Brookfield Infrastructure Corp (BIPC) 2024 Q3 法說會逐字稿

Good day and welcome to the Brookfield Infrastructure Partners Q3, 2024 results conference call and webcast.

美好的一天，歡迎來到布魯克菲爾德基礎設施合作夥伴 2024 年第三季業績電話會議和網路廣播。

At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Press star 11 again, please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr David Grant, Chief Financial Officer. Please go ahead, sir.

此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節，在會議期間提出問題。您需要按電話上的星號 11。然後，您將聽到一條自動訊息，建議您舉手撤回問題。再按星11，請注意今天的會議正在錄製。現在我想將會議交給財務長戴維·格蘭特先生進行演講。請繼續，先生。

Thank you, Cherie and Good morning, everyone. Welcome to Brookfield Infrastructure Partners third quarter, 2024 earnings conference call as introduced. My name is David Krant and I am the Chief Financial Officer of Brookfield Infrastructure.

謝謝切麗，大家早安。歡迎參加 Brookfield 基礎設施合作夥伴 2024 年第三季財報電話會議。我叫 David Krant，是布魯克菲爾德基礎設施公司的財務長。

I'm joined today by our Chief Executive Officer, SAM Pollock and also with us today is Dave joint a managing partner and head of transport investing across our business for the Q&A portion of the call. I'll begin the call today with a summary of our third quarter 2024 results followed by a discussion of our capital markets activity and strong financial position.

今天，我們的執行長 SAM Pollock 和我們一起參與了電話問答部分，我們的管理合夥人兼運輸投資主管 Dave 也參加了電話會議的問答部分。我將在今天的電話會議開始時總結我們 2024 年第三季的業績，然後討論我們的資本市場活動和強勁的財務狀況。

I'll then turn the call over to SAM who will provide an update on our strategic initiatives. Before concluding with an outlook for the business at this time, I would 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 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.

然後我會將電話轉給 SAM，他將提供我們策略計畫的最新資訊。在結束目前的業務前景之前，我想提醒您，在我們今天的演講中，我們可能會做出前瞻性陳述。這些陳述面臨已知和未知的風險，未來的結果可能會產生重大差異。有關已知風險因素的更多信息，我鼓勵您查看我們網站上提供的 20-F 表格最新年度報告。

Brookfield Infrastructure is pleased to report strong financial and operating results while advancing many of our strategic initiatives. This quarter, our focus was on advancing our record capital backlog, delivering on our capital recycling objectives which SAM will speak to next and executing our capital market strategy.

布魯克菲爾德基礎設施很高興報告強勁的財務和營運業績，同時推進我們的許多策略舉措。本季度，我們的重點是推進創紀錄的資本積壓，實現 SAM 接下來將談到的資本回收目標，並執行我們的資本市場策略。

Beginning with our financial operating results, we generated funds from operations or ffo of $599 million during the third quarter which is 7% above the comparable period.

從我們的財務營運表現開始，我們第三季的營運資金或 FFO 為 5.99 億美元，比去年同期高出 7%。

We experienced strong contributions from new investments compared completed last year and the initial contribution from three accretive Tuck in acquisitions that closed this year.

與去年完成的新投資以及今年完成的三項增值性收購的初步貢獻相比，我們經歷了新投資的強勁貢獻。

We also benefited from organic growth at the midpoint of our target range. Capturing annual rate increases from inflation, stronger transportation volumes and the commissioning of over $1 billion from our capital backlog.

我們也受益於目標範圍中點的有機成長。通貨膨脹帶來的年利率成長、運輸量的增加以及我們積壓資金超過 10 億美元的投產。

Results were partially offset by the impact of higher borrowing costs and foreign exchange. Most notably, the depreciation of the Brazilian real this period, taking a closer look at our results by segment, our utility segment generated ffo of $188 million an increase of 9% on a comparable basis.

較高的借貸成本和外匯的影響部分抵銷了業績。最值得注意的是，巴西雷亞爾在此期間貶值，仔細觀察我們按部門劃分的業績，我們的公用事業部門產生了 1.88 億美元的 FFO，可比增長了 9%。

In total, the amount was higher last year as we sold our interest in an australian regulated utility business and completed a recapitalization at our Brazilian regulated transmission business. In the first quarter, organic growth for the segment was driven by the continued benefit of inflation indexation and the commissioning of approximately $450 million of capital into our rate base over the last 12 months.

總的來說，去年的金額更高，因為我們出售了澳洲監管公用事業企業的權益，並完成了巴西監管輸電業務的資本重組。第一季度，該部門的有機成長是由通膨指數化的持續收益以及過去 12 個月內約 4.5 億美元的資本投入我們的利率基礎所推動的。

Moving to our transport segment FFO was $308 million representing a 50% increase over the same period in the prior year.

轉向我們的運輸部門，FFO 為 3.08 億美元，比去年同期成長 50%。

The increase is primarily attributable to the acquisition of our global intermodal logistics operation that closed last year and an incremental 10% stake in our Brazilian integrated rail and port logistics operation that was completed earlier this year.

這一成長主要歸因於去年完成的全球多式聯運物流業務的收購以及今年稍早完成的巴西綜合鐵路和港口物流業務增持的 10% 股權。

The remaining businesses performed well. The strong volumes across our networks and average rate increases of 7% across our rail networks and 5% across our toll road portfolio.

其餘業務表現良好。我們的網路運輸量強勁，鐵路網平均費率成長 7%，收費公路組合平均費率成長 5%。

Our midstream segment generated of $147 million compared to 163 million in the same period last year.

我們的中游部門創造了 1.47 億美元的收入，而去年同期為 1.63 億美元。

The decline is primarily attributable to capital recycling activities completed last year. At our US gas pipeline and higher interest costs across the portfolio from new financing initiatives. The underlying businesses are performing well in the current environment following continued demand for long term services across our critical midstream assets, particularly at our North American gas storage business.

下降的主要原因是去年完成的資本回收活動。我們的美國天然氣管道和新的融資舉措導致整個投資組合的利息成本更高。由於我們的關鍵中游資產（特別是我們的北美天然氣儲存業務）對長期服務的持續需求，基礎業務在當前環境下表現良好。

Lastly, FFO from our data segment was $85 million representing a 29% increase over the same period last year.

最後，我們數據部門的 FFO 為 8,500 萬美元，比去年同期成長 29%。

This increase is attributable to strong underlying performance and several new investments completed over the last 12 months.

這一成長歸因於強勁的基本業績以及過去 12 個月完成的幾項新投資。

The most impactful this quarter was the tuck in acquisition of a portfolio of retail colocation data centers completed earlier this year.

本季影響最大的是今年稍早完成的零售託管資料中心投資組合的收購。

Our global data center platform continues to execute its development plans to drive growth with an additional 70 megawatts commissioned during the quarter, bringing our total installed capacity to over 900 megawatts in July. Our European Hyper scale data center platform successfully commissioned 10 megawatts in Milan and is progressing on the build out of an additional 80 megawatts of capacity to be delivered next year across a number of key European markets. In the US. We commissioned 50 megawatts of capacity on scope schedule and budget and leasing activity remains very strong.

我們的全球資料中心平台繼續執行其開發計劃，以推動成長，本季新增 70 兆瓦的裝置容量，使我們 7 月的總裝置容量超過 900 兆瓦。我們的歐洲超大規模資料中心平台在米蘭成功調試了 10 兆瓦的容量，並且正在建造額外的 80 兆瓦容量，將於明年在多個主要歐洲市場交付。在美國。我們按照計劃和預算投產了 50 兆瓦的裝置容量，租賃活動仍然非常強勁。

Stepping back and looking at our operations as a whole, we are excited about the $8 billion backlog of organic growth projects embedded within our business. Our existing platform spans many of the sectors directly benefiting from the tailwinds created by artificial intelligence and associated power demand including our natural gas and midstream infrastructure to our data center, fiber and telecom platforms.

退後一步，審視我們的整體運營，我們對我們業務中嵌入的 80 億美元的積壓有機增長項目感到興奮。我們現有的平台涵蓋許多直接受益於人工智慧和相關電力需求帶來的推動力的產業，包括我們的天然氣和中游基礎設施到資料中心、光纖和電信平台。

We have seen this translate into a 20% increase in our backlog in the last 12 months while providing very attractive project level returns at or above our target range.

我們看到這意味著我們的積壓訂單在過去 12 個月中增加了 20%，同時提供了非常有吸引力的項目等級回報，達到或高於我們的目標範圍。

We additionally have a shadow backlog of over $4 billion in incremental organic growth opportunities that represent projects we're advancing but have not yet reached final investment decision.

此外，我們還有超過 40 億美元的影子積壓增量有機成長機會，這些項目代表我們正在推進但尚未做出最終投資決定的項目。

Now before turning it over to SAM, I would like to spend a few minutes providing an update on some of our recent capital markets activity.

現在，在將其交給 SAM 之前，我想花幾分鐘時間介紹我們最近的一些資本市場活動的最新情況。

We completed $3 billion of non recourse financings during the quarter with the goal of efficiently financing our business extending maturities and reducing our cost of capital to highlight a few examples. First, at our North American hyper scale data center platform, we continue to access capital markets as the first AAA rated data center A BS issuer raising $370 million in the quarter.

我們在本季完成了 30 億美元的無追索權融資，目的是為我們的業務提供有效的融資，延長期限並降低我們的資本成本，僅舉幾個例子。首先，在我們的北美超大規模資料中心平台，我們作為第一個 AAA 級資料中心 A BS 發行人繼續進入資本市場，在本季籌集了 3.7 億美元。

The business has raised 1.1 billion of total proceeds this year that enable us to continue to build out our backlog of hyper scale data center at attractive pricing at our US retail co location data center business. We completed an inaugural $900 million A BS issuance in early October with proceeds used to partially repay our acquisition financing.

該業務今年已籌集了 11 億美元的總收益，使我們能夠繼續以具有吸引力的價格在我們的美國零售主機託管資料中心業務中建立我們積壓的超大規模資料中心。我們於 10 月初完成了首次 9 億美元的 A BS 發行，所得款項用於部分償還我們的收購融資。

The financing helps term out nearly half of our acquisition bridge for six years and reduces the company's annual interest expense by approximately $20 million.

這筆融資幫助我們近一半的收購橋樑完成了六年的期限，並減少了公司每年約 2000 萬美元的利息支出。

And the last example I will highlight is our western at our Western canadian natural gas gathering and processing operation where we successfully completed a repricing of an $800 million term loan that reduced credit spreads by 25 basis points.

我要強調的最後一個例子是我們加拿大西部天然氣收集和加工業務的西部地區，我們成功完成了 8 億美元定期貸款的重新定價，將信用利差降低了 25 個基點。

This transaction was the second repricing this year which allowed us to reduce the cost of the loan by a total of 75 basis points resulting in 6 million of annual interest savings for the company.

這項交易是今年第二次重新定價，使我們將貸款成本總共降低了 75 個基點，為公司每年節省了 600 萬利息。

We continue to maintain a conservatively capitalized balance sheet with no corporate maturities until 2027 and only 1% of our asset level debt maturing over the next 12 months, we ended the quarter with 4.6 billion of total liquidity, which includes 1.6 billion at the corporate level and over 1.4 billion of cash across our businesses which positions us well to pursue both our organic and inorganic growth opportunities.

我們繼續維持保守的資本化資產負債表，在2027 年之前沒有企業到期，並且只有1% 的資產級債務在未來12 個月內到期，截至本季度末，我們的總流動性為46 億美元，其中包括企業層面的16 億美元我們的業務擁有超過 14 億現金，這使我們能夠很好地追求有機和無機成長機會。

That concludes my remarks for the morning and I'll now pass the call over to SAM.

我上午的發言到此結束，現在我將把電話轉給 SAM。

Thank you David and good morning everyone for my remarks.

謝謝大衛，大家早安，謝謝我的發言。

Today, I'll provide an update on our transaction activity and conclude with the business.

今天，我將提供有關我們交易活動的最新信息，並以業務結束。

Outlook.

前景。

Now, beginning with new investments, please report that we closed the acquisition of 76,000 indian Telecom tower sites in mid September.

現在，從新投資開始，請報告我們已於 9 月中旬完成了對 76,000 個印度電信塔站點的收購。

We are now the largest telecom tower operator in India and the second largest globally with over 250,000 tower sites.

我們現在是印度最大、全球第二大電信塔營運商，擁有超過 25 萬個塔站。

This acquisition increases our tendencies from the country's 2nd and 3rd largest mobile network operators while offering significant operating synergies.

此次收購增強了我們與國內第二和第三大行動網路營運商的競爭優勢，同時提供了顯著的營運綜效。

The scale and benefits of the combined platform were all achieved at a value based entry point of below six times even our total equity commitment was approximately $140 million and we expect the business to generate a strong going in ffo yield.

即使我們的總股本承諾約為 1.4 億美元，合併後平台的規模和效益都是在低於六倍的基於價值的切入點實現的，我們預計該業務將產生強勁的 FFO 收益率。

Concurrent with the acquisition, we complete the rebranding of the business to a name called Altius, which brings together the three acquisitions we've made in indian Telecommunication space.

在收購的同時，我們完成了業務的品牌重塑，將其命名為 Altius，這匯集了我們在印度電信領域進行的三項收購。

Now, during the quarter, we secured approximately $600 million of capital recycling proceeds for a total of approximately $2 billion for the year.

現在，在本季度，我們獲得了約 6 億美元的資本回收收益，全年總計約 20 億美元。

As a result, we have successfully achieved our capital recycling target.

結果，我們成功實現了資本回收目標。

Most recently, we agreed on terms to sell our Mexican regulated natural gas transmission business for net proceeds of approximately $125 million for bip crystallizing an ir of around 22% and a multiple capital of about 2.2 times.

最近，我們同意出售我們的墨西哥監管天然氣傳輸業務，淨收益約為 1.25 億美元，BIP 結晶化率約為 22%，資本倍數約為 2.2 倍。

The sale is expected to close in the first quarter of 2025.

此次出售預計將於 2025 年第一季完成。

We also completed the recapilization of our North American gas storage platform raising $1.25 billion that enabled a $305 million distribution net to bip in advance of the sales process.

我們也完成了北美天然氣儲存平台的資本重組，籌集了 12.5 億美元，使價值 3.05 億美元的分銷網絡在銷售過程之前實現了成長。

This financing alone returned more capital than we initially invested. And increased the investments realize multiple capital to approximately 2.5 times.

光是這筆融資就獲得了比我們最初投資更多的資本。並將投資變現倍數增加至約2.5倍。

This is an extremely attractive result given we still own a business that generates approximately $330 million in annual EBITA.

鑑於我們仍然擁有年息稅折舊攤銷前利潤約 3.3 億美元的業務，這是一個極具吸引力的結果。

In terms of our business outlook, the economic backdrop for infrastructure investing has improved significantly. Probably speaking with short term interest rates, moving lower inflationary pressures, easing and liquidity daily returning to institutional investors.

就我們的業務前景而言，基礎設施投資的經濟背景已顯著改善。可能是指短期利率、通膨壓力降低、寬鬆政策、流動性每日回歸機構投資者。

These developments bode well, for a business strategy, we are confident they will create an even more favorable landscape for both asset sales and new investments.

這些發展對於業務策略來說是個好兆頭，我們相信它們將為資產銷售和新投資創造更有利的環境。

Now, starting first of asset sales, we are seeing elevated demand for high quality infrastructure assets in the next two years. We expect to generate $5 billion to $6 billion of proceeds from capital recycling initiatives to crystallize the value we've created within our mature and de risk companies.

現在，從資產出售開始，我們看到未來兩年對優質基礎設施資產的需求將會增加。我們預計透過資本回收計畫產生 50 億至 60 億美元的收益，以具體化我們在成熟和去風險公司中創造的價值。

These asset sales are expected to generate returns well above our targets from a deployment perspective, the outlook for our business is strong.

從部署的角度來看，這些資產銷售預計將產生遠高於我們目標的回報，我們的業務前景強勁。

Our growth profile continues to accelerate, focused around the decarbonization and digitalization investment themes.

我們的成長動能持續加速，重點是脫碳和數位投資主題。

We're also seeing more opportunities for value creation within our existing business and our new investments pipeline, which is as big as it's been in two years and it continues to grow with our unparalleled access to scale capital. We expect to put significant capital to work as we seek to expand our partner of choice reputation.

我們也看到了我們現有業務和新投資管道中創造價值的更多機會，該管道的規模達到了兩年來的規模，並且隨著我們無與倫比的規模資本管道而不斷增長。我們希望投入大量資金來擴大我們選擇的合作夥伴的聲譽。

Now this year has been notable for the number of elections including a very significant one yesterday in the United States.

今年的選舉數量引人注目，其中包括昨天在美國舉行的非常重要的選舉。

While election outcomes can result in policy changes, we believe that we are largely insulated from volatility due to the quality of the countries we invest in and our focus in areas of the economy that garner broad political support.

雖然選舉結果可能導致政策變化，但我們相信，由於我們投資的國家的品質以及我們對獲得廣泛政治支持的經濟領域的關注，我們在很大程度上免受波動的影響。

We often characterize bip as the investment for all seasons and cycles. Because independent of these election outcomes or economic cycles or the direction of interest rates, brick infrastructure provides investors an attractive mix of downside protection and upside growth potential that outpaces many of our pure play sector peers.

我們經常將 BIP 描述為針對所有季節和週期的投資。因為獨立於這些選舉結果、經濟週期或利率方向，磚塊基礎設施為投資者提供了有吸引力的下行保護和上行成長潛力的組合，超過了我們許多純行業同行。

We believe this is more relevant today than it's ever been.

我們相信這在今天比以往任何時候都更重要。

Our business is resilient due to the high degree of long term contracted and regulated cash flow with significant protection from inflation.

我們的業務具有彈性，因為長期合約和受監管的現金流量很高，並且可以有效抵禦通貨膨脹。

The business is also more diversified than at any point during our history.

這項業務也比我們歷史上的任何時候都更加多元化。

This combination gives us the confidence to believe that our pro conveniently increase cash flows in the years ahead.

這種結合讓我們有信心相信我們的專業人士可以在未來幾年輕鬆增加現金流。

That now concludes my remarks. So I'll pass it over to the sherry to open the line for questions.

我的發言現在結束了。所以我會把它交給雪莉酒來打開提問線。

Thank you as a reminder to ask a question. Please press star 11 on your telephone and wait for your name to be announced to withdraw your question. Press star 11 again, one moment while we compile the Q&A roster and our first question will come from the line of Cherilyn Radbourne with TD Cowen. Your line is open.

謝謝你提醒我問一個問題。請按電話上的星號 11 並等待您的名字被宣布以撤回您的問題。再次按星號 11，此時我們正在編制問答名單，我們的第一個問題將來自 Cherilyn Radbourne 和 TD Cowen 的線路。您的線路已開通。

Thanks very much and Good morning. First question is on data and AI broadly on the bam call earlier this week. Excuse me, there was some discussion about using the unique nuclear capability within the Brookfield ecosystem to advance the collective opportunity to support AI. Now, I assume that SMRS are not contemplated in your current backlog, but I'm curious whether that's becoming a feature of your discussions with the large hyper scalers.

非常感謝，早安。第一個問題是在本週稍早的 bam 電話會議上廣泛討論的數據和人工智慧問題。抱歉，有人討論過如何利用布魯克菲爾德生態系統​​內獨特的核能力來推動支持人工智慧的集體機會。現在，我假設您目前的待辦事項中沒有考慮 SMRS，但我很好奇這是否會成為您與大型超大規模提供者討論的一個特點。

Hi. Sure, Cherilyn. Thanks.

你好。當然，切瑞琳。謝謝。

For your question.

對於你的問題。

Yeah, maybe to to put a fine point to it, I think everyone recognizes that, you know, SMRS and nuclear energy are going to play an important role in the long term. But I think.

是的，也許要強調一點，我想每個人都認識到，從長遠來看，SMRS 和核能將發揮重要作用。但我認為。

In the short term.

短期內。

It's, it's not really part of any solutions that we're talking about at the moment. You know, the focus is still, you know, largely on renewable options as well as I'd say, a natural gas potential in various parts of the US and Canada in particular.

它實際上並不是我們目前正在討論的任何解決方案的一部分。你知道，焦點仍然主要集中在再生能源選擇上，我想說的是，尤其是美國和加拿大各地的天然氣潛力。

Okay. That makes sense. And then switching to the residential decarbonization business, it looks like you made some nice drives in the UK and Europe during the quarter. And I'm curious if there are good synergies available to managing the North American and European businesses together or the residential markets in each geography at different phases with respect to decarbonization, such that it would make sense to think of the two geographies as separate, separate businesses each with, you know, attractive attributes in their own rights.

好的。這是有道理的。然後轉向住宅脫碳業務，看起來您在本季度在英國和歐洲取得了一些不錯的成績。我很好奇，在脫碳方面，在不同階段共同管理北美和歐洲業務或每個地區的住宅市場是否存在良好的協同效應，因此將這兩個地區視為獨立的地區是有意義的，你知道，不同的企業各自擁有有吸引力的屬性。

Okay. Well, maybe I'll take that question and then, one or two days might want to jump in to have anything to add. But, II, I guess, you know, for the most part, our philosophy is, you know, we're believers in decentralization and, and as a result, you know, we tend to allow each region to operate on its own and make decisions that make sense for its particular market. And so, you know, whether even just in Europe, our business is largely run autonomously, you know, whether it's in France, the UK or Germany or Spain for that matter, we have, we have operations in each of those countries. And in North America here, the canadian business runs separately from the US business.

好的。好吧，也許我會回答這個問題，然後，一兩天可能會想補充一些東西。但是，II，我想，你知道，在很大程度上，我們的理念是，你知道，我們相信權力下放，因此，你知道，我們傾向於允許每個地區自行運作，做出對其特定市場有意義的決策。所以，你知道，即使只是在歐洲，我們的業務很大程度上也是自主運作的，你知道，無論是在法國、英國、德國或西班牙，我們在每個國家都有業務。在北美，加拿大業務與美國業務分開運作。

What we do do though is, you know, we have a lot of communication between the various groups where we look for best practices, we try to share technology. And obviously things that work well, 11 market, we try to export those ideas and systems to another market. So I say that, you know, Brookville tends to be the glue to ensure that best practices are, are moved across each of the regions. But, you know, we have accountability at the local level with CEO in each of the countries.

但我們所做的是，你知道，我們在各個團隊之間進行了大量的溝通，尋找最佳實踐，我們嘗試分享技術。顯然，11 個市場運作良好，我們嘗試將這些想法和系統輸出到另一個市場。所以我說，你知道，布魯克維爾往往是確保最佳實踐在每個地區傳播的黏合劑。但是，您知道，我們在每個國家的地方層級都對執行長負責。

That's all for me. Thank you.

這就是我的全部。謝謝。

Thank you.

謝謝。

Thank you. One moment for our next question.

謝謝。請稍等一下我們的下一個問題。

And that will come from the line of Maurice Choy with RBC Capital Markets. Your line is open.

這將來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的莫里斯·蔡 (Maurice Choy)。您的線路已開通。

Thank you and good morning everyone. Maybe if I could start with a comment you made you made earlier about the number of elections this year and how election outcomes can result in policy changes. So we obviously have quite a number of these elections done including yesterday. Thoughts on what outcomes and potential policy shifts across all the countries you look at not just the US that may act as a tailwind or headwind for your assets.

謝謝大家，早安。也許我可以先談談您早些時候對今年選舉的數量以及選舉結果如何導致政策變化的評論。因此，我們顯然已經完成了相當多的此類選舉，包括昨天。思考您所關注的所有國家的結果和潛在政策的變化，而不僅僅是美國，這可能會對您的資產產生順風或逆風。

Well, we operate a lot of countries so I may be willing to go into each one.

嗯，我們在很多國家都有業務，所以我可能願意逐一介紹。

But, you know, maybe just touching on you know, the UK and the US, you know, where there's been changes. So in some other countries like India, there hasn't really been a change. We can touch on Brazil, I guess as well, but maybe just more broadly speaking. You know, I think the trends that are driving our business, you know, as we talked about are primarily decarbonization and digitalization. As it relates to digitalization, I don't think there's any difference in views or eagerness to deploy capital across, you know, those elements of the economy in, in any new government. I'd say this is a focus for the Republicans as well as it was for the Democrats, it's a focus for labor as it was for the Conservatives in, in the UK and a big focus down in in Brazil as well. So obviously, that trend doesn't change. You know, there's probably a bit more nuances as relates to decarbonization.

但是，你知道，也許只是觸及英國和美國，你知道，那裡發生了變化。因此，在印度等其他一些國家，並沒有真正改變。我想我們也可以談談巴西，但也許只是更廣泛地說。你知道，我認為推動我們業務發展的趨勢主要是脫碳和數位化。由於它與數位化有關，我認為在任何新政府中，在經濟的這些要素上部署資本的觀點或渴望沒有任何差異。我想說，這是共和黨和民主黨的焦點，也是英國工黨和保守黨的焦點，也是巴西的焦點。顯然，這種趨勢不會改變。你知道，與脫碳相關的可能還有更多細微差別。

You know, I'd probably leave it to our renewables, colleagues to, to touch on it in greater detail. But you know, what they would tell you is that even though the tone may not be quite as, as strong across various parties, the reality on the ground is that the most of the decisions aren't being made at the corporate level or at the state level and those things won't change with the, with new governments.

你知道，我可能會把它留給我們的再生能源同事來更詳細地討論它。但你知道，他們會告訴你的是，儘管各方的語氣可能不那麼強烈，但實際情況是，大多數決策並不是在公司層面或在公司層面做出的。隨著新政府的出現而改變。

I think the only other comment I'd make.

我想這是我唯一要發表的評論。

So in general, I guess just to.

所以總的來說，我想只是為了。

To what you should take.

對於你應該採取的。

From that. Is, you know, we don't see any meaningful change in the, in the direction of of those macro trends which we think are as strong as ever in each of those countries.

從此。你知道，我們認為這些國家的宏觀趨勢和以往一樣強勁，但我們沒有看到任何有意義的變化。

I think the only thing that you might see now is, you know, in Some countries.

我認為您現在可能看到的唯一情況是在某些國家/地區。

Like the UK, I think they're, they will have a big focus on growth and we'll take steps to try to get the economy moving again in the US. You know, I guess we'll have to wait and see some of the decisions that we made. But there may given that the economy is running pretty strong right now, there's, there's probably not going to be as much of a stimulus impact in the near term.

我認為，就像英國一樣，他們將專注於成長，我們將採取措施，努力讓美國經濟再次發展。你知道，我想我們必須等待，看看我們所做的一些決定。但鑑於目前經濟運作相當強勁，短期內可能不會產生那麼大的刺激影響。

And out of color and maybe very much related to that in terms of you know, asking where you see the best suggested return. When you approach acquisitions. Obviously, recognizing that the current environment, there can be both a buyer market and the sales market depending on where you're shopping.

顏色出彩，也許與您所知的情況有很大關係，詢問您在哪裡看到最好的建議回報。當您進行收購時。顯然，認識到當前的環境，根據您購物的地點，可以同時存在買方市場和銷售市場。

Yeah, the look, I think the the the place where we see the most capital being deployed and, and our business, as I probably said many times on this call and at investor meetings, you know, very much follows the flow of capital. The, the the greatest investment going on outside of China which we don't really invest in right now is in the US, we see huge amounts of, of dollars going to all parts of the economy and that's creating great opportunities for us. And so I have to say today, the US is still probably the most interesting place for us.

是的，我認為我們看到最多的資本被部署的地方，以及我們的業務，正如我在這次電話會議和投資者會議上多次說過的那樣，你知道，非常遵循資本的流動。中國以外最大的投資是在美國，但我們現在並沒有真正投資，我們看到大量美元流向經濟的各個領域，這為我們創造了巨大的機會。所以我今天不得不說，美國可能仍然是我們最感興趣的地方。

You know, I'd say second to.

你知道，我會說第二。

That.

那。

Just to pick another place, you know, we often talk about Korea as being a very interesting market and we see some very interesting opportunities there. Again, for a lot of the same dynamics, there seems to be a very large capital investment trend going on in the country. And And I think, you know where there's a need for capital that's usually, you know, an opportunity for it to be to get incentivized Returns.

只是選擇另一個地方，你知道，我們經常談論韓國是一個非常有趣的市場，我們在那裡看到了一些非常有趣的機會。同樣，對於許多相同的動態，該國似乎正在出現非常大的資本投資趨勢。我認為，你知道哪裡需要資本，這通常是獲得激勵回報的機會。

Thank you very much for that.

非常感謝你。

Okay, thank you. Thank you one moment for our next question.

好的，謝謝。謝謝您提出我們的下一個問題。

And that will come from the line of Devin Dodge with BMO capital markets. Your line is open.

這將來自德文·道奇 (Devin Dodge) 與 BMO 資本市場的血統。您的線路已開通。

All right, thanks. Good morning. I wanted to start with the India Telecom Tower business with the American Tower deal completed. Just wondering if there are complexities withholding a mix of leased and owned sites. And is there an impact to the exit strategies available?

好的，謝謝。早安.我想在完成美國鐵塔交易後開始印度電信塔業務。只是想知道混合租賃和自有場地是否存在複雜性。對可用的退出策略有影響嗎？

Hey, Devin, thanks for the question. This is Dave join. I'm filling in for Ben this week.

嘿，德文，謝謝你的提問。我是戴夫加入。這週我將代替本。

Look, I think there's no inherent complexity to having own sites and, and lease sites into a single portfolio. I think the nice thing about the, the tuck in here is it now gives us even greater development capability that we can build up and, you know, continue to add a lot of, you know, internal value to the business over time.

聽著，我認為擁有自己的場地和將場地租賃到單一的投資組合中並沒有固有的複雜性。我認為，這裡的好處是，它現在為我們提供了更大的開發能力，我們可以建立這種能力，並且隨著時間的推移，繼續為業務增加很多內部價值。

But, but look as the leases come up on the existing portfolio, We'll be working to, you know, extend those, you know, on, on terms that make sense and to Sam's comments about putting them into a, you know, a single vehicle with rebranding, we think has a lot of, a lot of benefits as Well.

但是，但是看看現有投資組合的租約，我們將努力，你知道，以有意義的條款延長這些，你知道，以及山姆關於將它們放入一個，你知道，我們認為，對單一車輛進行品牌重塑也有很多好處。

Okay, makes sense. And just wondering if you could provide a, you know, a bit more color on the potential synergies, like where they're going to be coming from and how meaningful meaningful they could be.

好吧，有道理。只是想知道您是否可以提供有關潛在協同效應的更多信息，例如它們將來自何處以及它們的意義有多大。

Yeah, I think what I would say is the, look the, the logical area of synergy, which I sort of already alluded to is, is having the development platform kind of within the business itself. And obviously, with scale from a you know, an SG&A perspective, I think that that makes a big difference. I would say our thesis of the transaction was not premised on the realization of hard to get synergies, it was a value opportunity, you know, so we feel like we've acquired these at, at an extremely deep value and, and that's where really the value creation is coming from.

是的，我想我想說的是，看，協同作用的邏輯領域，我已經提到過，是在業務本身內部擁有開發平台。顯然，從 SG&A 的角度來看，從規模來看，我認為這會帶來很大的不同。我想說的是，我們的交易論文並不是以實現難以獲得的協同效應為前提的，這是一個價值機會，你知道，所以我們覺得我們已經以極其深刻的價值獲得了這些，這就是真正的價值創造來自於。

And there will be some O&M opportunities by combining the two, you know, businesses. So today we outsource some of our own M two to alliance and and then having this business, will there be some overlap where we can where sites are near each other, be able to leverage whatever business has. You know, the, the cheaper opportunity to manage those sites.

透過將這兩個業務結合起來，將會帶來一些營運和維護的機會。因此，今天我們將自己的一些 M 2 外包給聯盟，然後擁有這項業務，是否會存在一些重疊，我們可以在站點彼此靠近的地方，能夠利用任何業務。您知道，管理這些網站的機會更便宜。

Okay. Okay. Makes sense. And then just maybe switching over to IPL, it appears HPC has been performing better in recent months, you know, I think the, the Q3 was the best performance to date that we've seen there. As you look ahead, and this business continues to demonstrate stability, you know, is bip the best owner of this asset over the medium to long term or do you expect to monetize some or all of it to a more strategic buyer?

好的。好的。有道理。然後可能會切換到 IPL，最近幾個月 HPC 的表現似乎更好，我認為 Q3 是迄今為止我們在那裡看到的最好的表現。展望未來，該業務繼續表現出穩定性，您知道，從中長期來看，BIP 是該資產的最佳所有者，還是您希望將其部分或全部貨幣化給更具策略性的買家？

Hey, hey, Devin, it's Dave again. I guess the first thing I'd comment is, you know, we know that commissioning, you know, these assets takes a little bit of time. And so as you note, I think we've made great progress, but the focus for us at the moment is, is on continuing to sort of stabilize it, get it running at the levels that we want to, you know, up to the capacity of the plants themselves, the position of the asset itself, you know, has never been in question, you know, it's in a great location with great access to low cost feedstock. But we're right now, we're focused on kind of managing the asset as opposed to thinking about something on a long term basis. But look, as you note, obviously, there would be a lot of institutional logic for a, for a strategic to, you know, own summer, you know, or all of the asset sub point time.

嘿，嘿，德文，又是戴夫。我想我要評論的第一件事是，你知道，我們知道調試，你知道，這些資產需要一點時間。正如您所指出的，我認為我們已經取得了很大的進展，但目前我們的重點是繼續穩定它，讓它以我們想要的水平運行，你知道，直到工廠本身的產能，資產本身的位置，你知道，從來沒有受到質疑，你知道，它地理位置優越，可以輕鬆獲得低成本原料。但我們現在專注於資產管理，而不是長期考慮某些事情。但是，正如您所指出的，顯然，對於一個戰略性的夏天或所有資產子點時間來說，會有很多製度邏輯。

Okay. Thanks for that. I'll turn it over.

好的。謝謝你。我會把它翻過來。

Thank you one moment for our next question and that will come from the line of Robert Cadeler with CIBC capital market. Your line is open.

感謝您提出我們的下一個問題，該問題將來自 CIBC 資本市場的 Robert Cadeler。您的線路已開通。

Hey, good morning, everyone. I'd like to go back to the nuclear topic here because I think it's timely. Can you clarify your interest in investing in nuclear assets, please? And is it even possible in bip or are these opportunities limited to other funds and listed entities?

嘿，大家早安。我想在這裡回到核話題，因為我認為這是及時的。您能澄清一下您對投資核資產的興趣嗎？BIP 是否有可能實現這一點，或者這些機會僅限於其他基金和上市實體？

Hi, Robert. You know what, why I can't predict exactly, you know, the nature of, what that investment would look like more likely than not, it would be done through our transition fund and then and also through beep, so it's unlikely it would be a big investment.

嗨，羅伯特。你知道嗎，為什麼我不能準確預測，你知道，投資的本質，更有可能是透過我們的過渡基金，然後透過蜂鳴來完成，所以不太可能是一項大投資。

Right?

正確的？

And then just on the macro picture, as you alluded to in your letter to unit holders, the market environment right now is increasing the flow and but at the same time, your corporate liquidity is somewhat low at 1.6 billion. You know, we can argue that it's not entirely unusual for a bit, but what's your perspective on how these two dynamics influence distribution growth? Because they seem to point to there being some incentive to retain capital for new investments.

然後就宏觀情況而言，正如您在給單位持有人的信中提到的，目前的市場環境正在增加流量，但同時，您的公司流動性略低，為 16 億。您知道，我們可以說這並不是完全不尋常，但是您對這兩種動態如何影響發行成長有何看法？因為他們似乎指出存在一些保留資本用於新投資的動機。

I can start and feel free to, to layer in. So I'll, I'll talk of tackle that question too is I think first rob on the distribution growth outlook, like that's something we revisit annually with our board in the fourth quarter. So I won't comment on, you know, any, any levels that we're expecting but, you know, we've, we appreciate the value of, of increasing our distributions between the 5% to 9% target range. I think that's extremely valuable and, and our business have performed well this year, the business is doing excellent. So, you know, I I won't comment specifically on where we're thinking for the year and the, you know, the desire to retain cash. I think our liquidity today is strong at 1.6 billion. And as I alluded to, we have a 1.4 billion in cash across our businesses to fund a lot of that organic growth pipeline that we've been alluding to. So we feel like we're in a good position. The other thing that we'll have coming in over the next, you know, 6 to 12 months will be proceeds from asset sales. We have secured 22 sales between our Mexican transmission business and our fiber operations in France that'll generate, you know, $225 million of net proceeds to bid that we expect to receive in the next month or two.

我可以開始並隨意地分層。因此，我也會談論解決這個問題，我認為首先要考慮的是分銷成長前景，就像我們每年第四季與董事會重新討論的問題一樣。因此，我不會對我們預期的任何水平發表評論，但是，我們非常欣賞將分配增加到 5% 到 9% 目標範圍之間的價值。我認為這是非常有價值的，而且我們今年的業務表現良好，業務表現非常出色。所以，你知道，我不會具體評論我們今年的想法以及保留現金的願望。我認為我們今天的流動性很強勁，達到 16 億。正如我所提到的，我們的業務擁有 14 億美元的現金，可以為我們一直提到的有機成長管道提供資金。所以我們感覺我們處於一個有利的位置。您知道，接下來 6 到 12 個月內我們將收到的另一件事是資產出售收益。我們已經在墨西哥傳輸業務和法國光纖業務之間達成了 22 筆銷售，這將產生 2.25 億美元的淨收益，我們預計將在未來一兩個月內收到這些淨收益。

And we have $5 billion to $6 billion of proceeds that we expect to generate over the next 12 to 24 months throughout the sales. So I think that's the real ability for us to replenish the liquidity and, and get it back so we can continue to deploy it into highly creative opportunities.

我們預計在未來 12 至 24 個月的銷售過程中將產生 50 億至 60 億美元的收益。因此，我認為這是我們補充流動性並收回流動性的真正能力，以便我們可以繼續將其部署到高度創造性的機會中。

Yeah, maybe I'll just put a fine point is, look, we got, we have lots of liquidity. But you know, our, our dividend dividend growth is sacrosanct to our business strategy. And you know, we're not going to you know, take away the, the cash that we put towards our dividends to stretch ourselves on new investment. So, I think you should take that is our, our dividend is, is is very important.

是的，也許我要說的一點是，看，我們有大量的流動性。但你知道，我們的股息成長對我們的業務策略來說是神聖不可侵犯的。你知道，我們不會拿走我們用於股息的現金來擴大新投資。所以，我認為你應該認為這是我們的，我們的股息是，這是非常重要的。

Yeah. Okay, thanks.

是的。好的，謝謝。

Thank you. As a reminder. If you would like to ask a question, please press star 11. And our next question will come from the line of Robert Hope with Scotia Bank. Your line is open.

謝謝。作為提醒。如果您想提問，請按星號 11。我們的下一個問題將來自豐業銀行的羅伯特·霍普。您的線路已開通。

And good morning everyone quasi election related. Just want to get a sense of your thinking around the prospect for a stronger US dollar for an extended period of time. Could we see you focus on opportunities where we've seen, you know, the real strengthening of the US dollar, for instance, Brazil has been quite weak recently. So I just want to get a sense of, you know, could that, you know, potentially add to investment opportunities outside of the Continental US?

和大家早安準選舉有關。只是想了解一下您對美元長期走強前景的看法。我們能否看到您關注我們所看到的機會，您知道，美元真正走強，例如，巴西最近相當疲軟。所以我只是想了解一下，這是否可能增加美國本土以外的投資機會？

Well, maybe I, I'd say.

好吧，也許是我，我會說。

It in two different Ways. I think first, we make investments, you know, we don't really take a view on currencies because those are almost impossible to predict. And so, you know, whenever we make investments, including any new investments we do in, in Brazil you know, we hedge our investments and, and don't take that risk. So, so that's not really a consideration as far as going into countries, that may be the currency is weaker at the moment because that's not part of the thesis. But having said that, you know, obviously a, you know, currency strength because money is moving into those countries and, and potentially out of other countries. And so to the extent that capital is scarce in in places like Brazil and that creates an opportunity for us to earn attractive risk.

它有兩種不同的方式。我認為首先，我們進行投資，你知道，我們並沒有真正對貨幣採取看法，因為這些幾乎是無法預測的。因此，你知道，每當我們進行投資時，包括我們在巴西進行的任何新投資，我們都會對沖我們的投資，並且不會承擔這種風險。因此，就進入國家而言，這並不是真正的考慮因素，這可能是貨幣目前較弱，因為這不是論文的一部分。但話雖如此，你知道，顯然貨幣走強，因為資金正在流入這些國家，並可能流出其他國家。因此，在巴西等地，資本稀缺，這為我們創造了賺取有吸引力的風險的機會。

Adjusted returns And absolutely, we'll go to those countries that we think you know, we can achieve those outsized returns.

調整後的回報 當然，我們會去那些我們認為你知道的國家，我們可以實現那些超額回報。

Thanks for that. And then maybe just turning over to kind of the growth profile of the business, Good to see 7% organic growth once again there as we take a look into 2025 you know, the the capital backlog will continue to add to growth. But I want to get a sense of how much inflation that we saw on elevated levels that is now coming down is still yet to, to roll through the numbers.

謝謝你。然後也許只是轉向業務的成長概況，很高興再次看到 7% 的有機成長，當我們展望 2025 年時，你知道，資本積壓將繼續促進成長。但我想了解一下，我們在高水準上看到的通貨膨脹率目前還沒有下降多少，無法透過數字來體現。

Yeah, I can, I can take that rob from an inflation perspective, a lot of our businesses are pricing with very limited l So you've seen us capture, I take 3% to 4% inflation across many of our businesses in the last 12 months. That still is elevated to your point. And certainly better than what we were getting. Historically. The only business that has a true regulated lag on their inflation pasture is the UK and our regulated utility there. So you'll still see elevated levels come through there even though headline or, or, the headline CPIRP I in the country has, has normalized or certainly come back down. So that'd be the only sub segment where I'd expect to see that trailing. But I'd say inflation still is trending 50 to 75 basis points ahead of where we would have historically seen in many of the markets we operate. So it still should be a tail wind to results as we look ahead.

是的，我可以，我可以從通貨膨脹的角度來看，我們的許多企業的定價都非常有限，所以你已經看到我們捕獲了，我認為過去我們許多企業的通貨膨脹率為3% 到4 % 12個月。這仍然上升到你的觀點。當然比我們得到的還要好。從歷史上看。唯一在通膨領域存在真正監管滯後的企業是英國和我們在那裡受監管的公用事業公司。因此，即使該國的標題或標題 CPIRP I 已經正常化或肯定會回落，您仍然會看到那裡的水平升高。因此，這將是我期望看到該尾隨的唯一子部分。但我想說，通膨趨勢仍比我們經營的許多市場歷史上看到的通膨率高出 50 至 75 個基點。因此，當我們展望未來時，這仍然應該是結果的順風。

Thank you.

謝謝。

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

謝謝。目前我在隊列中沒有顯示任何其他問題。我現在想將電話轉回給 SAM Pollock 先生，請他發表結束語。

Okay. Well, thank you operator and thank.

好的。嗯，謝謝接線員，謝謝。

You to everyone who joined the call this morning.

今天早上參加電話會議的所有人。

We know that there was probably lots of competing calls with the election results coming in. But we'd like.

我們知道，隨著選舉結果的公佈，可能會有很多相互競爭的呼籲。但我們願意。

To thank everyone for joining and we wish.

感謝大家的加入和我們的願望。

You a very happy upcoming.

你即將到來，非常高興。

Holiday.

假期。

Season.

季節。

And look forward to providing you our fourth quarter and year end.

並期待為您提供我們的第四季和年底。

Results early in the new year, all the best. Thank you.

結果新年伊始，萬事如意。謝謝。

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

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。