ブルックフィールド・インフラストラクチャー・パートナーズ（BIP）2026年第3四半期決算説明会：FFOは7億1700万ドルに到達

要点

• Brookfield Infrastructure Partners（BIP）の2026年第3四半期の事業活動による資金（FFO）は7億1,700万ドル（1口当たり0.91ドル）となり、1口当たりFFO成長率10%の目標を3四半期連続で達成した。
• データ部門が最も急成長し、FFOは前年同期比25%増の1億7,200万ドルとなった。ミッドストリーム部門のFFOは14%増、輸送部門は10%増、公益事業部門は5%増となった。
• BIPは年初来で約18億ドルのエクイティを投じており、2026年に20億ドル超を投資する計画に向けて順調に進捗している。これには約7億ドルのオーガニック成長プロジェクトへの投資が含まれる。
• 年初来の資産売却により15億ドル近くの売却収入を確保した。また、進展中の売却手続きにより、法的拘束力のある提案の受領および完了を前提として、年末までにさらに10億ドル超の追加収入が生み出される可能性がある。
• 同社は約32億ドルの手元流動性を確保している。また、ブラジルを除く負債の90%超が固定金利であり、当面の借り換え需要は限定的である。
• 経営陣は、BIPが2026年を力強い財務実績で締めくくり、1口当たりFFO成長率10%の目標を達成できるとの確信を維持している。

主要財務データ

事業および業務実績

公益事業部門：FFOは5%増の2億ドルとなった。インフレ連動型の価格設定、レートベース（料金算定資産）に組み入れられた約6億ドルの設備投資、ならびに韓国の産業ガス事業およびニュージーランドのエネルギーインフラ基盤の貢献が増益を反映した。過去12カ月間に完了した資産売却がこれらの増益分を一部相殺した。

輸送部門：FFOは10%増の3億1,500万ドルに達した。港湾取扱量の増加、有料道路の交通量および通行料の引き上げ、北米の鉄道貨車リース事業の買収が寄与した。一方で、オーストラリアのコンテナターミナル売却および英国の港湾事業の一部売却に伴う減益が一部重荷となった。

ミッドストリーム部門：FFOは14%増の1億7,800万ドルとなった。カナダの多角的なミッドストリーム事業において、資産の高稼働率およびコモディティ価格の高騰が追い風となった。また、2025年第3四半期に買収した米国の石油製品パイプラインが四半期を通じて業績にフル寄与した。

データ部門：FFOは25%増の1億7,200万ドルに拡大した。牽引役となったのは、オーガニック成長、BIPによる出資完了に伴うアリゾナ州でのインテル半導体ファウンドリとの提携、ならびに2025年第3四半期に買収した米国のバルク光ファイバー網の四半期フル寄与などである。

AIインフラは引き続き資本投下の主要な注力分野となっている。BIPとNAVERの提携は、アジア太平洋地域の大規模AIファクトリー向けに200メガワット超の計算能力を対象としている。最初のGPU配備は2027年上半期に見込まれ、2028年末までに全面配備を完了することを目標としている。

経営陣は、BIPのNAVER関連のエクイティ出資コミットメントを約1億〜2億ドルと試算している。GPU関連の総設備投資額は約90億ドル、グループ全体のエクイティ出資総額は約17億〜18億ドル、総事業費に対する融資比率（LTC）は約80%（またはこれよりわずかに低い水準）を見込んでいる。

経営陣の業績見通し

経営陣は2026年の1口当たりFFO成長率10%達成という目標を維持し、通年のエクイティ投資総額は20億ドルを超えると予想している。

BIPはまた、AIインフラに年間平均約5億ドルを投資するという将来的な目標も掲げている。同社によると、投資機会のパイプラインには、複数のセクターや地域にまたがる従来のM&Aや戦略的資本提携が含まれるという。

発表された企業組織の簡素化は、必要な承認を経て11月19日に完了する予定である。経営陣は、統合後の組織体制によって浮動株と取引流動性が即座に向上すると見込んでいる一方、潜在的なインデックス連動需要や資金流入の拡大には推定3〜9カ月かかる可能性があるとしている。

リスク要因と注視事項

• 経営陣は、米国の政治・規制環境の変化がデータセンター開発にどう影響するかを評価するには時期尚早であると述べた。
• 供給制約や利用可能な資本の限界により、データセンターやAIインフラの開発ペースが鈍化する可能性がある。経営陣は、将来の供給減によって既存設備の価値が高まる可能性がある一方、潤沢な資金力を持ち現地で支持を得ている開発事業者が引き続き優位な立場を保つ可能性があると指摘した。
• 送電網の電力需要家保護と追加の電力供給の確保は、AIインフラプロジェクトの重要な前提条件である。
• 10億ドル超の追加的な資産売却収入の獲得は、進展中の売却手続きが法的拘束力のある合意に達し、取引が完了するかどうかに左右される。
• 企業組織の簡素化に伴うインデックス連動効果の時期や規模は、依然として不透明である。
• 西オーストラリア州は、州政府によるアーク・インフラストラクチャー（Arc Infrastructure）の貨物鉄道網買い戻しを可能にする法案を提出した。BIPは協議が継続中であるとしたものの、想定される結果については言及しなかった。

アナリスト質疑応答の要点

経営陣は、今後の資本投資において最も活発な部門としてデータを挙げ、次いでミッドストリーム、輸送、公益事業の順と位置づけた。公益事業の案件は規模が大きいものの頻度が低い傾向があり、輸送分野の投資機会は概して規模が小さく、より反復的に発生する傾向がある。

AIコンピュートの資金調達について、経営陣はメガワット当たりの投資額ベースで、対応可能市場（TAM）となるコンピュート市場はデータセンター市場の約3倍の規模に達すると述べた。BIPは、投資適格の取引先とのテイク・オア・ペイ（引取・支払保証）契約、契約期間中の元本回収および適切な資本収益（リターン）の確保、ならびにテクノロジーリスクを伴わない案件を目標としている。

経営陣は、活動が鈍化する可能性はあるものの、データセンター、需要家側（ビハインド・ザ・メーター）電源、公益事業、ミッドストリームインフラに関連する米国での投資機会は継続すると予想している。また、カナダ、ニュージーランド、欧州におけるエネルギー安全保障関連の機会に加え、公益事業のレートベース（料金算定資産）投資需要や、世界貿易およびサプライチェーンの安全性確保に連動した輸送インフラ需要の継続も挙げた。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and thank you for standing by. Welcome to the Brookfield Infrastructure Partners L.P. Third Quarter 2026 Results Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, David Krant, Chief Financial Officer. Please go ahead.

David Krant

Thank you, Shannon, and good morning, everyone. Welcome to Brookfield Infrastructure Partners Third Quarter 2026 Earnings Conference Call. As introduced, my name is David Krant, and I am the Chief Financial Officer of Brookfield Infrastructure. I'm joined today by our Chief Executive Officer, Sam Pollock; and our Chief Operating Officer, Ben Vaughan. Also joining us today is Dave Joynt, a managing partner in our investments team; and Lief Williams, a Managing Director focused on AI infrastructure investments.

I'll begin the call today with a discussion of our financial and operating results, followed by a discussion of our asset sale initiatives and balance sheet strength. I'll turn the call over to Sam then to -- who will discuss our capital deployment activity and provide an outlook for the business.

Now at this time, I'd like to remind you that in our remarks today, we may make forward-looking statements. These statements are subject to known and unknown risks, and the future results may differ materially. For further information on known risk factors, I'd encourage you to review our latest annual report on Form 20-F, which is available on our website.

Now beginning with our financial and operating results, we're pleased to report that we generated FFO of $717 million or $0.91 per unit. This marks the third consecutive quarter in which we've achieved our 10% FFO per unit growth target. The increase was driven by strong organic growth at the high end of our target range, supported by inflationary price increases, strong asset utilizations and the commissioning of approximately $1.4 billion of capital projects from our backlog. Results also benefited from contributions from new investments completed over the last 12 months. which continues to generate returns above the lost yield from asset sales completed over the same period.

I'll now go through our results by segment in a little more detail. Starting with our Utilities, where we generated FFO of $200 million, an increase of 5% over the prior year. The increase was driven by inflation indexation and the contribution of approximately $600 million of capital commissioned into rate base. Results also benefited from recent acquisitions including our South Korean industrial gas business and our New Zealand energy infrastructure platform. These contributions were partially offset by foregone earnings from asset sales completed over the last 12 months.

Moving to Transport, where FFO was $315 million, representing a 10% increase over the prior year. The increase was driven by volume strength in our port operations, increased volumes and tariffs on our toll roads and the contribution from the acquisition of our North American railcar leasing platform. Results were impacted by foregone earnings from asset sales completed in the prior year, including the sale of our Australian container terminal and a partial sale of our U.K. port operation.

In Midstream, our FFO was $178 million, up 14% compared to the prior year. The increase reflects strong organic growth across the portfolio, particularly at our Canadian diversified midstream business, which benefited from strong asset utilization and elevated commodity prices. Results also reflected a full quarter contribution from our U.S. refined products pipeline, which we acquired in the third quarter of 2025 compared with the partial closure of this year.

Lastly, FFO from our Data segment was $172 million, representing a 25% increase over the prior year. The increase was driven by strong organic growth across the segment, including contributions from our partnership with Intel to develop semiconductor foundries in Arizona, following the completion of our equity funding during the quarter. Results also included a full quarter contribution from our U.S. bulk fiber network, which we acquired in the third quarter of 2025.

I'll now turn to an update on our asset sales. And on a year-to-date basis, you note we have secured nearly $1.5 billion of proceeds. We are also nearing binding offers on several advanced sale processes that could generate over $1 billion of incremental proceeds next to the partnership before year-end. In parallel, we continue to advance additional monetization opportunities, which position us for a strong start in 2027 for our capital recycling plan.

In terms of our balance sheet, our approach to financing remains straightforward: Maintain conservative leverage, extend maturities when opportunities arise and ensure our businesses have the financial flexibility to perform through market cycles. Today, more than 90% of our debt, excluding Brazil, is fixed rate, and our debt maturities are well staggered. This provides meaningful protection against movements in interest rates and allows us to focus on operating and growing our operations. At the corporate level, we have approximately $3.2 billion of liquidity together with our access to a broad range of capital markets and limited near-term refinancing requirements, this puts us in an excellent position. We have the flexibility to fund our existing growth initiatives and the capacity to pursue new investments when attractive opportunities arise.

And with that, that concludes my remarks for this morning. I'll now turn the call over to Sam.

Samuel J. B. Pollock

Thank you, David, and good morning, everyone. Building on the progress David just outlined, we've also been active in deploying capital. Year-to-date, we deployed approximately $1.8 billion of equity across new investments and organic growth projects, and we remain on track to deploy over $2 billion in 2026. One of the most compelling aspects of our business today is the growing scale and breadth of organic investment opportunities within our portfolio. Across our 4 segments, we are deploying capital to expand utility systems, increase capacity in our transport networks, enhance our midstream capabilities and develop data infrastructure to support accelerating demand for digital connectivity. So far in 2026, we have invested approximately $700 million of equity into organic growth projects. These projects leverage our existing asset base, establish customer relationships and operating expertise, allowing us to deploy capital at attractive risk-adjusted returns with greater visibility and lower execution risk.

Alongside this organic activity, investment across AI infrastructure continues to accelerate, adding to our established pipeline of M&A in traditional sectors. The significant capital required to develop AI factories, deploy compute capacity and secure associated energy infrastructure is creating new avenues for us to deploy capital, particularly through strategic partnerships with leading global corporations. This momentum is reflected in our recently signed agreement formalizing a strategic partnership with NAVER to develop sovereign AI capabilities, including over 200 megawatts of compute capacity for of the largest AI factories in Asia Pacific. As part of the partnership, we will finance and own the compute capacity through a dedicated leasing company with contracted cash flows providing a return on and full recovery of our invested capital over the initial contract term. The first GPU deployment is expected in the first half of 2027 with full deployment by the end of 2028. This expected equity commitment is approximately $100 million.

Now beyond NAVER, our growing pipeline of actual investment opportunities gives us confidence in achieving our forward-looking objective of deploying approximately $500 million of capital on average annually in AI infrastructure. Most recently, we entered into a strategic partnership with Drax to potentially develop a large-scale AI factory in the United Kingdom.

So with that, let me now turn to the outlook. We remain confident in our ability to close out the year with strong financial performance and achieve our 10% FFO per unit growth target. A key focus is converting our expanding investment pipeline into new capital deployment. We're advancing opportunities across sectors and geographies through both traditional M&A and strategic capital partnerships, providing multiple avenues to deploy capital at attractive risk-adjusted returns. Our scale, operating expertise and track record have established Brookfield as a partner of choice for leading global corporations seeking long-duration capital and an aligned operating partner. This position provides access to differentiated investment opportunities that often arise from relationships developed over many years rather than competitive options.

Another key priority is completing the announced corporate simplification. Following the successful BIP unitholder and BIP C shareholder votes, we have now received all required approvals and expect the simplification to close on November 19. Following closing and subject to approval by its Board of Directors, BIP Bank intends to declare and pay a fourth quarter dividend on its Class A shares in an amount consistent with BIP's current quarterly distribution of $0.455 per unit. We believe the simplified structure will make Brookfield Infrastructure easier to own, improve consolidated trading liquidity, broaden our investor base and support increased index demand.

This concludes my remarks, and I'll pass it now back to the operator, and we'd be happy to take some questions.

Operator

[Operator Instructions] Our first question comes from the line of Cherilyn Radbourne with TD Cowen.

質疑応答

Cherilyn Radbourne

Thanks very much, and good morning. I was hoping to get some perspective on what the U.S. midterms mean, if anything, for the value of your in-place DC capacity and the development pipeline.

Samuel J. B. Pollock

Cherilyn, I guess we expected that question. Maybe I'll just make a couple of quick comments, and we have Lief Williams from our AI strategy group here as well. And maybe I'll ask him just to give a general sense of what's happening these days in that sector. But I think the 2 obvious things to say is that it's far too early to speculate on changes that might occur to regulation and other impacts to the sector because we're still in the heightened political environment.

But obviously, to the extent that development slows down, which, frankly, we expected it to slow down in any event because of constraints to supplies as well as capital. So I think a slowdown was expected in any event. But to the extent that there is a lower supply in the coming years, that's going to make existing assets more valuable. And so for businesses like C-Square, where we have it in place, set of data centers and customers providing compute. We expect rates to get higher, and it should be good for the business.

In terms of development, I think for developers who have a strong track record, access to capital and strong local support and that means having projects in the right jurisdictions, I think they will continue to be successful. And in our case, we've been running our business extremely prudently. And maybe just to add to that, that's where I'll turn it over to Lief, just to describe how we've been running the business to position ourselves for this particular environment.

Lief Williams

Yes. Thank you, Sam. I think what I would add is from a bipartisan perspective, A big area of focus has been great payer protection and really trying to ensure that from a grid perspective, the ratepayer is protected and from a power perspective, there is additionality. That's a theme we've been looking forward to for the last 18 months. I would say if you look at the large 3 AI factory projects we've been [indiscernible] so the Edmonton site, the Paduca site and the [indiscernible] in the U.K. All 3 of those hit all of those attributes. And so we think that development will continue for the right projects to develop the right way. And that's really been the priority from our perspective.

Cherilyn Radbourne

Great. And for my second question, maybe flipping to a jurisdiction that's a bit more friendly, opened. Can you talk about what you think Build Canada Strong and the mega productivity deduction imply for your Canadian midstream business?

Samuel J. B. Pollock

Okay. Well, maybe I'll start there. And if any of my colleagues want to add to it, they can jump in as well. Look, I think as we've probably said on previous calls, the tone from the various governments over the last year has been trending positive. And we've seen both federally and provincially a number of governments much more supportive of new projects, particularly projects out West. We think that there's a lot of momentum in the energy sector, in particular, to expand egress both to Asia and south. And I think while we can't point to a number of projects yet the direction of travel is positive. And so we remain optimistic that things will get done and that our pipeline today of energy projects has probably never been larger and continues to be -- our view -- our favorable view on the sector has not changed.

Operator

Our next question comes from the line of Maurice Choy with RBC Capital Markets.

Maurice Choy

Maybe to take even bigger picture as we talk about the changing policy and political landscapes around the world that seems to be quite rapid, not at least being the U.S. Just keen to hear where you think you see the greatest opportunities in this location in any of the 4 pillars of business that you have.

Samuel J. B. Pollock

Maurice, so today, if we look from a geographic perspective the for the last couple of years, most of the opportunities have arisen out of the U.S. and a lot of that was driven by the explosion in data center activity, which led to behind the meter power opportunities, utility opportunities as well as midstream. So a lot of that took place. And as we just said, I think we expect that to continue even if it's moderated somewhat.

The other theme that has been very prevalent has been energy security. And we just touched on that a little bit, I guess, with Cherilyn's question regarding projects in Canada, which really, I think, are being developed in response to energy security issues around the world. We have participated in investments in New Zealand, where energy security was part of our Clarus thesis. And we're pursuing a number of opportunities in Europe related to that theme as well. So I would say energy is still a big component. There are opportunities in New York, in particular, related to utilities, not dissimilar to what we see here in North America. They have issues there as well with raising capital to invest in utilities so that they can expand transmission and distribution in particular, and so investments into rate base opportunities are quite prevalent.

And then on the transportation side, maybe I've got Dave joined here with me, who runs our transportation business. do you want to comment on where we see transportation opportunities.

David Joynt

Yes, I would probably just make 2 comments on that. I think, number one, despite what you might think, Global trade continues to be really strong. And it's not just as direct as it was in the past or would go directly from factories in Asia and go directly into demand markets in Europe and North America, but it's actually making many steps kind of along the way. And so I think that overall demand for global trade just increases overall investment requirements in everything from ports to rail and other sort of like inland infrastructure assets. So I think overall, that is probably very strong.

And then I think the second thing that I would comment is another large theme continues to be around supply chain security. So beyond Sam's comment about energy security, people are also concerned about the security of their supply chain, and there are significant investments being made around the world in order to -- whether it's resort or simply to create captive supply chains in order to get their goods from their supply destinations to the end markets, a lot of investment in that market as well.

Maurice Choy

Understood. And if I could just finish off with a question on the corporate simplification. My congratulations to your team for the hard work and getting this across the line. And I just wanted to hear your sense as to when the benefits that you've outlined for the simplification may materialize timing-wise, over the coming weeks, months or quarters?

David Krant

Maurice, it's David. Look, I think in terms of the benefit, it's going to be -- and to remind everyone, we think there's a number of them. Obviously, the combined company is going to have a much larger market cap, a bigger free float and therefore, better trading liquidity. And so I would expect those benefits to come in from day 1 in terms of liquidity. People have access to trade the shares, as we noted in our release yesterday, from the 23rd onwards. And so I think that, that's probably more imminent.

Some of the other maybe medium- to longer-term benefits in terms of index demand and flows will be harder to predict and will happen at various times over the next 3 to 9 months based on our estimates. But we think that the initial benefits will be soon. And so that we're really excited to have that chapter behind us.

Operator

Our next question comes from the line of Devin Dodge with BMO Capital Markets.

Devin Dodge

So I'm going to start with a question on Radiant. We started to see more of these arrangements with third parties to fund compute capacity including Brookfield's agreement with NAVER's, I know the total addressable market is really large. But just wondering how much of that is currently in discussion with technology companies? And how do you differentiate versus your competitors?

Samuel J. B. Pollock

Yes, sure. Thanks for the question, Devin. Look, I think you're right. The addressable market is significantly size. I would say from a sheer dollars per megawatt perspective, the compute market is about 3x larger than the data center market. So we see a tremendous addressable market, but I would say we're very focused on the Brookfield side and on the Radiant side. at sticking to our knitting. And so this is take-or-pay contracts, full return on and of capital over the contract period. No technology risk and investment grade counterparties. The NAVER transaction is a great example of that focus. And I would say you'll see more transactions like that from us over the coming quarters.

From a differentiation perspective, I think you're starting to see that in the market right now. I think having access to capital in periods of volatility will be a difference maker. Capital is becoming more scarce. And I think that strong sponsor like Brookfield with deep access to capital, will be able to take advantage of the volatility.

Devin Dodge

Okay. Second question is on Arc infrastructure. There were some legislation that came forward in Western Australia involving the renationalization of the freight network, at least to the extent that you're able. Can you speak to where you are in those discussions with the government? And what's the range of outcomes that are being considered?

Samuel J. B. Pollock

Devin, I don't think we can really talk about that at the moment. I think the government has put forward legislation that allows them to have the opportunity to buy back. And those are conversations that we're having today, and we'll see where they end up.

Operator

[Operator Instructions] Our next question comes from the line of Frederic Bastien with Raymond James..

Frederic Bastien

Question on the NAVER partnership. Your $100 million equity commitment looks relatively modest against the $9 billion project size. Given that you typically invest alongside Brookfield and some institutional partners. Can you give us a sense of the total equity commitment at the group level and perhaps clarify whether the $9 billion represents total project costs, including debt financing or equity alone?

David Krant

I can start. Frederic, it's David. Yes. So the $9 billion -- I'll start backwards. The $9 billion is the total capital spend for the GPUs. And so that's the CapEx component. From an equity funding perspective, typical for these structures, you would have a loan to cost in the 80% range, maybe slightly lower than that. So you're probably around $1.75 billion of equity. And so we're estimating here BIP's share of that will be somewhere in the 5% to 10%. We do expect to offer equity investments here to potential fund investors. And given we're in the fundraising process, it's hard to speculate on where that shakes out. But I'd say the investment we wanted to put a number just so people had a sense of what to expect. So $100 million, maybe upwards to $200 million would be where we'd expect it to be once it's settled.

Frederic Bastien

And can you clarify what sort of investments you'd be looking at the group level, including Brookfield and your partners?

Samuel J. B. Pollock

It's plus or minus $1.7 billion to $1.8 billion total equity into the deal.

Frederic Bastien

And that's yours. Like that's the group level investment.

Samuel J. B. Pollock

At a group level, and as Dave mentioned, a portion of that will go into the fund, the AI fund, and then a portion will go to co-investors who are partners in the fund, and BIP will participate through the fund.

Frederic Bastien

Okay. Super. Okay. My other question around, I guess, you've been super active in data and certainly feels like investment opportunities are heating up in midstream. How is the opportunity set evolving across your 2 other segments, utilities and transport.

Samuel J. B. Pollock

I would say if we had to rank sort of pace of deployment, data would still be the most active followed by midstream. I think those are the 2 areas where we're seeing the most deal flow at the moment. And then probably transportation would be next and then utilities, I'd say, they can be lumpy. So the utility transactions tend to be larger, just less frequent. And so it's possible in any given year, we could have a large utility transaction, and there's some that we're pursuing at the moment, but they tend to be a little bit more sporadic. So whereas the transportation side tend to be smaller deals, but more often.

So that's kind of the lay the land. It's always hard to speculate because we have, as you can appreciate, a large number of transactions underway at any one particular time. And it's hard to predict which ones will become actionable and which ones might fall away for various reasons.

Operator

And I'm currently showing no further questions at this time. I'd now like to hand the call back over to Sam Pollock, Chief Executive Officer, for closing remarks.

Samuel J. B. Pollock

All right. Thank you, operator, for helping us out today, and thank you to everyone who joined the call. I think we'd like to wish everyone a happy upcoming holiday season. and we look forward to providing you our fourth quarter and year-end results early in the new year. Thank you, and have a great weekend.

Operator

This concludes today's conference. Thank you for your participation. You may now disconnect.