Brookfield Infrastructure Corp

Segment Performance

The following table presents FFO by segment:

The utilities segment generated FFO of $201 million, up 5% over the prior year. The increase was primarily driven by inflation indexation and the contribution from over $500 million of capital commissioned into rate base, along with the contribution from our recently acquired South Korean industrial gas business. The strong base business performance was partially offset by the loss of earnings from the sale of the largest of four concessions within our Brazilian electricity transmission operation and the sale of our Mexican regulated natural gas transmission pipelines in Q1 2025.

FFO for the transport segment was $283 million, compared to $288 million in the same period last year. The decrease was primarily attributable to the sales of our Australian export and container terminal operations, the sale of a 34% interest in our U.K. port operation, and the disposition of a 66% interest in a portfolio of fully contracted containers at our global intermodal logistics business. This was partially offset by the acquisition of our North American railcar leasing platform that closed on January 1. After adjusting for these factors, FFO was ahead of the prior year, reflecting higher volumes and tariffs generally across our rail and toll road businesses, partially offset by lower volumes at our Brazilian rail and port logistics business reflecting weather-related constraints during the quarter.

Our midstream segment generated FFO of $190 million, up 12% compared to the same period last year. The increase reflects attractive commodity pricing, strong asset utilization and robust customer activity levels across our portfolio. Results also benefited from the contribution of our recently acquired U.S. refined products pipeline system, partially offset by lost contribution from the sale of our U.S. gas pipeline in Q2 2025.

The data segment generated FFO of $149 million, representing a step change increase of 46% compared to the prior year. The increase was driven by the contribution from our U.S. bulk fiber network, which we acquired in Q3 2025, and organic growth across our data storage businesses, which included income generated by our global data center developers and the commissioning of over 200 MW of operating data centers into earnings over the last year.