FOURTH QUARTER AND FULL YEAR, DECEMBER 31, 2025 Cautionary Statement Regarding Forward-Looking Statements This Supplemental Information contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of certain securities laws including Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securitie ...

Core Insights - Brookfield Infrastructure Partners L.P. reported a net income of $1.1 billion for the year ended December 31, 2025, significantly up from $391 million in 2024, driven by strong operational performance and capital recycling activities [2][3][31] - The company achieved funds from operations (FFO) of $2.6 billion, or $3.32 per unit, representing a 10% increase over normalized FFO and a 6% increase compared to 2024 [3][4][41] - The company expects FFO to increase further in 2026 as new investments contribute to results and the growth pipeline expands to include AI infrastructure [2][8] Financial Performance - Net income attributable to the partnership for 2025 was $1.1 billion, with a per unit income of $0.90, compared to $0.04 in 2024 [2][31] - FFO for 2025 was $2.6 billion, or $3.32 per unit, compared to $2.5 billion, or $3.12 per unit, in 2024 [3][41] - Revenues for 2025 reached $23.1 billion, up from $21.0 billion in 2024, while direct operating costs increased from $15.7 billion to $16.9 billion [31][53] Segment Performance - The utilities segment generated FFO of $786 million, a 7% increase year-over-year, benefiting from inflation indexation and new capital commissioned [4][5] - The transport segment's FFO was $1.1 billion, consistent with the previous year after normalizing for asset sales and foreign exchange [5][6] - The midstream segment reported FFO of $668 million, reflecting a 7% year-over-year increase due to higher volumes and activity levels [6] - The data segment saw a significant increase in FFO to $502 million, over 50% higher than the previous year, driven by new investments and strong organic growth [7] Strategic Initiatives - The company exceeded its $3 billion capital recycling target in 2025 and completed $1.5 billion in new investments [2][8] - Asset sales reached a record $3.1 billion in 2025, with expectations to continue this momentum into 2026 [12][13] - The company has secured additional projects under a framework agreement with Bloom Energy, totaling approximately 230 MW of power generation [9] Dividend and Distribution - The Board of Directors declared a quarterly distribution of $0.455 per unit, a 6% increase compared to the prior year, payable on March 31, 2026 [16][44] - The equivalent quarterly dividend for Brookfield Infrastructure Corporation's shares was also declared at $0.455, aligning with the distribution for BIP units [44][45]

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Group 1: Edison International (NYSE:EIX) - Dividend Yield: 5.78% [6] - Barclays analyst Nicholas Campanella maintained an Overweight rating and reduced the price target from $68 to $67 [6] - Wells Fargo analyst Shahriar Pourreza downgraded the stock from Equal-Weight to Underweight, raising the price target from $56 to $59 [6] - Recent news indicates that Edison International posted positive quarterly results on Oct. 28 [6] Group 2: Brookfield Infrastructure Partners L.P. (NYSE:BIP) - Dividend Yield: 4.88% [6] - Jefferies analyst Anthony Linton maintained a Buy rating with a price target of $35 [6] - RBC Capital analyst Maurice Choy maintained an Outperform rating with a price target of $40 [6] - Recent news mentions that Brookfield Infrastructure Partners will hold its fourth-quarter conference call on Jan. 29 [6] Group 3: Dominion Energy Inc (NYSE:D) - Dividend Yield: 4.48% [6] - Barclays analyst Nicholas Campanella maintained an Overweight rating and cut the price target from $64 to $63 [6] - Wells Fargo analyst Shahriar Pourreza maintained an Overweight rating and lowered the price target from $67 to $64 [6] - Recent news states that Dominion Energy will host its fourth-quarter earnings call on Feb. 23 [6]

Core Viewpoint - The article highlights three high-quality dividend stocks—Brookfield Infrastructure, ExxonMobil, and Prologis—that offer attractive yields above 3% and are expected to continue increasing their dividends due to strong business fundamentals and financial profiles [1][14]. Group 1: Brookfield Infrastructure - Brookfield Infrastructure has a dividend yield of approximately 3.8% and operates a diverse portfolio across utilities, transportation, energy midstream, and data sectors, generating stable cash flows backed by long-term contracts [2][5]. - The company aims to distribute 60% to 70% of its stable cash flows as dividends while retaining the rest for reinvestment, with a backlog of $7.8 billion in capital projects expected to be completed in the next two to three years, primarily in the data segment [3][5]. - Brookfield has secured $1.5 billion in new business deals over the past year and anticipates growing its funds from operations by over 10% annually, which should drive dividend increases of 5% to 9% each year [5][14]. Group 2: ExxonMobil - ExxonMobil has a dividend yield of just over 3% and benefits from a large-scale, integrated business model that mitigates the impact of oil price volatility on earnings [6][8]. - The company expects to achieve $25 billion in earnings growth and $35 billion in cash flow growth by 2030, driven by structural cost savings and high-return capital projects [8][9]. - ExxonMobil plans to generate approximately $145 billion in cumulative surplus cash over the next five years, allowing for continued dividend increases, having raised its dividend for 42 consecutive years [9][14]. Group 3: Prologis - Prologis offers a dividend yield of 3.2%, supported by stable cash flows from long-term leases that typically include annual rental escalations [10][12]. - The REIT maintains a conservative dividend payout ratio and a strong balance sheet, providing financial flexibility for portfolio expansion through development projects and acquisitions [12][13]. - Prologis primarily invests in logistics properties and aims to leverage its land bank and expertise in developing data centers, which should facilitate ongoing dividend growth, having increased its payout at a 13% compound annual rate over the last five years [13][14].

Core Viewpoint - Brookfield Infrastructure Partners L.P. (NYSE:BIP) is recognized as a strong investment opportunity, supported by favorable industry trends and growth expectations in funds from operations per share [2][4]. Group 1: Price Target and Ratings - Scotiabank has raised its price target for Brookfield Infrastructure Partners L.P. to $44 from $41, maintaining an Outperform rating [2]. - The price target update is part of a broader review of energy infrastructure stocks under Scotiabank's coverage [2]. Group 2: Industry Trends and Growth Drivers - Strong power demand and increasing LNG exports are identified as key industry trends that create investment opportunities for Brookfield [3]. - Scotiabank anticipates an upward bias in long-term estimates for the energy infrastructure sector due to these supportive trends [3]. Group 3: Company Growth Expectations - Brookfield expects to grow funds from operations per share by over 10% annually in the long run, with potential growth closer to 14% in the medium term [4]. - Contributing factors to this growth include inflation-linked rate increases, rising volumes from global economic growth, ongoing capital projects, and acquisitions [4]. Group 4: Dividend Outlook - The current dividend yield for Brookfield is approximately 4.9%, with management projecting annual payout increases of about 5% to 9% [5]. - The anticipated earnings growth is a key factor supporting the sustainability of the dividend [5]. Group 5: Company Overview - Brookfield Infrastructure Partners L.P. operates globally with long-life assets across utilities, transport, midstream, and data infrastructure in the U.S., Asia Pacific, and Europe [5].

Group 1 - The article celebrates the fifth anniversary of High Yield Investor by offering a 30-day money-back guarantee for new members, promoting the release of their Top Picks for 2026 [1] - The stock market, represented by SPY, is currently considered overvalued based on various valuation metrics, indicating a potential risk for investors [1] - Samuel Smith, the lead analyst, has a diverse background in dividend stock research and focuses on balancing safety, growth, yield, and value in investment strategies [1] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content for investors [1] - The article includes a philosophical perspective on wealth and investment, quoting a biblical passage that emphasizes the importance of spiritual over material wealth [1]

Core Insights - Brookfield Infrastructure has generated a nearly 14% annualized total return since its inception in 2008, indicating strong performance and wealth creation potential [1][3] - The company expects to grow its funds from operations (FFO) per share by more than 10% annually over the long term, supported by various growth drivers [4][6] - A $1,000 investment today could grow to over $25,000 in 25 years, assuming continued performance at historical rates [5] Financial Performance - Brookfield Infrastructure has achieved a 14% compound annual growth rate in FFO from 2009 through 2024, contributing to a 9% compound annual dividend growth [3][4] - The company anticipates FFO per share growth of around 14% annually in the medium term, driven by inflation-linked rate increases, volume growth, and strategic acquisitions [4] Dividend Outlook - The current dividend yield is nearly 4%, with plans to increase dividends by 5% to 9% annually [4][6] - This combination of income and earnings growth supports the company's ability to deliver returns close to its historical average [5]

Core Insights - High Yield Investor is celebrating its fifth anniversary by offering a 30-day money-back guarantee, encouraging new memberships and the release of their Top Picks for 2026 [1] Company Overview - Samuel Smith, a lead analyst and Vice President at various dividend stock research firms, leads the High Yield Investor group, which focuses on balancing safety, growth, yield, and value in investment strategies [1] - The High Yield Investor group provides real-money core, retirement, and international portfolios, along with regular trade alerts, educational content, and an active chat room for investors [1] Investment Strategy - The article discusses the common perception among investors that there is a trade-off between yield and growth, as well as quality and total return potential, particularly among younger investors [1]

Group 1 - Triton International was acquired by Brookfield Infrastructure in 2023, but its preferred shares remain outstanding [1] - The Investment Doctor emphasizes a portfolio mix of dividend and growth stocks, focusing on European small-cap investments [1] - The investment group European Small Cap Ideas provides exclusive research on appealing Europe-focused investment opportunities [1] Group 2 - The European Small Cap Ideas portfolio and the European REIT Portfolio are featured as model portfolios [1] - Weekly updates and educational content are provided to enhance understanding of European investment opportunities [1] - An active chat room is available for discussions on the latest developments of portfolio holdings [1]

Group 1 - The author is an electromechanical engineer with experience in automotive, IT infrastructure, and medical device industries, aiming to provide technical breakdowns on company products and share industry experiences [1] - The focus is on delivering insights into current engineering trends and real-world product knowledge, which can benefit investors conducting research [1] - The author identifies as a long-term buy-and-hold investor, seeking investments with strong cash flows and a growing passive income stream or significant R&D investments [1]