period ended December 31, 2025
Balance at the beginning of the period	$	6,377	$	5,672
Share of (loss) earnings for the period	(8)		627
Foreign currency translation and other	(5)		706
Share of other comprehensive income (loss)	145		(372)
Distributions(5)	(193)		(1,112)
Disposition of interest(1),(2),(3),(4)	(43)		(1,557)


Acquisitions(1),(6),(7),(8),(9),(10),(11)	687		2,413
Ending Balance	$	6,960	$	6,377

1.On March 26, 2025, our global intermodal logistics operation sold its 33% interest in a subsidiary for net proceeds of approximately $120 million to the partnership (see Note 5 - Disposition of Businesses, for further details) and retained a 67% interest as an investment in associate. On September 29, 2025, our global intermodal logistics operation sold a further 33% interest in the portfolio for net proceeds of approximately $425 million ($115 million to the partnership). On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $115 million ($30 million to the partnership) in other income (expense) on the Consolidated Statements of Operating Results.

2.On April 29, 2025, Brookfield Infrastructure exercised its option to acquire an additional 15% interest in Mantiqueira Transmissora de Energia S.A., a Brazilian electricity transmission operation, increasing Brookfield Infrastructure’s ownership in Mantiqueira to 31%. As a result of governance rights obtained, Brookfield Infrastructure consolidated Mantiqueira effective April 29, 2025. Refer to Note 6 - Acquisition of Businesses, for further details.

3.On May 9, 2025, Brookfield Infrastructure completed the sale of the remaining 25% portion of its U.S. gas pipeline for net proceeds of approximately $400 million. On disposition, Brookfield Infrastructure recognized a gain on sale of approximately $160 million, net of income tax expense, in the Consolidated Statements of Operating Results and approximately $70 million of revaluation gains (net of tax) were reclassified from accumulated other comprehensive income directly to retained earnings and recorded within other items on the Consolidated Statements of Partnership Capital.

4.During 2025, Brookfield Infrastructure sold its Australian export terminal operation in two transactions, generating total net proceeds of approximately $630 million and recognizing total gains on sale of approximately $165 million, net of income tax expense, in the Consolidated Statements of Operating Results. Accumulated currency translation losses of $63 million were reclassified from accumulated other comprehensive income to the Consolidated Statement of Operating Results.

5.On September 24, 2025, Brookfield Infrastructure completed the sale of its Australian container terminal operation for net proceeds of approximately $495 million to the partnership, recognizing a gain of approximately $365 million. Accumulated currency translation losses of $12 million were reclassified from accumulated other comprehensive income to the Consolidated Statement of Operating Results.

6.During the third quarter of 2025, our European hyperscale data center platform sold its 90% interest in a subsidiary for net proceeds of approximately $1.7 billion ($310 million to the partnership) and retained a 10% interest as an investment in associate (see Note 5 - Disposition of Businesses, for further details).

7.On October 1, 2025, Brookfield Infrastructure sold 34% of its interest in its U.K. port operation for net proceeds of approximately $380 million to the partnership (see Note 5 - Disposition of Businesses, for further details) and retained a 25% interest as an investment in associate.

8.During the fourth quarter of 2025, Brookfield Infrastructure acquired a South Korean industrial gas business for consideration of approximately $500 million ($125 million to the partnership).

9.On January 1, 2026, Brookfield Infrastructure completed the acquisition of a North American railcar leasing platform through a joint venture with GATX Corporation (“GATX”), for proceeds of approximately $900 million ($230 million to the partnership).

10.On June 30, 2026, our U.S. bulk fiber platform sold an approximate 80% interest in a subsidiary for proceeds of approximately $1.3 billion ($0.3 billion to the partnership) and retained a 20% interest as an investment in associate. See Note 5 - Disposition of Businesses for further details.

11.In the second quarter of 2026, Brookfield Infrastructure funded its share of its equity commitment of $0.3 billion into our U.S. semiconductor manufacturing facility.


	As of
US$ MILLIONS	June 30, 2026		December 31, 2025
Utilities	$	286	$	295
Transport	3,307		3,349
Midstream	212		219
Data	3,114		2,505
Corporate	41		9
Ending Balance	$	6,960	$	6,377


	As of
US$ MILLIONS	June 30, 2026		December 31, 2025
Financial position:
Total assets	$	129,394	$	127,008
Total liabilities	(73,984)		(80,382)
Net assets	$	55,410	$	46,626


	For the three-month period ended June 30				For the six-month period ended June 30
US$ MILLIONS	2026		2025		2026		2025
Financial performance:
Total revenue	$	5,545	$	4,696	$	11,168	$	8,735
Total net income for the period	(341)		523		1,022		1,492


Brookfield Infrastructure’s share of net income (loss)	$	33	$	(12)	$	(8)	$	111