Brookfield Infrastructure Corp (BIPC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brookfield Infrastructure Partners second-quarter 2025 results conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Brookfield Infrastructure Partners 2025 年第二季業績電話會議和網路廣播。（操作員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to David Krant, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長大衛‧克蘭特 (David Krant)。請繼續。

Thank you, Liz, and good morning, everyone. Welcome to Brookfield Infrastructure Partners' second-quarter 2025 earnings conference call.

謝謝你，莉茲，大家早安。歡迎參加 Brookfield Infrastructure Partners 2025 年第二季財報電話會議。

As introduced, my name is David Krant, and I'm the Chief Financial Officer of Brookfield Infrastructure. I'm joined today by our Chief Executive Officer, Sam Pollock; and Brian Baker, an operating partner responsible for managing our Canadian midstream franchises. Also joining us today are Ben Vaughan, our Chief Operating Officer; and Dave Joynt, our Managing Partner in our transportation business.

正如介紹的那樣，我叫大衛·克蘭特 (David Krant)，是 Brookfield Infrastructure 的財務長。今天與我一起出席的還有我們的執行長 Sam Pollock 和負責管理我們加拿大中游特許經營權的營運合夥人 Brian Baker。今天與我們一起參加的還有我們的營運長 Ben Vaughan 和我們運輸業務的執行合夥人 Dave Joynt。

I'll begin the call today with a discussion of our second-quarter financial and operating results, followed by an update on our capital recycling initiatives. I'll then hand the call over to Brian, who will discuss the positive outlook for Canada's energy sector. And finally, Sam will provide an update on our recent new investments and conclude with an outlook for the business.

今天的電話會議我將首先討論我們的第二季財務和經營業績，然後介紹我們的資本回收計劃的最新情況。然後我將把電話交給布萊恩，他將討論加拿大能源產業的積極前景。最後，Sam 將介紹我們最近的新投資，並對業務進行展望。

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 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.

此時，我想提醒大家，在我們今天的演講中，我們可能會做出前瞻性的陳述。這些聲明受已知和未知風險的影響，未來結果可能會有重大差異。有關已知風險因素的更多信息，我建議您查看我們網站上的最新年度報告表格 20-F。

Brookfield Infrastructure had another strong quarter, delivering stable and increasing financial results as well as making significant progress on its capital deployment and recycling objectives. First, on results.

布魯克菲爾德基礎設施公司又度過了一個強勁的季度，實現了穩定且不斷增長的財務業績，並在資本配置和回收目標方面取得了重大進展。第一，關於成果。

We generated funds from operations, or FFO, of $638 million or $0.81 per unit in the second quarter, up 5% compared to the previous year. This result improves to a 9% increase when excluding the effects of foreign exchange, highlighting the strength and stability of our underlying base business performance. The increase was primarily driven by strong organic growth above our target range as well as contributions from tuck-in acquisitions completed in the prior year.

我們第二季的營運資金（FFO）為 6.38 億美元或每單位 0.81 美元，比上年增長 5%。排除外匯影響後，這一結果成長了 9%，凸顯了我們基礎業務表現的強勁和穩定性。這一成長主要得益於超出我們目標範圍的強勁有機成長以及上一年完成的補充收購的貢獻。

Taking a closer look at results by segment. Our utilities generated FFO of $187 million, slightly ahead of the prior year. Results benefited from inflation indexation, along with contributions from approximately $450 million of capital added to the rate base. The strong underlying performance was partially offset by the sale of our Mexican regulated natural gas transmission business that closed in the first quarter of this year.

仔細查看各個部分的結果。我們的公用事業產生了 1.87 億美元的 FFO，略高於前一年。結果受益於通貨膨脹指數化，以及加入利率基礎的約 4.5 億美元資本的貢獻。強勁的基本業績因我們今年第一季完成的墨西哥受監管天然氣輸送業務的出售而部分抵消。

Moving to our transport segment. FFO was $304 million. After adjusting for capital recycling initiatives and foreign exchange, results were slightly ahead of the prior year as well. The solid underlying performance was supported by high asset utilization at our global intermodal logistics operations, continued volume strength at our rail and ports businesses, and increases in both traffic levels and rates on our toll roads.

轉向我們的運輸部門。FFO 為 3.04 億美元。在對資本循環計畫和外匯進行調整後，業績也略高於上一年。穩健的基礎業績得益於我們全球多式聯運物流業務的高資產利用率、鐵路和港口業務的持續強勁增長以及收費公路的交通量和費率的提高。

Our midstream segment generated FFO of $157 million, representing a 10% increase over the same period last year, driven by strong organic growth across our franchises. In particular, our Canadian diversified midstream operation performed well due to higher customer activity levels and strong asset utilization. In a moment, Brian will speak to the strong momentum we are continuing to experience across the Canadian midstream operations.

我們的中游部門產生了 1.57 億美元的 FFO，比去年同期成長了 10%，這得益於我們特許經營業務的強勁有機成長。特別是，由於客戶活動水平較高且資產利用率較高，我們的加拿大多元化中游業務表現良好。稍後，布萊恩將談到我們在加拿大中游業務中持續經歷的強勁勢頭。

And lastly, FFO from our data segment was $113 million, representing a step-change increase of 45% compared to the prior year. This growth was driven by the contribution from the tuck-in acquisition of a tower portfolio in India completed last year, along with the commissioning of newly built capacity and initiating new billings across our data center platforms.

最後，我們數據部門的 FFO 為 1.13 億美元，與前一年相比大幅成長了 45%。這項成長主要得益於去年完成的印度塔式資產組合的臨時收購，以及新建容量的投入和資料中心平台新帳單的啟動。

In addition to strong -- our solid operating results, we continue to demonstrate strong execution of our capital recycling strategy to self-fund our growth. We have secured $2.4 billion of sale proceeds to date this year, already achieving an annual record for BIP with several incremental sales processes in the queue for the second half of the year.

除了強勁的經營業績外，我們也持續大力執行資本循環策略，為我們的成長提供資金支持。今年迄今為止，我們已獲得 24 億美元的銷售收益，創下了 BIP 的年度紀錄，下半年還有幾項增量銷售流程正在排隊。

Included in this total are four recently secured asset sales. The first is the sale of a 23% interest in our Australian export terminal, the world's largest metallurgical coal export facility. We acquired our interest in the business in 2010 and partially exited our investment in 2020 through a public listing in Australia.

其中包括四項最近擔保的資產出售。首先是出售我們澳洲出口碼頭23%的權益，碼頭是全球最大的冶金煤出口設施。我們於 2010 年獲得了對該業務的權益，並於 2020 年透過在澳洲公開上市部分退出了投資。

Since then, we have achieved several key value-creation milestones, including extending contract durations and simplifying our tariff schedule. This sale was completed in June and resulted in approximately $280 million in proceeds. We have realized a cumulative return of 22% and a multiple of capital of 4 times, while still retaining a 26% interest in the business.

自那時起，我們實現了幾個關鍵的價值創造里程碑，包括延長合約期限和簡化我們的關稅表。此次出售於 6 月完成，收益約 2.8 億美元。我們實現了22%的累積回報率和4倍的資本倍數，同時仍保留了26%的業務權益。

The second is the secure sell-down of an incremental 60% stake in a 244-megawatt portfolio of operating sites at our European hyperscale data center platform. This results in an additional $200 million in proceeds and finalizes our planned sell-down of 90% for total proceeds of approximately $300 million net to BIP. We expect to fully complete the transaction in the third quarter of this year.

第二項是安全出售我們歐洲超大規模資料中心平台 244 兆瓦營運站點組合中 60% 的增量股份。這將帶來額外的 2 億美元收益，並最終實現我們計劃的 90% 出售，總收益約為 3 億美元淨收益給 BIP。我們預計該交易將在今年第三季全面完成。

The third sale is a further 33% divestiture in a portfolio of fully contracted containers at our global intermodal logistics operations, replicating the prior sale under the same established framework. We expect incremental proceeds to be approximately $115 million with closing anticipated in the third quarter of this year. We have now sold approximately two-thirds of this portfolio and generated over $230 million in net proceeds to BIP.

第三次出售是進一步剝離我們全球多式聯運物流業務中完全簽約的貨櫃組合的 33%，在相同的既定框架下複製先前的出售。我們預計增量收益約為 1.15 億美元，預計今年第三季完成。我們目前已出售該投資組合的約三分之二，並為 BIP 帶來超過 2.3 億美元的淨收益。

Finally, we agreed to terms for the partial sale of our UK port operation, which will generate approximately $385 million of proceeds and deliver an IRR of 19% and a 7.5 times multiple of our capital. Since acquiring a 59% interest in 2009, we have successfully completed a comprehensive modernization of the port's operations, which included expanding the infrastructure to service large vessels and attracting new long-term contracts.

最後，我們同意了部分出售英國港口業務的條款，這將產生約 3.85 億美元的收益，並實現 19% 的內部收益率和 7.5 倍的資本。自 2009 年收購 59% 的權益以來，我們已成功完成港口營運的全面現代化改造，包括擴大基礎設施以服務大型船舶和吸引新的長期合約。

These value-creating initiatives resulted in EBITDA tripling during our ownership so far. The transaction is expected to close in the fourth quarter of this year, after which, we will own a 25% interest in the business, which allows us to participate in the next stage of growth in a highly strategic infrastructure asset.

這些創造價值的舉措使得我們迄今為止擁有的 EBITDA 成長了兩倍。該交易預計將於今年第四季完成，之後我們將擁有該業務 25% 的權益，這使我們能夠參與高度策略性的基礎設施資產的下一階段成長。

That concludes my remarks for this morning. And I'll now turn the call over to Brian, who will highlight the attractive backdrop for Canada's energy sector.

我今天早上的發言到此結束。現在我將電話轉給布萊恩，他將重點放在加拿大能源產業的誘人背景。

Thank you, David, and good morning, everyone. Canada's energy industry is benefiting from several trends that support growth and strengthen the outlook for the sector in the coming years. This positive backdrop, in turn, benefits BIP's three Canadian midstream businesses relating to new investment opportunities, higher levels of organic growth, and more optionality to exit.

謝謝你，大衛，大家早安。加拿大能源產業正受益於多種趨勢，這些趨勢支持其未來幾年的成長並增強了該產業的前景。這種積極的背景反過來又使 BIP 的三家加拿大中游企業受益，包括新的投資機會、更高水準的有機成長以及更多的退出選擇。

The Canadian government is focused on energy security and diversifying its trade relationships. This alignment provides support to five key trends that collectively underpin our positive regional midstream sector outlook.

加拿大政府注重能源安全和貿易關係多元化。這種一致性為五個關鍵趨勢提供了支持，這些趨勢共同支撐了我們對該地區中游產業的積極前景。

The first is the strong demand profile for Canadian energy. Countries are increasingly seeking out diversification of energy supply, which is creating new demand for Canadian energy internationally. At the same time, investment in artificial intelligence is creating massive demand for electricity locally.

首先是加拿大能源的強勁需求。各國日益尋求能源供應的多樣化，這在國際上對加拿大能源產生了新的需求。同時，人工智慧的投資正在當地創造巨大的電力需求。

For example, Alberta has approximately 12 gigawatts of requested power demand from data centers, up from 200 megawatts only a few years ago. This would represent a doubling of the province's current peak energy demand.

例如，阿爾伯塔省資料中心的電力需求約為 12 千兆瓦，而幾年前僅為 200 兆瓦。這意味著該省目前的尖峰能源需求將增加一倍。

Second is that there is improved end market diversification. Several key Canadian infrastructure projects have recently been completed to enhance global market access.

二是終端市場多樣化程度提高。加拿大最近完成了幾個重要的基礎設施項目，以增強全球市場准入。

One of these projects, LNG Canada, is set to ramp up production over the next 12 months with a potential second phase under consideration that could double its capacity. Several other LNG projects are also on track to add over 5 million tonnes per annum of export capacity by the end of 2028.

其中一個項目——LNG Canada，計劃在未來 12 個月內提高產量，並正在考慮第二階段，屆時產能可能會翻倍。其他幾個液化天然氣項目也預計在 2028 年底前增加每年 500 多萬噸的出口量。

Third, Canada has a highly economic resource. Our assets are strategically positioned near some of the most abundant and economically attractive resource basins in North America with decades of future production potential.

第三，加拿大擁有豐富的經濟資源。我們的資產策略性地位於北美一些最豐富、最具經濟吸引力的資源盆地附近，具有未來數十年的生產潛力。

The Montney, for example, has 80 to 90 years of remaining gas resources at a production rate that is almost 40% greater than what is being produced today. These reserves ensure Canada will be cost competitive globally, offering domestic producers attractive returns that incentivize production growth.

例如，蒙特尼 (Montney) 的天然氣資源剩餘量為 80 至 90 年，其產量比目前高出近 40%。這些儲備確保加拿大在全球範圍內具有成本競爭力，為國內生產商提供有吸引力的回報，激勵生產成長。

The fourth is social license. Public support for the responsible development of Canada's energy resources and associated infrastructure has improved considerably across the country.

第四是社會許可。全國各地公眾對負責任地開發加拿大能源資源和相關基礎設施的支持已大大提高。

This presents a significant opportunity to further align the country's economic interest with its natural resource advantages. It reinforces the case for continued investment in the midstream sector by established operators like us that have a strong operating track record, prioritizing safety and sustainability.

這為進一步協調該國的經濟利益與自然資源優勢提供了重要機會。這進一步證明，像我們這樣擁有良好營運記錄、重視安全性和永續性的成熟業者應該繼續投資中游領域。

And fifth, we are seeing improved investor interest. Strategics, financial investors, and international investors have all expressed interest publicly to invest more capital in the Canadian energy sector given the critical nature of Canadian midstream assets, its world-class operating track record, and attractiveness of the resource basin.

第五，我們看到投資者興趣正在增強。鑑於加拿大中游資產的關鍵性、其世界一流的營運記錄以及資源盆地的吸引力，戰略投資者、金融投資者和國際投資者都公開表示有興趣在加拿大能源領域投入更多資金。

We expect to directly benefit from all of these trends across our Canadian midstream portfolio with leading franchises across transportation, gathering and processing, and natural gas storage.

我們期望透過我們在運輸、收集和加工以及天然氣儲存領域的領先特許經營權，直接受益於我們在加拿大中游投資組合的所有這些趨勢。

Specifically, our natural gas gathering and processing business has experienced a 15% increase in utilization to approximately 85% over the past two years. We have simultaneously executed longer-term contracts that have improved contract duration by more than two years to reach 11 years on average.

具體來說，我們的天然氣收集和加工業務在過去兩年中利用率成長了15％，達到約85％。我們同時執行了長期合同，合約期限延長了兩年多，平均達到11年。

Our long-haul transportation pipelines are experiencing a resurgence of new commercial interest with over CAD90 million of contracted EBITDA coming into service in the next six months and a large pipeline of new connection opportunities that are all incremental to our underwriting at very attractive build multiples.

我們的長途運輸管道正在經歷新的商業利益的復甦，未來六個月將有超過 9000 萬加元的合約 EBITDA 投入使用，並且有大量新的連接機會，這些機會都以非常有吸引力的建設倍數增加我們的承保額。

In the last two years, our North American gas storage operation has benefited from contracted capacity and rates increasing to the highest levels we experienced during our ownership. We expect the lengthening of contract duration and higher rates to persist as storage demand continues to rise in support of new gas production, the build-out of Canadian LNG export capacity, and other sources of demand.

在過去的兩年中，我們的北美天然氣儲存業務受益於合約容量和費率的提高，達到了我們擁有期間的最高水準。我們預計，隨著新的天然氣生產、加拿大液化天然氣出口能力的建設和其他需求來源的推動，儲存需求持續上升，合約期限的延長和費率的上升將持續下去。

These commercial benefits that can be realized with no incremental capital investment will further contribute to the business' high free cash flow conversion. These are just several examples of the positive impact that has been experienced so far within our business.

這些無需增量資本投入即可實現的商業效益將進一步促進企業的高自由現金流轉換。這些只是我們業務迄今為止所經歷的正面影響的幾個例子。

We're equally enthusiastic about the strong growth outlook across the Canadian midstream franchise. At our two largest midstream platforms alone, we expect EBITDA growth of CAD650 million to CAD750 million between 2024 and 2027 with further upside related to approximately CAD2 billion of identified organic growth projects that are being advanced and not currently in our backlog.

我們對加拿大中游特許經營的強勁成長前景同樣充滿熱情。僅在我們最大的兩個中游平台上，我們預計 2024 年至 2027 年期間 EBITDA 將增長 6.5 億加元至 7.5 億加元，而進一步的上漲空間與正在推進且目前不在我們的積壓中的已確定的約 20 億加元的有機增長項目有關。

While these benefits accrue to our in-place franchise, we are excited by the momentum in the Canadian midstream sector as we aim to continue investing to acquire new platforms, develop new infrastructure projects, and ultimately deploy our large-scale and flexible capital at strong risk-adjusted returns.

雖然這些好處歸功於我們現有的特許經營權，但我們對加拿大中游行業的勢頭感到興奮，因為我們的目標是繼續投資以收購新平台，開發新的基礎設施項目，並最終以強勁的風險調整回報部署我們大規模和靈活的資本。

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

我今天早上的演講就到此結束，現在我將把電話交給薩姆。

Thank you, Brian, and good morning, everyone.

謝謝你，布萊恩，大家早安。

As David mentioned in his opening remarks, we've deployed significant capital so far this year, securing three new investments, including transactions in our data, transport, and midstream segments. Combined, these acquisitions represent $1.3 billion of capital deployment for BIP.

正如大衛在開場白中提到的，今年到目前為止，我們已經部署了大量資金，獲得了三項新的投資，包括數據、運輸和中游領域的交易。這些收購合計為 BIP 帶來了 13 億美元的資本部署。

Most recently, we signed an agreement to purchase Hotwire, a leading provider of bulk fiber-to-the-home services that develops, builds, and operates regional fiber networks that serve residential communities in key growing markets in the United States.

最近，我們簽署了一項協議，收購 Hotwire，這是一家領先的批量光纖到戶服務提供商，致力於開發、建造和運營服務於美國主要增長市場的住宅社區的區域光纖網路。

The company employs a differentiated strategy focused on securing bulk fiber agreements with homeowner associations, providing 100% of residences in the communities with critical fiber services. These services are underpinned by a long-term, take-or-pay, and inflation-linked contract with 100% contractual renewal track record.

該公司採用差異化策略，專注於與業主協會達成批量光纖協議，為社區內 100% 的住宅提供關鍵光纖服務。這些服務以長期、照付不議、與通貨膨脹掛鉤的合約為基礎，且合約續約記錄為 100%。

The Hotwire platform has over 300,000 billing customers, a significant contracted backlog, and credible growth potential through an addressable market of over 12 million homeowner association units within its footprint. We expect this growth will be entirely self-funded. Closing is expected late in the third quarter with an equity purchase cost of up to $500 million at our share.

Hotwire 平台擁有超過 30 萬名計費客戶、大量合約積壓訂單，並透過其覆蓋範圍內超過 1,200 萬個房主協會單位的潛在市場擁有可靠的成長潛力。我們預計這一成長將完全由自籌資金。預計交易將於第三季末完成，股權收購成本以我們的股份計算高達 5 億美元。

In May, we entered into an agreement to acquire a leading railcar leasing platform in partnership with GATX, a best-in-class railcar lessor. The portfolio is the second-largest railcar leasing platform in North America with a critical, highly diversified, and large-scale transportation network of over 125,000 railcars that are 98% utilized.

五月，我們與一流的鐵路車輛租賃商 GATX 達成協議，合作收購領先的鐵路車輛租賃平台。該投資組合是北美第二大鐵路車輛租賃平台，擁有關鍵、高度多樣化和大規模的運輸網絡，其中有超過 125,000 輛鐵路車輛，利用率高達 98%。

The business is highly cash generative, providing stable cash flows that are supported by diversified and largely investment-grade customer base. The transaction is anticipated to close in the first quarter of 2026, hopefully a bit sooner, with an equity contribution of about $300 million to our share.

該業務具有很強的現金產生能力，能夠提供穩定的現金流，並受到多元化、大部分投資等級客戶群的支持。該交易預計將於 2026 年第一季完成，希望能更早一些，我們的股權貢獻約為 3 億美元。

And then this week, and in fact, today, we are closing the $9 billion acquisition of Colonial, the largest refined products pipeline system in the United States, with 2.5 million barrels per day of capacity spanning 5,500 miles from Texas to New York. This acquisition was completed at an attractive transaction multiple of around 9 times EBITDA.

然後本週，實際上就是今天，我們將完成對 Colonial 價值 90 億美元的收購，這是美國最大的成品油管道系統，其日輸送能力為 250 萬桶，橫跨從德克薩斯州到紐約的 5,500 英里。此次收購以約 9 倍 EBITDA 的頗具吸引力的交易倍數完成。

We expect to benefit from a mid-teen cash yield, resulting in a seven-year payback period. Near-term efforts will be focused on business integration and initiating our value-creation activities. BIP's equity consideration is approximately $500 million.

我們預計將獲得中等水準的現金收益，從而實現七年的回報期。近期的努力將集中在業務整合和啟動我們的價值創造活動。BIP的股權對價約為5億美元。

Now as we look ahead, we are experiencing strong momentum across our business. We believe the three Ds are stronger than ever. And while we've been investing in these transformative trends for many years now, the positive impact on our businesses continues to increase.

展望未來，我們的業務正經歷著強勁的發展勢頭。我們相信這三個D比以往任何時候都更強大。雖然我們多年來一直在投資這些變革趨勢，但對我們業務的正面影響仍在持續增加。

We see these megatrends, particularly digitalization, as a key driver of the infrastructure super cycle; and we will capture our share of this generational investment opportunity.

我們認為這些大趨勢，特別是數位化，是基礎設施超級週期的關鍵驅動力；我們將抓住這一代人投資機會的份額。

As we evaluate a large and diverse array of high-quality value-oriented opportunities across our footprint, the US remains one of the most attractive investment geographies at the moment. However, we're also seeing opportunities emerging outside the US in many of the geographies where we have a significant presence, such as Europe and, in addition to that, in several geographies in Southeast Asia, where we set up new regional offices.

當我們評估我們業務範圍內大量多樣化的高品質價值導向機會時，美國目前仍然是最具吸引力的投資地區之一。然而，我們也看到，在美國以外的許多地區也出現了機遇，我們在那裡擁有大量業務，例如歐洲，此外，我們還在東南亞的幾個地區設立了新的區域辦事處。

So while the vast majority of our capital recycling and deployment objectives for the year have already been secured, we're now focused on bringing forward sales and new investments into our pipeline so that we get a head start on next year's objectives.

因此，雖然我們今年的絕大部分資本回收和部署目標已經落實，但我們現在專注於將銷售和新投資納入我們的管道，以便在實現明年的目標方面取得領先地位。

This concludes my remarks, and I'll now pass it back to Liz, our operator, to open the line for questions.

我的發言到此結束，現在我將把發言交還給我們的接線生 Liz，以便開始回答問題。

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（操作員指示） Cherilyn Radbourne，TD Cowen。

So clearly, 2025 has been a very active year for BIP for both new investments and capital recycling. And yet, the fundamentals are arguably not that different versus 2024. So I'm curious what you think has prompted the acceleration in deal velocity and whether it's something that's specific to BIP or something that is happening more broadly across infrastructure, perhaps simply due to a pent-up demand to transact.

因此顯然，2025 年對 BIP 來說都是非常活躍的一年，無論是新投資還是資本循環。然而，與 2024 年相比，基本面可能並沒有太大差異。所以我很好奇，您認為是什麼促使了交易速度的加速，以及這是 BIP 特有的現象還是基礎設施中更廣泛發生的事情，也許僅僅是由於被壓抑的交易需求。

Yeah, it's an interesting observation. I agree maybe at the operating level of the various businesses, trends have been consistent with the prior year.

是的，這是一個有趣的觀察。我同意，也許在各個業務的營運層面，趨勢與前一年是一致的。

I think -- it's funny. I think people have had at times more negativity than we've had. We generally have been positive about operating conditions, and I think we've seen that in our businesses over the last couple of years.

我認為——這很有趣。我認為人們有時比我們更消極。我們總體上對經營狀況持樂觀態度，我想我們在過去幾年的業務中已經看到了這一點。

I think last year, there might have been a bit of a lull in transaction activity, as you noted. And I think all I can say is it's probably due to people no longer sitting on the sidelines and coming back into the market to do things.

我認為，正如您所說，去年交易活動可能有所放緩。我認為這可能是因為人們不再袖手旁觀，而是重返市場採取行動。

Because the capital markets were strong last year. They remain strong this year. And there's always been a fair amount of capital on the sidelines, a lot of dry powder, so to speak. And I think it's just a matter of investor dynamics where people are now coming back and doing more.

因為去年資本市場表現強勁。今年他們依然保持強勁。而且總是有相當數量的資本處於觀望狀態，可以說是大量的乾火藥。我認為這只是投資者動態的問題，人們現在回來做更多的事情。

But all in all, look, we're very optimistic about the current market. And in particular, we feel we're at the nexus of a lot of this activity around AI infrastructure, and it's affecting almost all our businesses in a big way.

但總而言之，我們對當前市場非常樂觀。特別是，我們感覺自己處於人工智慧基礎設施相關諸多活動的中心，而且它正在對我們幾乎所有的業務產生重大影響。

That's helpful color. And given the very attractive backdrop that you highlighted for your Canadian midstream businesses, are there opportunities, do you think, to monetize partial stakes in some of those businesses the way that you've done very successfully in many of your other businesses?

這是很有幫助的顏色。鑑於您所強調的加拿大中游業務極具吸引力的背景，您認為是否有機會將其中一些業務的部分股份貨幣化，就像您在許多其他業務中非常成功的做法一樣？

Yeah. I'll start there, and Brian or Ben or Dave can jump in with additional comments.

是的。我將從那裡開始，然後 Brian 或 Ben 或 Dave 可以加入並發表補充評論。

Look, I think there's always various businesses where we might look to partially sell down and return capital. That's just the nature of our business. And so there's always some of those opportunities we're looking out for.

聽著，我認為我們總是會考慮將各種業務部分出售並返還資本。這就是我們業務的本質。因此，我們總是在尋找一些這樣的機會。

As a whole, though, I would say we're primarily focused on all the organic opportunities that Brian touched on. I don't think we've seen this level of pent-up demand and opportunities as we see today, and so we're quite enthusiastic about that.

不過，總的來說，我想說我們主要關注 Brian 提到的所有有機機會。我認為我們從未見過像今天這樣程度的被壓抑的需求和機遇，因此我們對此非常熱情。

But to the extent that we can bring partners in to help us fund some of that growth, that makes a lot of sense, and that's something we're going to do. And we're seeing a lot of interest in the Canadian midstream sector, both from retail investors, but also institutional investors internationally. So I think this is a good time for the Canadian midstream sector.

但如果我們能夠引入合作夥伴來幫助我們資助部分成長，這是非常有意義的，這也是我們將要做的事情。我們看到，不僅有散戶投資者，還有國際機構投資者對加拿大中游產業表現出濃厚的興趣。所以我認為這對加拿大中游產業來說是一個好時機。

Devin Dodge, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Devin Dodge。

I was going to start with a question on the Intel JV. Look, there's been some leadership changes. I'm sure you saw that at Intel. It's brought about maybe a potential shift in the strategy around its foundry business. I believe this includes reviewing the viability of producing one of the products that were intended to be made at that fab in Arizona.

我本來想先問一個有關英特爾合資企業的問題。瞧，領導階層已經發生了一些變動。我確信您在英特爾見過這種情況。這可能會導致其代工業務策略發生轉變。我相信這包括審查生產計劃在亞利桑那州工廠生產的其中一種產品的可行性。

Just wondering if you could remind us of the protections that Brookfield has in place for this investment and when you expect it to start generating returns.

只是想知道您是否可以提醒我們 Brookfield 為這項投資採取了哪些保護措施，以及您預計它何時會開始產生回報。

Yeah. As we've mentioned in the past and as Intel itself discloses, our arrangement with them is largely financial and contractual in nature. And as a result, we don't take any commercial risk around the -- any capital cost overruns or commercialization of the various products.

是的。正如我們過去提到的以及英特爾自己所揭露的，我們與他們的協議主要是財務和合約性質的。因此，我們不會承擔任何與資本成本超支或各種產品商業化相關的商業風險。

And so it's a relatively simple investment from that perspective as we look at it. Obviously, we take counterparty exposures, but we feel comfortable with the long-term sustainability of the sector as well as Intel's role as a national champion in the United States. So that's basically the dynamic.

從這個角度來看，這是一項相對簡單的投資。顯然，我們承擔了交易對手風險，但我們對該行業的長期可持續性以及英特爾作為美國國家冠軍的地位感到放心。這就是基本動態。

And as far as when we see contributions, we should see it as early as the end of next year. So end of next year, early 2027, you'll see it coming through our results. And otherwise, I think that's -- hopefully that answers your question.

至於我們何時看到捐款，我們應該最早在明年年底就看到。因此，到明年年底，也就是 2027 年初，您將透過我們的成果看到這一點。除此之外，我認為這—希望這能回答你的問題。

That was great. Second question, I was going to ask you about North American rails. Look, clearly, the Class 1 railroads are pursuing east-west mergers here. How should we think about the potential impact to Genesee & Wyoming?

那很棒。第二個問題，我想問您有關北美鐵路的問題。顯然，一級鐵路正在這裡推行東西合併。我們該如何看待對 Genesee 和 Wyoming 的潛在影響？

Well, we anticipated that question might come up, and we have our rail expert, Dave Joynt, who looks after our numerous investments in the rail sector here with us. And so I won't dare take a stab at it. He knows much more than I do. So Dave, over to you.

嗯，我們預料到可能會出現這個問題，我們的鐵路專家戴夫喬伊特 (Dave Joynt) 也在這裡負責我們在鐵路領域的眾多投資。所以我不敢嘗試。他知道的比我多很多。那麼戴夫，交給你了。

It's Dave here. Maybe I'll just play out what has transpired and then what the opportunity set is for us. So of course, you would have seen the announcement of the NS and UP merger, which would create the first transcontinental railroad in the United States.

我是戴夫。也許我只是要演繹已經發生的事情，然後看看我們將會面臨什麼樣的機會。所以當然，你會看到 NS 和 UP 合併的公告，這將創建美國第一條橫貫大陸的鐵路。

I think it's worth just noting that although the transaction has been announced, it's still subject to a lengthy regulatory review by the STB. And the outcome of that at this point in time is uncertain. What I would say is that the rules that the STB looks at for that merger demand that any merger must be deemed to be pro-competitive in the eyes of customers and shippers across the United States.

我認為值得注意的是，儘管該交易已經宣布，但仍需接受新加坡旅遊局的長期監管審查。目前這一結果還不確定。我想說的是，STB 為該合併所遵循的規則要求，任何合併都必須在美國各地的客戶和托運人眼中被視為有利於競爭。

So as G&W, we operate as the largest short line operator in the United States with over 100 railroads, providing first-mile and last-mile access to customers. We effectively play the Switzerland role in the entire Class 1 network. So we can direct traffic to one or multiple carriers, ensuring that customers have great service.

因此，作為 G&W，我們是美國最大的短線營運商，擁有超過 100 條鐵路，為客戶提供第一英里和最後一英里的服務。我們在整個1級網路中有效地發揮了瑞士的作用。因此，我們可以將流量引導至一個或多個營運商，確保客戶享受到優質的服務。

And so all I would say is that we are probably in a unique position to assist in continuing to keep a pro-competitive market in rail. And we'll look forward to, over the coming months, engaging with both the parties of the merger, but also with the Surface Transportation Board on how we can help.

因此，我想說的是，我們可能處於一個獨特的位置，可以幫助繼續保持鐵路市場的競爭性。我們期待在接下來的幾個月與合併雙方以及地面運輸委員會接觸，探討如何提供協助。

Maurice Choy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的莫里斯‧蔡 (Maurice Choy)。

Maybe I'll start off with a comment you've made in the letter about how the US remains one of the most attractive investment geographies at the moment. Just curious if you've seen this leading position for the US expand versus other geographies over the last three, six months. And also conversely, which seems to be the most attractive geography for asset sales would be interesting to know.

也許我應該從您在信中提到的評論開始，關於美國目前仍然是最具吸引力的投資地區之一。我只是好奇，在過去三到六個月裡，您是否看到美國相對於其他地區的領先地位有所擴大。反過來說，了解哪個地區對於資產出售似乎是最具吸引力的，這也是很有趣的。

So Maurice, I apologize. I didn't quite get the first part of your question. I know it was related to the US as an attractive destination. Were you asking why we think that or was there another element to it?

所以莫里斯，我很抱歉。我不太明白你問題的第一部分。我知道這與美國作為一個有吸引力的目的地有關。您是在問我們為什麼這麼想，還是還有其他因素？

It's about why you think that, but also whether or not how the US has gotten more attractive over time versus other countries. Why has that premium view expanded over time?

關鍵在於你為什麼會這麼想，以及美國相對於其他國家是否隨著時間的推移而變得更具吸引力。為什麼這種優質觀點會隨著時間的推移而擴大？

Sure, sure, sure. And look -- and it's relatively simple. It's not in the sense that we have a preference over US versus Canada or UK or Australia. We like them all. It really just happens to be that --

當然，當然，當然。看看——它相對簡單。這並不是說我們更喜歡美國還是加拿大、英國或澳洲。我們都喜歡它們。這確實恰好是--

I mentioned earlier that a large part of our businesses are positively impacted by the AI infrastructure boom that's taking place that's driving the need for power, transmission, all those sorts of things, midstream investments. And the US is where the vast majority of the AI deployment is taking place today, and so that's just driving a number of great opportunities that we're able to take advantage of.

我之前提到過，我們的很大一部分業務都受到人工智慧基礎設施熱潮的積極影響，這推動了對電力、傳輸等所有方面以及中游投資的需求。目前，美國是人工智慧部署的絕大多數地區，因此，這為我們提供了許多可以利用的絕佳機會。

We do see that other countries are trying to get their fair share of AI deployment and making sure they have homegrown talent as well and not just be beholden on the US for AI expertise. And so we expect that there will be significant capital deployed in other countries.

我們確實看到，其他國家正在努力在人工智慧部署中獲得公平的份額，並確保他們也擁有本土人才，而不僅僅是依賴美國的人工智慧專業知識。因此我們預計，將會有大量資本投入其他國家。

In fact, we're focused very much on a number of AI factories around the world, particularly in Europe, and I think that's going to drive future capital deployment for us in those markets. So we do see more deployment taking place in other markets.

事實上，我們非常關注世界各地的一些人工智慧工廠，特別是歐洲的工廠，我認為這將推動我們在這些市場未來的資本部署。因此我們確實看到其他市場正在發生更多的部署。

You asked a little bit about divestitures. I think there's no -- we're monetizing assets in basically every market around the world today. And I think we've seen an appetite in virtually all markets for high-quality, cash-flow-generating infrastructure.

您問了一些有關資產剝離的問題。我認為沒有——我們今天基本上在全球每個市場將資產貨幣化。我認為我們已經看到幾乎所有市場對高品質、能產生現金流的基礎設施的需求。

So there's no real market that I'd say that's in or out of favor. I think most people are just looking for high-quality assets.

因此，我認為不存在真正受歡迎或不受歡迎的市場。我認為大多數人只是在尋找優質資產。

Understood. And maybe just finishing up on that same theme about the asset sales. Just looking at the four deals that you've secured during or subsequent to the quarter, all four transactions were sell-downs of partial stakes rather than a full exit that we've seen in some past transactions. So I wonder whether or not -- is this just unique to each of the sale processes or is there something to be said here about buyers wanting BIP to continue its participation?

明白了。也許只是結束關於資產出售的同一主題。僅看一下您在本季度或之後達成的四筆交易，所有四筆交易都是部分股權的出售，而不是我們在過去的一些交易中看到的全部退出。所以我想知道——這是否只是每個銷售流程所獨有的，或者是否有關於買家希望 BIP 繼續參與的說法？

Yeah, it's a good question. I guess, look, I think each situation has its own unique circumstances. I think in some cases, there are some buyers who do want to invest alongside an asset manager like ourselves to continue to drive value. And so that's definitely a consideration.

是的，這是個好問題。我想，看，我認為每種情況都有其獨特的情況。我認為在某些情況下，有些買家確實希望與我們這樣的資產管理公司一起投資，以繼續推動價值。所以這絕對是一個需要考慮的問題。

I think also in some markets, scale of the investment dictates that it gets sold in smaller chunks than in one big fell swoop. And I think it just happens that at this point in time, we just had a couple in a row that were like that.

我認為在某些市場中，投資規模也決定了它會以較小的份額出售，而不是一次性出售。我認為，就在此時此刻，我們只是連續遇到了幾起這樣的事情。

But I think you might see that we have a bunch of others coming down the road where we sold them 100%. So I don't think I should read too much into it at this stage.

但我想你可能會看到我們還有很多其他產品即將問世，而且我們已經將它們 100% 售出。所以我認為現階段我不應該對此進行過多的解讀。

(Operator Instructions) Frederic Bastien, Raymond James.

（操作員指示） Frederic Bastien、Raymond James。

Deal velocity has picked up materially, as discussed earlier. And you mentioned in your prepared remarks that you have incremental sales processes in queue for the second half. Is your pipeline of investment opportunities comparable? I mean, could we see BIP invest another $1.3 billion in assets in the back half?

如同之前所討論的，交易速度已經大幅加快。您在準備好的發言中提到，下半年您將有一個增量銷售流程。您的投資機會管道是否具有可比性？我的意思是，我們是否可以看到 BIP 在下半年再投資 13 億美元的資產？

I don't usually like to make predictions like that. As you recall, we've said over the last, I think, two or three quarters that our pipeline was as full as it's ever been. And obviously, I think that's borne out.

我通常不喜歡做這樣的預測。大家還記得，我們在過去兩三個季度裡說過，我們的管道比以往任何時候都更加充實。顯然，我認為這已經得到證實。

Today, it's still full, probably not to the same degree as it was in the last couple of quarters. So I think we might see a little bit of a drop in scale of transaction flow. But nonetheless, we do have multiple transactions that we're currently pursuing that I would expect would take place in the next quarter or two.

如今，它仍然很擁擠，但可能沒有達到前幾季的水平。所以我認為我們可能會看到交易流量規模略有下降。但儘管如此，我們目前確實正在進行多項交易，我預計這些交易將在下兩個季度內完成。

Okay. Now my second question is around the liquidity. You mentioned $5.7 billion at the end of the second quarter, if you include the sale proceeds that you've secured. Does that include the investments that you've also announced? Or just wanted to get a bit of clarification as what your liquidity position would be on a pro forma, all those deals announced.

好的。現在我的第二個問題是關於流動性的。您提到，如果您算上您獲得的銷售收益，第二季末的營收將達到 57 億美元。這是否包括您已宣布的投資？或者只是想稍微澄清一下，在所有這些交易的公佈上，你的流動性狀況會是怎樣的。

It's Dave here. I can take that one. The $5.7 billion you referenced was as at June 30. And for the total business, at the corporate level, we had $2.4 billion of liquidity.

我是戴夫。我可以接受那個。您提到的 57 億美元是截至 6 月 30 日的數據。就整個業務而言，在公司層面，我們擁有 24 億美元的流動資金。

What's not included in that number is the commitments we've made on our new investments, so the $1.3 billion going out; nor the roughly $1.1 billion of sales that we've secured, that being the container terminals in Australia, PD Ports, the second sell-down of Triton and the stabilized data centers. None of those have obviously been collected either.

這個數字不包括我們對新投資的承諾，即 13 億美元的支出；也不包括我們已獲得的約 11 億美元的銷售額，即澳大利亞的貨櫃碼頭、波多黎各港口、Triton 的第二次出售以及穩定的數據中心。顯然這些也都沒有被收集起來。

So I'd say we have, pro forma, relatively a similar amount of liquidity as we look to the balance of the year as we do today.

因此，我想說，當我們展望今年的餘額時，我們擁有與今天相對類似的流動性。

Robert Hope, Scotiabank.

加拿大豐業銀行的羅伯特霍普 (Robert Hope)。

So a healthy portion of the midstream business is gas focused. However, the market's view of oil assets has shifted more positively here over the last couple of years. So I wanted to get a sense of how -- when you're looking at midstream investments, is it still primarily gas focused or could we see some incremental focus on oil assets?

因此，中游業務的很大一部分都集中在天然氣上。然而，過去幾年來，市場對石油資產的看法已經變得更加積極。所以我想了解一下——當您考慮中游投資時，它是否仍然主要關注天然氣，還是我們可以看到對石油資產的逐步關注？

We had the bet of having Brian on the line from Calgary. So I think this is a good question to throw out to Brian.

我們打賭布萊恩會從卡加利接電話。所以我認為這是一個向布萊恩提出的好問題。

I mean, the short answer is we look at both. But Brian can probably add some more color of what he sees as the opportunities for the next little while. Brian, do you want to jump in?

我的意思是，簡短的回答是，我們會同時考慮兩者。但布萊恩或許可以對未來一段時間他認為的機會做出更多的詮釋。布萊恩，你想加入嗎？

Yeah. Look, I think as Sam did mention, we do continue to look at assets and opportunities across various commodities. I think from an oil perspective, where we probably see the most opportunity today is investments inside our existing portfolio companies.

是的。聽著，我認為正如 Sam 所提到的，我們確實會繼續關注各種商品的資產和機會。我認為從石油的角度來看，我們今天可能看到的最大機會是對我們現有投資組合公司內部的投資。

We are seeing continued growth from a number of our oil sands customers and them looking at expansions. It's creating the opportunity to look at expansions for a number of long-haul systems that we have today. So that's probably where, from an investment perspective, we see the most opportunity from an oil standpoint.

我們看到許多油砂客戶的業務持續成長，並且他們正在考慮擴張。這為我們目前擁有的許多長途系統的擴展創造了機會。因此，從投資角度來看，這可能是我們從石油角度看到的最多的機會。

But we definitely see lots of activity across the sector, really driven by new egress opening up, which has created the opportunity for a number of those customers to continue to grow.

但我們確實看到整個行業有很多活動，這實際上是由新出口的開放所推動的，這為許多客戶創造了繼續成長的機會。

I appreciate that. And then maybe shifting over to data center investment. You did mention AI factories in Europe. But when we're thinking about the go-forward outlook for your investments there, are we seeing the size of campuses increase, just given the tailwinds that we're seeing in the sector? Or should we just continue to assume more of a cluster with a phased expansion?

我很感激。然後也許轉向數據中心投資。您確實提到了歐洲的人工智慧工廠。但是，當我們考慮你們在那裡的投資前景時，考慮到我們在該行業看到的順風，我們是否會看到校園規模擴大？或者我們應該繼續假設一個具有分階段擴展的集群？

Well, it depends on the customer. I mean, we have a particular skill in a number of business for building campus-style data centers, and we have a number of those land banks for those in place. But we are a solution provider for the large hyperscalers for some of those significant projects that they're looking to bring on and particularly find power solutions and bring them to service quickly.

嗯，這取決於客戶。我的意思是，我們在建造校園式資料中心的多項業務方面擁有特殊技能，我們擁有大量可用於建造校園式資料中心的土地儲備。但我們是大型超大規模企業的解決方案供應商，為他們尋求開展的一些重要專案提供解決方案，特別是尋找電源解決方案並快速投入使用。

So because we are in that world, it is possible that we may bring in some large-scale projects as well. Those will probably be done on a bespoke basis outside of some of our existing platforms, but that's something that absolutely we're focused on.

因此，因為我們身處那個世界，所以我們也有可能引入一些大型專案。這些可能會在我們現有的一些平台之外以客製化的方式完成，但這絕對是我們關注的重點。

Amber Zhao, Citi.

花旗銀行的 Amber Zhao。

It's Ryan Levine, Citi. A couple of questions. In terms of -- can you speak more broadly about your general interest in assets that have both renewable assets and more traditional energy infrastructure and, if you were to pursue that type of deal, how that would work within the Brookfield umbrella?

我是花旗銀行的瑞安‧萊文 (Ryan Levine)。有幾個問題。就此而言——您能否更廣泛地談談您對同時擁有可再生資產和更傳統能源基礎設施的資產的總體興趣，以及如果您要進行此類交易，那麼在 Brookfield 的保護傘下它將如何運作？

Sorry, Ryan. I missed just one of the words there. What kind of midstream assets were you saying?

抱歉，瑞安。我只漏掉了那裡的一個字。您說的是哪一種中游資產？

Not midstream assets. If you're looking at an energy infrastructure company that had both traditional energy infrastructure assets as well as renewable assets, how you could evaluate that within the broader umbrella of Brookfield and BIC.

不是中游資產。如果您正在尋找一家同時擁有傳統能源基礎設施資產和再生資產的能源基礎設施公司，那麼您如何在 Brookfield 和 BIC 的更大範圍內進行評估。

I see. Well, look, I guess it depends on the situation. To the extent that it's a regulated-type utility that might have an integrated business of both conventional renewable assets, that might fall within our purview or maybe our super core fund's purview.

我懂了。嗯，看，我想這取決於具體情況。如果它是一家受監管的公用事業公司，可能擁有傳統可再生資產的綜合業務，那麼它可能屬於我們的職權範圍，或者可能是我們的超級核心基金的職權範圍。

But to the extent that it was a business that was similar to some of the opportunities that were being pursued a year or two ago in Australia around transitioning conventional generation businesses, i.e., coal, into renewables, then that's something that Brookfield Renewable would likely focus on.

但如果這項業務與一兩年前澳洲正在尋求的將傳統發電業務（即煤炭）轉變為再生能源的一些機會類似，那麼布魯克菲爾德再生能源公司可能會專注於這項業務。

I think the main takeaway, though, putting aside what pocket of capital would fund a particular investment, is that within Brookfield, all our groups work very closely together. And we're able to leverage the skill sets that exist within the renewable group as well as the skill sets that exist within our midstream and utility businesses to source, originate, and complete either large or complicated transactions.

我認為，除了哪部分資金將用於資助某項特定投資之外，主要的收穫是，在 Brookfield 內部，我們所有的團隊都緊密合作。我們能夠利用再生能源集團現有的技能以及中游和公用事業業務現有的技能來尋找、發起和完成大型或複雜的交易。

And so that's something that takes place often. And probably -- and why your question is maybe is a good one is today, we are seeing that nexus where a lot of solutions, particularly for the data center sector are requiring a combination of both conventional fuels, i.e., gas, combined with renewables to complete the powering of the site.

這是經常發生的事情。並且可能 — — 您的問題也許是一個好問題，因為今天我們看到很多解決方案，特別是資料中心領域的解決方案，需要結合使用傳統燃料（即天然氣）和可再生能源來完成站點的供電。

So we are doing that. I think we have the best franchise in the globe for that. And hopefully, that will lead to a lot of transactions.

所以我們正在這麼做。我認為我們擁有全球最好的特許經營權。希望這能促成大量交易。

Appreciate that. And then one follow-up. In that vein, there's been headlines around AES. Is there any comments that you're able to make or anything you're willing to share around that potential opportunity?

非常感謝。然後進行一次跟進。出於這個原因，AES 成為了各大媒體的頭條新聞。對於這一潛在機會，您有何評論或願意分享什麼？

Yeah. As you know, we don't comment on transactions. And so there's nothing I can really say about that particular situation.

是的。如您所知，我們不對交易發表評論。所以對於這種特殊情況我真的無話可說。

That concludes today's question-and-answer session. I'd like to turn the call back to Sam Pollock for closing remarks.

今天的問答環節到此結束。我想請 Sam Pollock 做最後發言。

All right. Well, thank you, Liz, and thank you for everyone who joined our call this morning in the middle of summer. We hope you've enjoyed it so far and can take some further time off in August.

好的。好吧，謝謝你，莉茲，也感謝今天夏天早上參加我們電話會議的所有人。我們希望您到目前為止過得很愉快，並且可以在八月再休息一段時間。

And we look forward to providing you a full update at our Annual Investor Day event in Toronto on September 25. We look forward to seeing many of you there. And in the meantime, take care. Thanks.

我們期待在 9 月 25 日於多倫多舉行的年度投資者日活動上向您提供完整的最新消息。我們期待在那裡見到你們。同時，請多保重。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。