Brookfield Infrastructure Partners LP (BIP) 2026 Q1 法說會逐字稿

Good day, and welcome to the Brookfield Infrastructure Partners 2026 results conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

各位早安，歡迎參加 Brookfield Infrastructure Partners 2026 年度業績電話會議與網路直播。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想將會議交給今天的講者，財務長 David Krant 先生。請開始。

Thank you, Sherry, and good morning, everyone. Welcome to Brookfield Infrastructure Partners first 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 on our investments team.

謝謝你，Sherry，各位早安。歡迎參加 Brookfield Infrastructure Partners 2026 年第一季財報電話會議。如同介紹所述，我叫 David Krant，是 Brookfield Infrastructure 的財務長。今天與我一同出席的還有我們的執行長 Sam Pollock，以及營運長 Ben Vaughan。今天也有投資團隊的管理合夥人 Dave Joynt 一同參與。

I'll begin the call today with a discussion of our first quarter 2026 financial and operating results, followed by an update on our capital recycling initiatives. I'll then turn the call over to Sam, who will provide an update on our recent strategic initiatives before concluding with an outlook for the business. 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 risk factors and future results may differ materially. For further information on known risk factors, I would encourage you to review our latest annual report on Form 20-F, which is available on our website.

我將先就 2026 年第一季的財務與營運結果進行說明，接著更新我們的資本回收（capital recycling）計畫進展。之後我會把電話交給 Sam，他將更新我們近期的策略性舉措，並在最後就業務前景作結。在此提醒各位，我們今天的發言可能包含前瞻性陳述。這些陳述受已知與未知風險因素影響，未來結果可能與之有重大差異。關於已知風險因素的進一步資訊，建議各位查閱我們最新的 Form 20-F 年報，該報告可於我們網站取得。

So with that, Brookfield Infrastructure had a strong start to the year, delivering record results while continuing to advance a number of strategic initiatives across the business. We generated funds from operations, or FFO, of $709 million or $0.90 per unit in the first quarter. This is a 10% increase compared to the prior year. This performance was driven by strong base business results, highlighted by FFO from our data and Midstream segments increasing 46% and 12%, respectively, compared to the prior year. Results in our Utilities and Transport segments reflected resilient underlying performance with the current period impacted by higher levels of capital recycling activity achieved during 2025.

在此背景下，Brookfield Infrastructure 今年開局強勁，在持續推進多項全公司策略性計畫的同時，交出創紀錄的成果。我們第一季營運資金（funds from operations，FFO）為 7.09 億美元，或每單位 0.90 美元，較去年同期成長 10%。此表現主要由核心業務的強勁成果帶動，其中我們的資料（Data）與中游（Midstream）部門 FFO 分別較去年同期成長 46% 與 12%。公用事業（Utilities）與運輸（Transport）部門則反映出具韌性的基本面表現，但本期受到 2025 年較高資本回收活動水準的影響。

I'll now go through our results by segment in more detail. Our Utilities segment generated FFO of $201 million, up 5% year over year. The increase was primarily driven by inflation indexation and the benefit of over $500 million of capital commissioned into rate base, along with the contribution from our recently acquired South Korean industrial gas business. Moving on to our Transport segment. FFO was $283 million, slightly below the same period last year.

接下來我將更詳細地按部門說明我們的業績。我們的公用事業部門產生 FFO 2.01 億美元，年增 5%。成長主要來自通膨連動調整，以及超過 5 億美元資本投入完成投運並納入費率基礎（rate base）的效益，另加上我們近期收購之南韓工業氣體業務的貢獻。接著談運輸部門，FFO 為 2.83 億美元，略低於去年同期。

The decrease was primarily attributable to loss contributions from our successful asset sales. As a reminder, this included our Australian export and container terminal operations, the partial sale of a UK port operation and the majority 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 all these factors, FFO was ahead of the prior year, reflecting higher volumes and tariffs generally across our rail and road operations.

下滑主要歸因於我們成功出售資產所帶來的損益貢獻減少。提醒各位，這包括我們澳洲出口與貨櫃碼頭營運、英國某港口營運的部分出售，以及我們全球多式聯運物流業務中一組完全簽約之貨櫃資產組合的控股權出售。上述影響部分被我們於 1 月 1 日完成交割的北美鐵路貨車租賃平台收購所抵銷。若將上述因素全部調整後，FFO 仍高於去年同期，反映我們鐵路與道路營運整體的運量與費率上升。

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. Lastly, FFO from our data segment was $149 million, representing a step change increase of 46% compared to the prior year. The increase was driven by the contribution from our US bulk fiber network, which we acquired in the third quarter of last year as well as organic growth across our data storage businesses, which included the commissioning of over 200 megawatts of operating data centers into earnings over the last year.

我們的中游部門產生 FFO 1.90 億美元，較去年同期成長 12%。成長反映具吸引力的商品價格、資產使用率提升，以及我們投資組合中強勁的客戶活動水準。最後，資料部門 FFO 為 1.49 億美元，較去年同期大幅躍升 46%。成長來自我們於去年第三季收購的美國大容量光纖網路（US bulk fiber network）的貢獻，以及資料儲存業務的內生成長，其中包含過去一年新增投運超過 200 兆瓦的營運中資料中心並開始貢獻獲利。

In addition to the strong financial and operating results we have delivered, we also made meaningful progress towards our 2026 capital recycling goal with proceeds secured of $1 billion to date. This includes closing the initial tranche of our partnership on a portfolio of stabilized and under construction data centers in North America and the closing of the sale of the largest of four concessions within our Brazilian electricity transmission business. We also completed a secondary sale of a 12% interest in our North American gas storage business. And finally, in April, we signed an agreement to sell our bulk liquid storage business, the largest independent storage provider in Scandinavia.

除了我們交出的強勁財務與營運成果外，我們也在 2026 年資本回收目標上取得實質進展，目前已鎖定 10 億美元的處分所得。這包括完成我們在北美一組已穩定營運及在建資料中心投資組合之合作夥伴關係的首批交割，以及完成出售我們巴西電力輸電業務四項特許權中規模最大的一項。我們也完成出售北美天然氣儲存業務 12% 權益的次級交易。最後，在 4 月，我們簽署協議出售我們的散裝液體儲存業務，該業務為斯堪地那維亞最大的獨立儲存服務供應商。

These asset sales improved our strong corporate liquidity position, which was $2.5 billion at the end of the first quarter. Our balance sheet remains well capitalized and our proactive approach to managing debt maturities has allowed us to remain opportunistic in the capital markets. During the quarter, we refinanced approximately $1.5 billion of nonrecourse debt on a net to bid basis, with no incremental borrowing costs for the business. Before turning the call over to Sam, I would like to briefly note that we have recently begun exploring whether a single combined corporate structure would be the best path forward for the business. The goal is to determine if on a tax-free basis, we can create a single corporate security that would enhance liquidity, increase index inclusion and create value for investors.

這些資產出售進一步強化了我們穩健的公司流動性水位，第一季末為 25 億美元。我們的資產負債表仍維持良好資本化，而我們主動管理債務到期結構的作法，使我們得以在資本市場保持機動性。本季我們以淨競標（net to bid）方式再融資約 15 億美元的無追索權（nonrecourse）債務，且未增加業務的額外借款成本。在把電話交給 Sam 之前，我想簡要提及，我們近期已開始評估：採用單一合併的公司架構是否為本業務的最佳前進方向。目標是判斷我們是否能在免稅（tax-free）基礎上，建立單一公司證券，以提升流動性、增加納入指數的機會，並為投資人創造價值。

We are in the early stages of this evaluation, and we'll provide an update when appropriate. So that concludes my remarks for this morning. I'll now turn the call over to Sam.

我們仍處於此評估的初期階段，並將在適當時機提供更新。以上為我今天上午的發言。接下來我把電話交給 Sam。

Okay. Thank you, David, and good morning, everyone. For my remarks today, I'm going to discuss our strategic initiatives before concluding with an outlook for the year ahead. We have had an active start to the year with business development activity resulting in new strategic capital partnerships and continued progress under established frameworks. These partnerships are bilaterally sourced with high-quality counterparties and gives us exclusive access to investment opportunities that require long duration capital at scale.

好的。謝謝你，David，各位早安。今天我的發言將先談我們的策略性舉措，最後就未來一年的展望作結。今年開局我們的業務開發活動相當積極，促成新的策略性資本合作夥伴關係，並在既有框架下持續取得進展。這些合作夥伴關係多為雙邊來源、對手方品質優良，並讓我們能獨家取得需要大規模、長天期資本的投資機會。

Increasingly, these frameworks are becoming a more meaningful avenue for growth, reinforcing our position as a partner of choice and expanding our opportunity set to deploy large-scale capital at attractive risk-adjusted returns. During the quarter, we established a new framework with a leading global investment-grade OEM, and launching an exclusive leasing platform for industrial equipment. Through this platform, we will provide long-term leasing solutions that are expected to generate predictable cash flows without residual value interest rate or refinancing risk. We will have the sole discretion to enter leases under the framework with BIP's share of the equity investment expected to be upwards of $375 million. Our $5 billion strategic partnership to install up to 1 gigawatts behind-the-meter power generation advanced further this quarter as well.

這些框架正日益成為更重要的成長途徑，強化我們作為首選合作夥伴的地位，並擴大我們以具吸引力的風險調整後報酬部署大規模資本的機會集合。本季我們與一家全球領先、具投資級評等的 OEM 建立新的合作框架，並推出工業設備的獨家租賃平台。透過此平台，我們將提供長期租賃解決方案，預期可產生可預測的現金流，且不承擔殘值、利率或再融資風險。我們將擁有在該框架下承作租賃的完全裁量權，且預期 BIP 的股權投資份額可達 3.75 億美元以上。我們 50 億美元的策略性合作夥伴計畫（用於安裝最多 1 吉瓦的表後（behind-the-meter）發電）本季也進一步推進。

We secured an additional $430 million CapEx project, bringing the total capital committed under the framework to approximately $1.6 billion. BIP's total equity commitment associated with the framework to date is approximately $60 million. Given the success of the behind-the-meter solution and strong customer demand based on speed to market, we may have the ability to expand the platform in the coming months. We also remain on track to close Clarus. This is New Zealand's leading gas infrastructure utility in the second quarter.

我們新增取得 4.30 億美元的資本支出（CapEx）專案，使該框架下已承諾的總資本約達 16 億美元。迄今為止，BIP 與該框架相關的股權承諾總額約為 6,000 萬美元。鑑於表後解決方案的成功，以及客戶對快速上市（speed to market）的強勁需求，我們在未來幾個月可能有能力擴大該平台。我們也仍按計畫在第二季完成 Clarus 的交割。Clarus 是紐西蘭領先的天然氣基礎設施公用事業公司。

For an equity purchase price of approximately $70 million at our share. Now moving to our outlook. We are progressing through 2026 from a position of strength, and remain very constructive on the backdrop for infrastructure. While recent geopolitical developments have contributed to greater market volatility, the essential nature of our businesses and the regulated or contractual profile of our cash flows continue to provide resilience and growth.

以我們持股比例計算，股權收購價約為 7,000 萬美元。接著談展望。我們在 2026 年的推進是以強勢姿態展開，且對基礎設施的整體環境仍維持相當正向的看法。雖然近期地緣政治發展導致市場波動加劇，但我們業務的必要性，以及現金流受監管或合約保障的特性，仍持續提供韌性與成長。

More broadly, demand for additional power, connectivity and logistics capacity continues to expand. This is being driven by digitalization, accelerating power demand, the rapid build-out of AI infrastructure and the ongoing reconfiguration of global supply chains. These tailwinds are expanding our opportunity set and providing attractive avenues to deploy capital at compelling risk-adjusted returns. Coupled with strong operating performance and a visible pipeline of organic growth projects, these factors position us well to deliver 10% plus per unit FFO growth in 2026. As David mentioned, our capital recycling program and balance sheet continues to provide the flexibility to fully self-fund the growth ahead.

更廣泛而言，對額外電力、連結性與物流產能的需求持續擴大，驅動因素包括數位化、用電需求加速、AI 基礎設施的快速建置，以及全球供應鏈的持續重整。這些順風因素正在擴大我們的機會集合，並提供以具吸引力的風險調整後報酬部署資本的途徑。再加上強勁的營運表現與可見度高的內生成長專案管線，這些因素使我們有利於在 2026 年達成每單位 FFO 成長 10% 以上。正如 David 所提到的，我們的資本回收計畫與資產負債表也持續提供彈性，使我們能完全以自有資金支持未來成長。

With multiple sale processes underway across our business and continued access to capital markets during windows of opportunity, we are well positioned to fund our investment pipeline while maintaining financial discipline. Taken together, this supports our confidence in the outlook for 2026 and our ability to continue compounding value for our unitholders over the long term. That concludes our remarks, and I'm going to pass it back to Sherry for -- to open the line for Q&A.

隨著我們業務中多項出售流程正在進行，且在有利窗口期間仍可持續進入資本市場，我們具備良好條件在維持財務紀律的同時，為投資管線提供資金。綜合而言，這支持我們對 2026 年展望的信心，以及我們長期持續為單位持有人複利增值的能力。以上為我們的發言，我將把電話交回給 Sherry——以開放線路進行問答。

(Operator Instructions) Devin Dodge, BMO Capital Markets.

（接線員指示）Devin Dodge，BMO 資本市場。

Wanted to start on the recently launched equipment leasing business. I'm just trying to get a sense if this is part of the strategy for investing inside data centers, what kind of time frame you'd expect to deploy that $1.5 billion of capital and what do you view as the main risks associated with that investment?

想先談談最近推出的設備租賃業務。我只是想了解，這是否屬於在資料中心內部投資策略的一部分、你們預期在什麼時間框架內部署那 15 億美元的資本，以及你們認為與該投資相關的主要風險是什麼？

Devin, this is Sam. I'll tackle that one. So the opportunity, I think, will likely be broader than just data centers, but initially, a good portion of the investment will be equipment for data centers. The -- we get a lot of comfort over the transaction itself because we're able to provide capital to essentially high-quality counterparties with investment-grade profiles with fully self-amortizing cash flow streams. So it's very attractive from that perspective.

Devin，我是 Sam。我來回答這題。我認為這個機會很可能不僅限於資料中心，但在初期，相當大一部分投資會是資料中心的設備。我們對這筆交易本身很有信心，因為我們能夠向基本上具備投資級特徵的高品質交易對手提供資本，且其現金流為完全自我攤還（fully self-amortizing）的現金流結構。因此從這個角度看非常有吸引力。

We think we can scale this up as far as timing and deployment of capital. I think our hope is that on a gross basis, we'll deploy $1 billion to $2 billion of equity capital. So BIP share would be 25% of that. And we expect -- it's hard to predict flow, but I think we would hope to do that within a 24-month period.

就時程與資本部署而言，我們認為可以把規模做大。我想我們希望以總額（gross basis）計，部署 10 億到 20 億美元的股權資本，因此 BIP 的份額會是其中的 25%。而我們預期——雖然很難預測案源流量，但我們希望能在 24 個月內完成。

Okay. I appreciate that. Second question, I was going to ask about that Intel JV. I didn't see any mention of it in your release, but I think Intel disclosures suggested the payments to the JV may have started in Q1. I guess, first, was that the case?

好的，謝謝。第二個問題，我想問 Intel 的那個合資案（JV）。我在你們的新聞稿裡沒有看到任何提及，但我想 Intel 的揭露顯示，對 JV 的付款可能在第一季就已開始。我想先確認一下，是否確實如此？

And how quickly can return on investment ramp up in the coming quarters as both those fabs come online?

另外，隨著兩座晶圓廠（fabs）陸續投產，未來幾季投資報酬（ROI）能以多快的速度爬升？

Devin, it's Dave here. I'll take that one. Look, I think in the past, we generally won't provide many updates specifically on the project. I think those generally come, as you said, from the Intel side. I think largely, the project has gone well.

Devin，我是 Dave。我來回答。你看，我想過去我們一般不會就該專案提供太多具體更新；如你所說，這些通常會由 Intel 那邊對外說明。整體而言，專案進展良好。

It's coming online, in line with our targets in terms of scheduling. They did make their first small wafer payments in the quarter. I would expect the initial -- the final capital contributions to go in over the next six months. And as those go in, I would expect the earnings to start to ramp up. And so I would expect to start seeing that come through our transmission and distribution segment of our data business in Q3 and then full run rate will be in 2027.

專案正按我們的時程目標如期上線。他們在本季確實做了第一筆小額晶圓付款（wafer payments）。我預期最後一筆資本出資會在未來六個月內投入。隨著這些資金到位，我預期獲利會開始爬升。因此我預期第三季會開始在我們資料業務的輸配電（transmission and distribution）部門反映出來，而在 2027 年會達到完整的穩態運行水準（full run rate）。

Maurice Choy, RBC Capital Markets.

Maurice Choy，RBC Capital Markets。

I wanted to start with this concept of a single combined corporate structure. I have to assume that when the BIPC shares were first created back in 2020, something like this was contemplated. And if so, what were some of the obstacles back then and how those may or may not no longer be as big of an obstacle or even at all this time round.

我想先從「單一合併的公司架構」這個概念談起。我必須假設，當 BIPC 的股份在 2020 年首次設立時，就已經考慮過類似的安排。如果是這樣，當時有哪些障礙？以及這些障礙在這次是否已不再那麼大，甚至已不構成障礙？

Maurice, it's David again. But I think -- as we talked about this morning, we are in the early stages of considering this with the Board direction. And so it's probably hard to say what the obstacles are today. That's the word we'd like to complete over the next little while. As you know, the two companies for the last six years have served us well, but we're always looking at ways to improve our access to capital.

Maurice，我又是 David。不過我想——如同我們今天早上談到的，在董事會的指導方向下，我們仍處於初步評估階段。因此現在要說目前的障礙是什麼可能還言之過早。這正是我們希望在接下來一段時間內完成的工作。如你所知，過去六年兩家公司架構運作得很好，但我們一直在尋找改善資本取得能力的方法。

And we think following a few things, obviously, the completion of our sister company BBU's process. We can now have some insights into how 1 simplified corporate structure will trade in the market. An early indication to that that's been positive, that this is the right time to reassess. And so I think that's probably all we can say at the moment in light of that, and I'll leave it that.

而且我們認為，隨著幾件事情的推進——顯然包括我們姊妹公司 BBU 流程的完成——我們現在可以對「簡化後的單一公司架構」在市場上的交易表現有一些洞見。初步跡象是正面的，顯示現在是重新評估的合適時點。因此就目前而言，我想我們大概只能說到這裡。

Fair enough. Maybe if I could just finish off more on your energy portfolio. Obviously, we've seen a series of support of federal and provincial government changes in Alberta and broader Canada. And also, there's been the conflict in the Middle East. Just your thoughts on the outlook for your business in the province notably into pipeline and NorthRiver?

了解。也許我可以再以你們的能源投資組合做結。顯然，我們看到阿爾伯塔省以及更廣泛的加拿大，聯邦與省政府政策出現一連串支持性的變化；同時，中東也有衝突。想請教你們對於該省業務的展望，特別是管線以及 NorthRiver 方面的看法？

Yes. And it's Ben here. I'll take that question. And look, all those developments are very positive for our Midstream business in Canada. We're seeing really strong demand from all of our clients for more access to our facilities and our pipelines.

是的。我是 Ben，我來回答。你看，這些發展對我們在加拿大的中游（Midstream）業務都非常正面。我們看到所有客戶對於更多使用我們設施與管線的需求非常強勁。

We completed about $400 million worth of growth projects in the past several months that are now starting to ramp up in terms of the revenue profile and delivering results.

過去幾個月我們完成了約 4 億美元的成長型專案，現在正開始在營收輪廓上爬升並帶來成果。

And probably most importantly, we have a really tangible, meaningful pipeline of pretty bite size, relatively straightforward to execute and very low build multiple and highly accretive growth projects right in front of us. So I would expect the backlog -- our pipeline to grow. The backlog in Midstream is really attractive right now, and we expect to bring a number of those projects to FID in the coming quarters. And maybe just to put in perspective, the magnitude of the projects that we're looking at the opco level would be roughly in the $8 billion range from a pipeline perspective. So it's a fairly meaningful size number of projects we have to look at.

而且可能最重要的是，我們眼前有一條非常具體且有意義的專案管線：專案規模多為「一口大小」（bite size）、相對容易執行、建造倍數（build multiple）非常低，且高度增厚（highly accretive）的成長專案。因此我預期我們的 backlog——也就是我們的專案管線——會持續成長。目前中游業務的 backlog 非常有吸引力，我們預期在接下來幾季把其中多個專案推進到 FID（最終投資決策）。再提供一個量級作為參考：我們在營運公司（opco）層級、就管線角度所評估的專案規模大約在 80 億美元左右。因此我們手上要評估的專案數量與規模都相當可觀。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC Capital Markets。

I'd like to follow up on the potential corporate conversion that the Board is exploring, understanding it's quite early days. I wondered if you had any time lines for us in terms of what's reasonable to expect in terms of when a decision might be made?

我想追問董事會正在探索的潛在公司架構轉換，理解目前仍是非常早期。我想請教是否有任何時間表，讓我們了解大概何時可能做出決策，什麼樣的時點算是合理的預期？

Rob, as I said, unfortunately, there's probably not a ton we can share on the time line as of yet. As I said, we're just kicking off the process now.

Rob，如我所說，很遺憾目前我們大概還無法分享太多時間表資訊。如我提到的，我們才剛開始啟動這個流程。

Okay. No, that's reasonable. I just wanted to just dig into the Csquare IPO, which I understand they filed a confidential registration statement. I'm just curious as to how you chose the IPO route versus private sale and maybe you're dual tracking it, but maybe you could comment on that and how much you're expecting to sell by way of IPO.

好的，這很合理。我想再深入問一下 Csquare 的 IPO。我理解他們已提交一份保密註冊聲明。我好奇你們為何選擇 IPO 路徑而不是私下出售；也許你們在做雙軌並行（dual tracking），但能否評論一下？以及你們預期透過 IPO 會出售多少？

Robert, I'll tackle that one. Look, I think in discussions with our advisers, the capital markets for IPOs are quite open at the moment. And obviously, there's a lot of anticipation for the upcoming SpaceX IPO. The one thing that public investors are looking for businesses that generate high cash flow, have still strong growth prospects and have great tailwinds related to the AI sector. And our business Csquare basically ticks all those boxes.

Robert，我來回答。你看，我們與顧問討論後，目前 IPO 的資本市場窗口相當開放。而且市場對即將到來的 SpaceX IPO 也有很高的期待。公募投資人正在尋找的是：能產生高現金流、仍具強勁成長前景，並且受惠於 AI 產業順風（tailwinds）的企業。而我們的 Csquare 基本上符合所有條件。

We think it has the potential to be one of the leading IPOs of the year. And we're really excited about bringing that forward. And so just stay tuned.

我們認為它有潛力成為今年領先的 IPO 之一。我們也非常期待把這件事推進。所以請持續關注。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

I wanted to ask a couple of questions on the data segment. And I appreciate the data centers and Intel are the major growth drivers at the moment. Just curious how you think about the balance of your data portfolio in towers, fiber and so forth? And what value that provides in terms of diversity but also what you see in terms of inorganic opportunities there?

我想就資料（data）部門問幾個問題。我理解目前資料中心與 Intel 是主要的成長驅動因素。想請教你們如何看待資料投資組合中其他部分——例如電信塔（towers）、光纖（fiber）等等——之間的平衡？這些資產在多元化方面提供了什麼價值？另外，你們在那裡看到哪些外生成長（inorganic）機會？

Cherilyn, maybe I'll start. But then I think you've given us a good segue to maybe talk about what's going on in the AI infrastructure sector, in particular, and we have Lief Williams here. who I think can expand on some of the things going on. But maybe just talking about some of our other businesses, we're seeing continued strong growth across the sector. One of the situations.

Cherilyn，也許我先開頭。不過我想你也給了我們一個很好的切入點，來談談 AI 基礎設施領域，特別是目前正在發生的事情。我們這裡有 Lief Williams，他可以延伸說明一些進展。不過先談我們其他業務，我們看到整個產業仍持續強勁成長。其中一個情況。

And our colleague, Scott Peak mentioned it a number of months ago at our Investor Day. There's this domino effect. And the huge growth in data centers and AI is having impacts across basic utilities, power, Midstream and our other data businesses, including fiber -- our towers.

而且我們的同事 Scott Peak 在幾個月前的投資人日也提過：這存在一種骨牌效應。資料中心與 AI 的高速成長，正在對基礎公用事業（basic utilities）、電力、中游，以及我們其他資料業務（包括光纖——以及我們的電信塔）產生影響。

And the types of things that we're seeing is all our customers are looking to expand density across their networks. And so on the tower side, we have a number of build-to-suit opportunities that we continue to execute in all our businesses across Europe and Asia.

我們看到的情況是，所有客戶都在尋求提升其網路的密度。因此在電信塔方面，我們有許多量身打造（build-to-suit）的機會，並持續在歐洲與亞洲的各項業務中執行。

On our fiber businesses, there's still a huge amount of the U.S. in particular, but other parts of the world that have not been fiberized that are still operating on copper. And so that remains a lot of white space for us to continue to build out those networks and allow people to run all these new devices and programs more effectively.

在光纖業務方面，尤其是美國，但世界其他地區也一樣，仍有很大一部分尚未完成光纖化（fiberized），仍在使用銅纜（copper）運作。因此那裡仍有大量「白地」（white space），讓我們能持續擴建網路，讓人們能更有效率地運行這些新裝置與程式。

So we see this as a continued 5- to 10-year build-out. And so all our businesses are well positioned. But maybe turning to some of the more, I'd call it even more exciting stuff going on in the AI infrastructure space. Peak, maybe just give us a little update on that.

因此我們把這視為一個持續 5 到 10 年的建置期（build-out）。我們所有業務都處於有利位置。不過回到 AI 基礎設施領域中一些更——我甚至會稱之為更令人興奮的事情。Peak，也許你可以給我們簡單更新一下。

Yes. Thanks, Sam. And good morning, Cherilyn. So the large users of AI factories and data sectors are highly, highly active in the market. There's effectively no data center inventory remaining for 2026.

是的。謝謝你，Sam。早安，Cherilyn。AI 工廠與資料領域的大型用戶在市場上非常、非常活躍。實際上，2026 年已幾乎沒有剩餘的資料中心庫存。

And even 2027 is quite scarce. What's interesting as well is that the demand profile has broadened from just data center capacity into also looking for compute. So leasing GPU as a service as well as behind-the-meter power opportunities. And so we see a large opportunity for groups like Brookfield, who have tremendous access to capital and an asset base to participate across all of those different asset classes.

甚至 2027 年也相當稀缺。另一個有趣的點是，需求輪廓已從單純的資料中心容量，擴大到也在尋找算力。因此也包括以服務形式租用 GPU，以及表後（behind-the-meter）的電力機會。因此我們看到像 Brookfield 這樣的團隊有很大的機會參與，因為他們擁有龐大的資本取得能力與資產基礎，可跨越所有不同的資產類別。

Great. And then maybe just a quick follow-up on the data center side. I imagine that site selection and acquisition is particularly competitive and secretive. And so I'm not going to ask you to reveal anything proprietary. But to what extent is having a sister real estate business help in that regard?

很好。那接著可能快速追問一下資料中心這邊。我想選址與收購特別競爭且保密，所以我不會要求你揭露任何專有資訊。但在這方面，擁有一個姊妹不動產業務能在多大程度上提供幫助？

I would say it certainly helps. And certainly, the scale of Brookfield is helpful in that regard. Just to give a sense, I would say there is a kind of dual track search for powered land. There's front of the meter options and then there's behind-the-meter options. Front of the meter options are challenging in the sense that the number of load applications going to utilities.

我會說這確實有幫助。而且 Brookfield 的規模在這方面也很有利。簡單說明一下，我認為對「有電力的土地」的搜尋大致有雙軌：一種是表前（front of the meter）選項，另一種是表後（behind-the-meter）選項。表前選項的挑戰在於，向公用事業單位提出的負載申請數量。

It just kind of massively overwhelms the grid. And so utilities are now increasingly requesting large levels of credit or financial deposits, which is a huge disincentive to many of the parties out there looking for those front of the meter power solutions. Behind the Meter also has its challenges in terms of delivering baseload power. At speed, the low emissions and highly modular. And so that's a place where, again, we think our Bloom partnership will be tremendously effective.

它基本上大幅壓垮電網。因此公用事業單位現在愈來愈常要求很高的信用額度或財務保證金，這對許多尋找表前電力解決方案的參與者而言是很大的抑制因素。表後也有其挑戰，主要在於以快速速度提供基載電力、低排放且高度模組化。因此這也是我們認為與 Bloom 的合作夥伴關係將會非常有效的地方。

I would say more broadly, we're starting to see some pushback in some locations in terms of the scale of these AI factories and then the risk of it pushing up rates for local ratepayers. And so again, I think Brookfield has been doing large-scale projects across a number of asset classes for many years. And so we think that we're very well positioned to help identify credible powered land sites. And help bring them to fruition.

更廣泛來看，我們開始在某些地點看到一些反彈，原因在於這些 AI 工廠的規模，以及其可能推升當地用戶電價的風險。因此我認為 Brookfield 多年來在多種資產類別上都做過大型專案，我們自認非常有利於協助辨識可信的「有電力的土地」據點，並協助推動其落地實現。

Robert Hope, Scotiabank.

Robert Hope，豐業銀行（Scotiabank）。

Hoping to dive a little bit deeper on the AI factory and digital hub strategy. How are we progressing on those discussions with counterparties. And should we be in a position in 2026 to see some notable or sizable project announcements?

我想更深入了解 AI 工廠與數位樞紐策略。我們與交易對手的討論進展如何？以及我們是否有機會在 2026 年看到一些值得注意或規模可觀的專案公告？

Robert, it's Peak again. I'll take this one as well. Yes, look, I think you do see, as I mentioned, tremendous demand from the large technology companies. The demand profile has broadened a little bit as well. There used to be a handful of large hyperscalers.

Robert，我是 Peak。我也來回答這題。是的，我想如我提到的，你確實看到大型科技公司有非常強勁的需求。需求輪廓也稍微擴大了。過去只有少數幾家大型超大規模雲端業者（hyperscalers）。

We now have a wave of foundation model companies and inference operators who are also looking to secure the capacity.

現在我們看到一波基礎模型公司與推論營運商也在尋求鎖定產能。

So I would say there's a tremendous amount of noise in the market in terms of number of sites available and when does the power ramp. But what we're increasingly seeing is these users are looking for credible partners who have placed long-lead equipment orders and you have true dates for when the power is available. And we think that, that will benefit groups but Brookfield who are institutional and who have tangible sites that have a real ramp.

因此我會說，市場上在可用據點數量以及電力何時爬坡（ramp）方面有大量雜訊。但我們愈來愈看到的是，這些用戶在尋找可信的合作夥伴：已下了長交期設備訂單，並且有真正的日期能確定電力何時可用。我們認為這將有利於像 Brookfield 這樣具機構屬性、且擁有可落地的實體據點並具備真實爬坡曲線的團隊。

And so I would say the demand profile is very strong. I think you will see and we have seen strong leasing activity on the Brookfield portfolio over the last couple of quarters. And I think you'll continue to see strong demand through '26 and certainly through '27.

因此我會說需求輪廓非常強。我認為你會看到——而且我們也已在過去幾季看到——Brookfield 投資組合有強勁的租賃活動。我也認為你將持續看到強勁需求一路延續到 2026 年，當然也會延續到 2027 年。

All right. Appreciate that. And then maybe moving over to kind of to the 10% organic growth rate or to the 10%-plus FFO growth rate for 2026. Can you comment how you're tracking on that? The organic growth at 8% seems strong, and the commodity price environment seems to be helping.

好的，感謝。接著可能轉到 2026 年 10% 的有機成長率，或 10% 以上的 FFO 成長率。你能評論一下目前進度如何嗎？8% 的有機成長看起來很強，而商品價格環境似乎也在提供助力。

Though it does appear that asset sales are coming a little quicker than M&A activity on the other side. So can you maybe talk about what the headwinds and tailwinds that you're seeing there are.

不過看起來資產出售的速度比另一端的併購（M&A）活動更快一些。你能談談你看到的順風與逆風因素嗎？

Yes, Rob, it's Dave here. And look, I think you did a great job summarizing my answer probably, but I think the -- I'll start by saying the first quarter was an excellent start. We delivered on our 10% target. And so with that behind us, I think we feel good with how the year is progressing. It's always hard to predict the timing of new investments and asset sales.

是的，Rob，我是 Dave。你其實已經把我的回答總結得很好了。不過我先說，第一季是一個非常好的開局。我們達成了 10% 的目標。有了這個基礎之後，我們對今年的進展感覺良好。新投資與資產出售的時點一向很難預測。

But to your point, we have had some good initial success on the capital recycling. Front, I think from an all-in cost of capital is very attractive. The yield we'll see on that $1 billion, somewhere in the mid-single digits probably. And so I think from an accretion perspective, I don't expect that to be a meaningful drag on the business as we look ahead.

但如你所說，我們在資本循環（capital recycling）方面確實取得了一些良好的初步成果。我認為從整體資金成本來看非常具吸引力。我們在那 10 億美元上看到的收益率，大概會在中個位數百分比左右。因此從增益（accretion）的角度來看，我不預期這會在我們展望未來時對業務造成顯著拖累。

So all in all, I think we started the year off well. I think we feel confident with our 10% for the year still, and we'll continue to provide an update as we progress through the year.

總體而言，我們今年開局良好。我們仍對全年 10% 的目標有信心，並會在今年進行過程中持續提供更新。

(Operator Instructions) Frederic Bastien, Raymond James.

（接線員指示）Frederic Bastien，Raymond James。

Good morning. You've historically leaned into periods of uncertainty in this location to pursue large acquisitions. How are you thinking about your ability to deploy capital into a sizable transaction this year?

早安。過去在這類不確定時期，你們往往會加大投入以追求大型收購。今年你們如何看待將資本部署到一筆相當規模交易的能力？

Fred, I'll talk -- take that one. Yes, I think you're right. We've been historically successful in I think, taking advantage of dislocations. And when others have paused, we've seized the moment. At the moment, I'd say the market remains relatively calm and constructive, given all the volatility.

Fred，我來——我來回答這題。是的，我想你說得對。我們歷來在利用市場錯位（dislocations）方面很成功。當其他人暫停時，我們會把握時機。就目前而言，儘管波動很大，我會說市場仍相對平靜且具建設性。

There's still a fair amount of buyers out there. So I wouldn't describe this as an opportunistic market environment.

市場上仍有相當多買方。所以我不會把這形容為一個機會型的市場環境。

Nonetheless, I do think we're always on the lookout for large value opportunities. We -- what we're seeing is, today, the opportunity set around our AI infrastructure strategy is extremely strong. And so I'm very optimistic about us being able to do some exciting transactions there. We're also seeing an uptick in activity across Europe. And I think there's some larger value opportunities there that I think we can take advantage of.

儘管如此，我確實認為我們一直在尋找大型價值機會。我們——目前看到的是，圍繞我們 AI 基礎設施策略的機會集合非常強勁。因此我對我們能在那裡做出一些令人振奮的交易非常樂觀。我們也看到歐洲各地的活動正在升溫。我認為那裡有一些更大型的價值機會，我們可以加以把握。

And then we keep on monitoring the capital markets. Often some of our best acquisitions are when the public market will pull back, and we can take advantage of a take private opportunity. So those are the things that we're up to I can't give you like a time line on when we'll do our next large deal, but we're always out there. We have tremendous partnerships so that we can execute on those things and optimistic there will be some exciting deals in front of us.

另外我們也持續關注資本市場。我們一些最好的收購往往發生在公開市場回檔時，我們就能把握私有化（take private）的機會。以上就是我們正在做的事。我無法給你下一筆大型交易的時間表，但我們一直在市場上。我們有非常強的合作夥伴關係，能夠執行這些事情，也樂觀認為未來會有一些令人興奮的交易出現在我們面前。

That's helpful. I just wanted to tack on a Midstream related question as well, thinking switching gears on monetization. Are you -- how are you thinking about NorthRiver and a potential monetization there?

這很有幫助。我也想再補一個與中游（Midstream）相關的問題，轉換到變現（monetization）的議題。你們——你們如何看待 NorthRiver 以及其潛在的變現？

Sorry, that was about monetizing NorthRiver.

抱歉，你是問 NorthRiver 的變現。

Yes.

是的。

Well, look, I could turn it over to Ben in a second if he wants to add anything. But what I would just say is the business has had tremendous commercial success in the past couple of years. We've extended our contract term, I think, to close to 12 years now. And we think it's really well positioned. Our debate internally is whether or not we continue to build out the business and take advantage of some of the additional growth that's there or whether we bring it to market and sees what is probably a pretty constructive environment for Midstream businesses.

嗯，你看，我可以稍後把問題交給 Ben，若他想補充的話。但我想說的是，這項業務在過去幾年取得了非常大的商業成功。我們把合約期限延長到——我想——現在接近 12 年。我們認為它的定位非常好。我們內部的討論在於：我們是繼續擴建這項業務、把握額外的成長機會；還是把它推向市場，利用目前對中游業務而言可能相當具建設性的環境。

So we're weighing those considerations. It's performing really well, and we just don't have an answer for it at this point in time.

所以我們正在權衡這些考量。它表現非常好，但就目前而言我們還沒有答案。

I'm showing no further questions in the queue at this time. I would now like to turn the call over to Mr. Sam Pollock for any closing remarks.

目前我看到佇列中沒有其他問題。我現在想把電話交回給 Sam Pollock 先生，請他做結語。

Great. Thank you, everyone, and thank you, Sherry, for hosting this call. We appreciate you joining us today to hear about our results. And we look forward to the warmer weather that's in front of us and the hockey playoff season. I hope all you Habs fans are cheering for my team.

很好。謝謝各位，也謝謝 Sherry 主持這通電話會議。我們感謝各位今天加入我們，聆聽我們的業績表現。我們也期待接下來更溫暖的天氣，以及冰球季後賽。我希望所有加拿大人隊（Habs）的球迷都在為我的球隊加油。

And we look forward to providing an update in the quarter ahead.

我們也期待在下一季提供最新進展。

Thank you. This concludes today's program. Thank you all for participating. You may now disconnect.

謝謝。今天的節目到此結束。感謝各位參與。您現在可以掛線。