Brookfield Infrastructure Corp (BIPC) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Brookfield Infrastructure Partners LP Q3 2025 results conference call and webcast. (Operator Instructions) I would now like to hand the conference over to your speaker today, David Krant, Chief Financial Officer.

您好，感謝您的耐心等待。歡迎參加 Brookfield Infrastructure Partners LP 2025 年第三季業績電話會議和網路直播。（操作說明）現在我謹將會議交給今天的演講人，財務長大衛·克蘭特。

Thank you, Josh, and good morning, everyone.

謝謝你，喬希，大家早安。

Welcome to Brookfield Infrastructure Partners third quarter 2025 earnings conference call. As introduced, my name is David Krant and I'm the Chief Financial Officer of Brookfield Infrastructure.

歡迎參加 Brookfield Infrastructure Partners 2025 年第三季財報電話會議。正如我之前介紹的，我叫大衛‧克蘭特，我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, as well as Ben Vaughan and Dave Joynt, who will be available for the question-and-answer portion of the call.

今天與我一同出席的還有我們的執行長薩姆·波洛克，以及本·沃恩和戴夫·喬伊特，他們將在電話會議的問答環節中回答問題。

I'll begin today with a discussion of our third quarter 2025 financial and operating results followed by a discussion of our financing activity and strong balance sheet position.

今天我將首先討論我們 2025 年第三季的財務和營運業績，然後討論我們的融資活動和強勁的資產負債表狀況。

I'll then hand the call over to Sam, who'll provide an update on our strategic initiatives and conclude with an outlook for the business.

然後我會把電話交給 Sam，他會介紹我們的策略舉措的最新進展，並展望公司未來的發展前景。

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, which is available on our website.

在此，我想提醒各位，我們今天在發言中可能會發表一些前瞻性聲明。這些聲明存在已知和未知風險，未來結果可能與這些聲明有重大差異。有關已知風險因素的更多信息，我建議您查閱我們最新的年度報告（表格 20），該報告可在我們的網站上查閱。

Brookfield Infrastructure had another solid quarter, achieving strong financial results and executing on our strategic initiatives.

Brookfield Infrastructure 又迎來了一個穩健的季度，取得了強勁的財務業績，並成功執行了我們的策略計劃。

Beginning with our financial and operating results, we generated third quarter funds from operations, or FFO of $654 million or $0.83 per unit. This was 9% higher compared to the previous year, driven primarily by strong organic growth, highlighting the financial strength and stability of our base business.

首先來看我們的財務和營運業績，我們第三季營運資金（FFO）為 6.54 億美元，每單位 0.83 美元。與上年相比成長了 9%，主要得益於強勁的內生成長，凸顯了我們基礎業務的財務實力和穩定性。

These results were delivered despite FFO contributions forgone following a year of record asset sales and then only a partial contribution from the new investments we've made.

儘管在創紀錄的資產出售後，FFO 貢獻有所減少，而且我們進行的新投資也只貢獻了一部分，但我們仍然取得了這些表現。

Turning to our results by segment, our utilities generated FFO of $190 million slightly ahead of the prior year.

以業務部門來看，我們的公用事業業務產生的 FFO 為 1.9 億美元，略高於去年同期。

Results benefited from inflation indexation in addition to contributions from over $450 million of capital added to the rate base.

除了利率基礎新增超過 4.5 億美元的資本外，通膨指數化也對結果有所貢獻。

The strong underlying performance was partially offset by higher borrowing costs and the sale of our Mexican regulated natural gas transmission business in the 1st quarter of this year.

強勁的基本面表現被更高的借貸成本以及今年第一季出售我們在墨西哥的受監管天然氣輸送業務的部分抵消。

Moving to our transport segment, FFO was $286 million for the quarter. Headline results are lower than last year due to the sale of our interest in our Australian export terminal DBI and the sell down of stabilized containers within our global intermodal logistics business. After adjusting for these capital recycling initiatives, our results were slightly ahead of the prior year.

再來看我們的運輸業務，該季度的FFO為2.86億美元。由於出售了我們在澳洲出口碼頭 DBI 的權益以及減少了我們全球多式聯運物流業務中穩定貨櫃的數量，主要業績低於去年。考慮到這些資本循環利用計劃，我們的業績略好於前一年。

The solid underlying performance reflected strong volumes across our networks and rate increases on our rail networks and toll roads.

穩健的基礎業績反映了我們各網路的強勁貨運量以及鐵路網和收費公路的費率上漲。

Our midstream segment generated FFO of $156 million representing a 6% increase over the same period last year.

我們的中游業務部門創造了 1.56 億美元的 FFO，比去年同期成長了 6%。

We experienced strong customer activity levels and asset utilization across our portfolio, particularly at our Canadian diversified midstream operation.

我們的投資組合中客戶活躍度和資產利用率都非常高，尤其是在加拿大多元化中游業務方面。

Notably, we completed the acquisition of Colonial Enterprises this quarter. The partial earnings contributions were offset by the lost income associated with the sale of our US gas pipeline in the second quarter of this year.

值得一提的是，我們本季完成了對 Colonial Enterprises 的收購。今年第二季度，由於出售美國天然氣管道而造成的收入損失，部分收益貢獻被抵銷了。

Lastly, FFO from our data segment was $138 million representing a step change increase of over 60% compared to the prior year.

最後，我們數據部門的 FFO 為 1.38 億美元，與前一年相比實現了超過 60% 的飛躍式增長。

The increase is driven by a full quarter contribution from the tech and acquisition of a tower portfolio in India completed last year, as well as strong organic growth across our data storage businesses.

這一成長主要得益於去年完成的印度鐵塔資產組合收購以及技術和收購業務的全面貢獻，以及我們資料儲存業務的強勁內生成長。

This growth included income earned by our developers, the commissioning of 80 megawatts of capacity at our hyperscale data centers, and 45 megawatts of new billings initiated at our US retail co-location data center operation.

這項成長包括我們開發商獲得的收入、我們超大規模資料中心新增的 80 兆瓦容量，以及我們在美國零售託管資料中心營運中新增的​​ 45 兆瓦計費。

Before turning the call over to Sam, I'd like to introduce to provide an update on recent financing activity.

在將電話轉給 Sam 之前，我想先介紹一下最近的融資活動。

Debt capital markets remained favorable during the quarter with significant new issuance activity and further tightening in credit spreads. During the period we completed financing to enhance our liquidity, support growth initiatives, and refinance near term maturities. This included a $700 million corporate issuance of medium term notes in September. The issuance had a weighted average interest rate of approximately 4% and was and was priced at the tightest credit spreads in our history.

本季債務資本市場仍維持良好態勢，新債發行活動顯著，信用利差進一步收窄。在此期間，我們完成了融資，以增強流動性、支持成長計劃並為近期到期債務進行再融資。其中包括9月發行的7億美元中期債券。此次發行的債券加權平均利率約為 4%，且定價是我們史上最窄的信用利差。

As a result of our proactive approach to refinancing, less than 1% of our non-recourse debt is maturing over the next 12 months.

由於我們採取了積極主動的再融資方式，未來 12 個月內到期的無追索權債務不到 1%。

We maintain a well laddered maturity profile with a weighted average maturity of approximately 7 years.

我們保持良好的階梯式到期結構，加權平均到期期限約為 7 年。

Our balance sheet remains well capitalized with liquidity at the end of the third quarter totaling $5.5 billion which includes $2.5 billion at the corporate level and over $1.4 billion in cash across our operating businesses.

我們的資產負債表資本充足，第三季末流動資金總額為 55 億美元，其中包括公司層級的 25 億美元和各營運業務的超過 14 億美元的現金。

This strong liquidity position positions us with the confidence to pursue a variety of growth opportunities as they arise.

充裕的流動性使我們有信心抓住各種成長機會。

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

我今天早上的發言到此結束。現在我將把電話交給薩姆。

Great, thank you David and good morning everyone.

太好了，謝謝你，大衛，大家早安。

For my remarks today I'm going to provide an update on our transaction activity and then I'll conclude with an outlook for our business.

今天，我將首先報告我們的交易活動情況，然後展望一下我們未來的業務發展。

Now starting with investments, we've already met our deployment objective for the year, securing 6 new investments totaling over $1.5 billion.

現在從投資方面來看，我們已經實現了今年的投資目標，獲得了 6 項新投資，總額超過 15 億美元。

This quarter we secured 3 new investments across diverse regions and sectors whereby Bip will deploy approximately $225 million in total.

本季度，我們在不同的地區和產業中獲得了 3 項新的投資，Bip 將總共投入約 2.25 億美元。

The first investment is a $1.3 billion dollar enterprise value New Zealand natural gas infrastructure operation.

第一項投資是價值 13 億美元的紐西蘭天然氣基礎設施項目。

The business primarily operates a leading gas transmission, distribution and storage business that's comprised of regulated and long-term contracted revenues with inflation indexation.

該企業主要經營領先的天然氣輸送、分銷和儲存業務，其收入由受監管的長期合約收入構成，並根據通貨膨脹指數進行調整。

This value-based acquisition is highly cash generative, resulting in a short payback period of approximately 7 years.

這項基於價值的收購具有很高的現金流產生能力，投資回收期約為 7 年。

We expect the transaction to close in the second quarter of next year subject to customary regulatory approvals.

我們預計交易將於明年第二季完成，但需獲得慣例監管部門的批准。

Now the second acquisition is a $1 billion enterprise value company that is a South Korean industrial gas business that supplies industrial gasses to industry leading and investment grade semiconductor manufacturers.

此次收購的第二家公司是韓國工業氣體企業，企業價值達 10 億美元，主要向行業領先且具有投資價值的半導體製造商供應工業氣體。

The majority of the business is underpinned by 20-year minimum take or pay off take agreements with significant cost passthroughs.

大部分的業務都以至少 20 年最低限度承購或償付協議為基礎，並包含大量的成本轉嫁。

This transaction is expected to close later this quarter.

預計該交易將於本季晚些時候完成。

And then lastly we've secured our first AI related project under a newly established $5 billion framework agreement with Bloom Energy to install up to 1 gigawatt of behind the meter power solutions for data centers and AI factories.

最後，我們與 Bloom Energy 簽署了一項價值 50 億美元的新框架協議，獲得了我們第一個與人工智慧相關的項目，為資料中心和人工智慧工廠安裝高達 1 吉瓦的表後電力解決方案。

This project provides a hyperscale customer with 55 megawatts of behind the meter power for an AI data center in the United States.

該計畫為美國一家超大規模客戶提供 55 兆瓦的表後電力，用於其人工智慧資料中心。

Now with respect to cap recycling.

現在來說說瓶蓋回收的問題。

The momentum in our asset sale program has continued.

我們的資產出售計劃勢頭持續強勁。

During the quarter we progressed a number of initiatives and we've now generated over $3 billion in proceeds for the year and are on track to achieve a further $3 billion over the next 12 to 18 months.

本季我們推進了多項舉措，今年已創造超過 30 億美元的收益，並預計在未來 12 至 18 個月內再實現 30 億美元的收益。

One of the most significant asset sales completed in mid October was the partial sale of our North American gas storage platform and what is the largest IPO in the TSX since May of 2022.

10 月中旬完成的最重要的資產出售之一是部分出售我們的北美天然氣儲存平台，這是自 2022 年 5 月以來多倫多證券交易所規模最大的 IPO。

In total we raised CAD810 million and BIP's share of the net proceeds from the offering was approximately USD230 million.

我們總共籌集了 8.1 億加元，BIP 從此次發行中獲得的淨收益約為 2.3 億美元。

Since the formation of Rock Point, which is our natural gas business.

自 Rock Point 成立以來，我們便開始了天然氣業務。

Which was done through a series of acquisitions. EBITA has grown by more than 4 times, driven by operational improvements and favorable market fundamentals.

這是透過一系列收購實現的。受營運改善和有利的市場基本面推動，息稅前利潤成長超過 4 倍。

As a result of various strategic initiatives which enhance the stability and quality of earnings along with the sale of two non-core assets in 2023.

由於採取了各種策略性舉措，提高了獲利的穩定性和質量，並在 2023 年出售了兩項非核心資產。

We have now realized that 3.2 times multiple on our invested capital while continuing to own a significant interest in the business.

我們現在已經實現了投資資本的 3.2 倍回報，同時我們仍然持有該公司的大量股份。

Now the outlook for Brooklyn infrastructure for the balance of the year and looking into next year remains favorable.

現在看來，布魯克林基礎設施在今年剩餘時間和明年的前景仍然樂觀。

As mentioned at our recent investor day in September, we believe this is at an inflection point in its growth profile.

正如我們在9月份的投資者日所提到的，我們認為該公司正處於成長曲線的轉折點。

Each of our new investments this year is expected to deliver returns above our 12% to 15% target range, and it's backed by credible business plans that support potential upside returns over 20%.

我們今年的每項新投資預計都能帶來超過 12% 至 15% 目標範圍的回報，並且都有可靠的商業計劃支持，這些計劃有望帶來超過 20% 的潛在回報。

We also have a robust pipeline of new investment opportunities across each of our existing segments driven by the long-term mega trends that we talked about many times in the past of digitalization, deglobalization, and decarbonization.

我們也擁有強大的新投資機會儲備，涵蓋我們現有的各個領域，這些機會是由我們過去多次談到的數位化、去全球化和脫碳等長期大趨勢所驅動的。

We're also seeing a significant new growth vertical emerging from the rapid buildout of AI infrastructure, a $7 trillion opportunity set that remains in its early stages and continues to expand.

我們也看到，隨著人工智慧基礎設施的快速建設，一個重要的全新成長垂直領域正在湧現，這是一個價值 7 兆美元的機會領域，目前仍處於早期階段，並且還在不斷擴大。

We expect to deploy up to $500 million annually into AI related infrastructure in the coming years with AI factories and behind the meter power solutions representing a natural compelling extension of our investment activities.

我們預計未來幾年每年將投入高達 5 億美元用於人工智慧相關基礎設施，而人工智慧工廠和用戶側電力解決方案是我們投資活動的自然延伸。

These growth factors paired with a macroeconomic backdrop that is trending very favorably set the stage for BIP's FFO per unit growth to inflect higher.

這些成長因素，再加上宏觀經濟情勢非常有利，為BIP的單位FFO成長走高奠定了基礎。

So that concludes my remarks, and I'll pass it back to Josh to open the line for a Q&A.

我的發言到此結束，接下來我將把發言權交還給喬希，讓他開始問答環節。

Thank you. (Operator Instructions) Maurice Choy, RBC Capital Markets.

謝謝。（操作員說明）Maurice Choy，RBC Capital Markets。

Thank you and good morning everyone. If I could just start off with the capital deployment opportunities, it is clear that data infrastructure and energy have been quite thematic of late and that's consistent with your fuel Day messaging. Just your thoughts on the rising competition for these types of assets, and if you could break it down, whether that be types of, sub-sectors within the new vertical or even geographically, what does that mean to your ability to source these opportunities?

謝謝大家，大家早安。如果我能先談談資本部署機會，很明顯，數據基礎設施和能源最近一直是熱門話題，這與你們的燃料日資訊是一致的。您如何看待這類資產日益激烈的競爭？如果您能具體分析一下，無論是按類型、新垂直領域的子行業還是按地理位置劃分，這對您尋找這些機會的能力意味著什麼？

Hi, Maurice, this is Sam. I'll tackle that one. I think what we flagged that investor day and I guess what we, I think we've talked about for a number of years now is that we, have seen, significant, increase in the number of opportunities to deploy capital, particularly in the data sector and in sectors impacted by digitalization, and you're right that, there's always there are new players. Who are competing for those opportunities with us and and frankly over the last you know 15-20 years, we've seen new entrance into the infrastructure sector you know we remain confident that you know because we have a global franchise and access to you know the most significant amounts of capital of any player that you know we we.

你好，莫里斯，我是山姆。我會回答這個問題。我認為我們在投資者日上強調的，而且我想我們這些年來也一直在討論的，是我們看到資本部署機會顯著增加，尤其是在數據領域和受數字化影響的領域，你說得對，總會有新的參與者。誰在跟我們競爭這些機會？坦白說，在過去的15到20年裡，我們看到了新的企業進入基礎設施領域，但我們仍然充滿信心，因為我們擁有全球特許經營權，並且能夠獲得比任何其他企業都多的資金。

Remain, with a distinct advantage in sourcing, the best opportunities to deploy capital and, in sectors and and regions where, capital is plentiful. We'll avoid entering those cost of capital shootouts and look for areas where, capital is more scarce or where people are looking for, partners that they can rely on and have trust in, to be long-term counterparts and those are the things that I think historically made it successful and I think, today, many of the large. You know tech companies who are making significant investments, in the many billions of dollars they're looking for players like us that that they can have confidence in to deliver the projects and be there for them.

保持明顯的資源優勢，抓住最佳的資本部署機會，尤其是在資本充裕的產業和地區。我們將避免陷入資本成本的激烈競爭，轉而尋找資本更稀缺的領域，或人們正在尋找可以依靠和信任的長期合作夥伴的領域。我認為，這些因素在歷史上是成功的關鍵，而且我認為，如今許多大型企業也正是憑藉這些因素取得成功的。你知道，科技公司正在進行數十億美元的巨額投資，他們正在尋找像我們這樣的公司，希望找到能夠交付專案並為他們提供支援的公司。

Through thick and thin, so I know that was probably a bit of a general answer to your question, but I think hopefully you get the tone that yes there are new players, however, the opportunity set is still very large and our and our specific expertise and. And skill sets, position us to get the best returns and not be competed down to the lowest common denominator which is, I think what you're worried about and I don't think that's an issue.

無論順境或逆境，我知道這可能只是對你問題的籠統回答，但我希望你能明白我的意思：是的，有新的參與者，但是，機會仍然非常多，而且我們擁有獨特的專業知識。技能組合使我們能夠獲得最佳回報，而不會陷入最低水平的競爭，我認為這才是你所擔心的，但我認為這不是問題。

No, that's a great color and thank you for that. If I could just finish off with the com question about the LP unit repurchases and the establishment of the ATM program for the BIP shares. I want to get your view about the timing of any action and also what the success for both these two actions and programs look like in your, in your view? How do you measure that, over what time period would you measure that? And conversely, what would be an unsuccessful outcome.

不，這個顏色很棒，謝謝你的讚美。如果我能以關於有限合夥單位回購和BIP股份ATM計劃建立的com問題作為結尾的話。我想了解您對採取任何行動的時機有何看法，以及您認為這兩項行動和計劃的成功標準是什麼？如何衡量這一點？需要測量多久才能達到這個目標？反之，失敗的結果又是什麼呢？

Hey Maurice, it's David. I can start, look, I think at this point, as you would have seen in our release, it's something we're contemplating, at this time, we still have, obviously filing to do to be in a position to execute the program, so I'll just caveat with that first, I think.

嘿，莫里斯，我是大衛。我可以先從這一點說起，你看，我認為目前，正如你在我們的新聞稿中看到的，這是我們正在考慮的事情，目前，我們顯然還需要提交一些文件才能執行該計劃，所以我首先要說明這一點。

The key point in, I don't think we'll get into measuring success or or failure of the program. I think what we're looking to do and one of our objectives has been to increase the liquidity of BIP, and I think that is.

關鍵在於，我認為我們不會去衡量這個專案的成功或失敗。我認為我們正在努力實現的目標之一就是提高 BIP 的流動性，我認為這一點很重要。

In essence, what the announcement today will look to do if we go ahead with it, and I think we, given the success we've had on the capital recycling front, we don't need the capital. So issuing BIP under an ATM on its own isn't helpful to the business. So we felt pairing it potentially with an NCIB would be a way to avoid any dilution to our existing shareholders and to our business. And so I think that was the ultimate intent of the program if we do decide to go ahead with it.

從本質上講，如果我們繼續推進今天的公告，它將要做的事情是，鑑於我們在資本循環利用方面的成功，我認為我們並不需要這筆資金。因此，單獨在 ATM 機下發行 BIP 對企業沒有幫助。因此，我們認為將其與 NCIB 結合起來，可以避免對現有股東和公司業務造成任何稀釋。所以，我認為如果我們決定繼續推進這個項目，那這就是它的最終目的。

And maybe just a quick follow-up and maybe this is also somewhat related to the float of BC shares is the secondary target also to perhaps tighten up the spread between the two securities.

或許可以快速補充一點，這可能也與BC股票的流通量有關，BC股票的流通量是次要目標，目的也可能是為了縮小兩種證券之間的價差。

Yeah, hi, Maurice. Look, we obviously don't know, what will happen, so that would be purely speculative, I think at this stage, we're just focused on the objective that they've mentioned, and.

嗨，莫里斯。你看，我們顯然不知道會發生什麼，所以這純粹是猜測。我認為現階段，我們只專注於他們所提到的目標。

We'll see what happens.

我們拭目以待。

Thank you very much.

非常感謝。

Devin Dodge, BMO Capital Markets.

Devin Dodge，BMO資本市場。

Yeah, thanks. Good morning. I wanted to start, with Rock Point. With the IPO now obviously completed, should we expect it to pursue more exits via the public markets going forward either for the midstream assets or across the broader portfolio, or was Rock Point more of a one-off?

嗯，謝謝。早安.我想先從岩點開始。既然 IPO 顯然已經完成，我們是否應該預期該公司未來會透過公開市場進行更多退出，無論是針對其中游資產還是更廣泛的投資組合，還是 Rock Point 只是一次性的退出？

Hi Devin, it's Sam here. Look, we've always had the public markets as a potential, exit strategy, we did do it with the DBI a number of years ago. You know I think you know we just considered as you know one of the tools in our toolkit to monetize assets and you know there for a period of time, there wasn't, the market conditions that allowed you know for good execution of IPOs I think that has changed and to the extent that you know the market remains open then. We would very much, look at it as a potential option. I, it doesn't change though.

嗨，德文，我是山姆。你看，我們一直把公開市場當作潛在的退出策略，幾年前我們確實透過DBI這麼做過。你知道，我們一直把公開市場視為我們資產變現工具之一。你知道，有一段時間，市場環境不利於IPO的順利進行，但我認為這種情況已經改變，只要市場保持開放。我們會認真考慮將其作為潛在選擇。但我，它並沒有改變。

Our views on favoring one or the other, it's really about execution, maximizing value, and basically position the companies themselves for future growth and success. So we weigh all those factors and, we were, thrilled with the with the outcome that we had and we think, Rockway's going to be an amazing company in the, Canadian markets for a long period of time.

我們對偏好哪一方的看法，實際上取決於執行力、價值最大化，以及從根本上來說，這決定了公司本身的未來發展和成功。因此，我們權衡了所有這些因素，對最終的結果感到非常滿意，我們認為，Rockway 將在很長一段時間內成為加拿大市場上非常優秀的公司。

Okay, thanks for that. Second question I wanted to ask about, Center square, Look, lots of progress after combining Evoke and Cyxtera. I think there were some more sites added more recently.

好的，謝謝。我想問的第二個問題是，中心廣場，看，在結合 Evoke 和 Cyxtera 之後取得了很大的進展。我認為最近又新增了一些網站。

Just wondering what's the investment thesis from here? Is this a platform that you're going to continue to add scale? Is there more, improvement opportunities, or has a lot of the heavy lifting already been done?

想知道接下來的投資邏輯是什麼？這是一個你們會繼續擴大規模的平台嗎？是否還有更多改進機會，還是大部分繁重的工作已經完成了？

Again, I'll start and I'll, Ben might jump in as well. Look, I think, we're just at the beginning. I think this is an unbelievable business and the opportunities, you have, haven't been more favorable, since we've owned it, which is, it sounds crazy given, how well it's done. I think, we've increased even of their 4x over the last number of years through acquisitions and.

我先開始，Ben 也可能會加入。你看，我覺得，我們才剛起步。我認為這是一個不可思議的生意，而且自從我們擁有它以來，你所擁有的機會從未如此有利，考慮到它做得如此出色，這聽起來確實很瘋狂。我認為，在過去幾年裡，我們透過收購等方式，甚至已經將他們的規模擴大了 4 倍。

Leasing of space, but what's really exciting is the fact that, many of these sites which are legacy telco sites are significantly overpowered and we have a tremendous number of under roof expansion opportunities that have built multiples in the, 3 or 4 times, which is just unheard of in the sector, so. We're going to take advantage of that. I think the, capital deployment opportunity in the business, Dave, correct me if I'm wrong, is in the order of magnitude of $300 million to $400 million over the next couple years of CapEx, and so you can kind of do the math.

租賃空間固然重要，但真正令人興奮的是，許多傳統電信站點的容量都嚴重過剩，我們有大量的室內擴容機會，其容量已經增長了 3 到 4 倍，這在業內是聞所未聞的。我們將利用這一點。戴夫，我認為，就目前業務而言，資本部署機會的規模大概在未來幾年的資本支出中達到 3 億至 4 億美元，如果我沒記錯的話，你可以自己算算。

On how much even that can drive. In fact, the option may even be bigger than that, probably under understanding it, but, I suffice it to say, and I know I'm running on here.

就算是這點動力又能發揮多大作用呢？事實上，這個選擇可能比這還要大，或許是因為我還沒完全理解它，但我只想說，我知道我在這裡有點離題了。

The company is incredibly well positioned. It's unique in the market in the sense that, there's not really many others who are serving, that smaller, 1 to 5 megawatt, demand from customers and, I think this, the the the explosion in in in AI. Inference and and agent models it's going to provide tons of customers along with the corporate customers so it's it's a great story and I think there's lots lots more to come.

這家公司擁有非常有利的地位。它在市場上獨樹一幟，因為很少有其他公司能夠滿足客戶較小的 1 至 5 兆瓦的需求，我認為這與人工智慧的爆發式成長有關。推理和代理模式將為包括企業客戶在內的大量客戶提供服務，所以這是一個很棒的故事，我認為未來還有很多發展空間。

Okay, great color. Appreciate it. I'll turn it over.

顏色很棒。謝謝。我把它翻過來。

(Operator Instructions) Patrick Sullivan, TD Cowen.

（操作說明）Patrick Sullivan，TD Cowen。

Good morning. Thanks for taking my question. Can you talk about the level of market interest you saw in the stabilized data center portfolio that you monetized during the quarter? And I guess how are you making decisions on the size of the portfolios you're bringing to market right now?

早安.謝謝您回答我的問題。能否談談您在本季實現變現的穩定資料中心投資組合的市場關注？那麼，您目前是如何決定推向市場的投資組合規模的呢？

Yeah I can I can start and it's David here and just to make sure I'll repeat the question I think it's around the sizing of our stabilized data center program and how we determine what to bring to market look I think this was just the first of of hopefully several programs that we undertake over the next few years data for in Europe had probably the largest operating portfolio of data centers when we acquired it, so it was a logical candidate. To be the first for our capital recycling initiatives within it.

是的，我可以開始了。我是大衛。為了確保萬無一失，我再重複一次問題。我認為這個問題與我們穩定的資料中心專案的規模以及我們如何決定將哪些專案推向市場有關。我認為這只是我們未來幾年內希望開展的幾個項目中的第一個。在歐洲，Data for 在我們收購它時可能擁有最大的營運資料中心組合，因此它是一個合乎邏輯的選擇。成為我們資本循環利用計畫中的先行者。

As you would have seen, it was over 200 megawatts of operating sites. They weren't all commissioned, so we still have some build up to complete. So think of it as a bit more of a program where over time we'll continue to execute on the sites as we commission them, but essentially we were able to.

正如你所看到的，營運站點的裝置容量超過 200 兆瓦。這些項目並非全部都已委託，所以我們還有一些建設工作需要完成。所以，你可以把它看作是一個項目，隨著時間的推移，我們會繼續按照委託的方式在網站上執行項目，但從本質上講，我們已經能夠做到了。

To identify the program in terms of the perimeter of assets that we felt would be either revenue generating today or generating the next 6 to 12 months, and we felt that for it was about a $1.4 billion dollar equity check we thought that was the right size in the market in Europe to target, financial investors to come in and partners to join us. To own these types of assets and we're seeing significant demand for this return profile, in the market. So as I said, Europe will be the first of our programs and we'll look to replicate that in other markets as well.

為了確定該專案的資產範圍，我們認為這些資產要么今天就能產生收入，要么在未來 6 到 12 個月內產生收入。我們認為，約 14 億美元的股權投資是歐洲市場上合適的規模，可以吸引金融投資者和合作夥伴加入我們。擁有這類資產，我們看到市場對這種報酬模式的需求很大。正如我所說，歐洲將是我們計畫的第一個試點地區，我們也會考慮在其他市場複製這個模式。

Yeah, the only thing I'd add is, we return capital, two ways. One is through, issuance of ABS, securities, which we do very programmatically, almost monthly it feels like, but it's just say quarterly, as the facilities get established, and then similarly, we'll, our goal would be to. As facilities get completed to programmatically sell down, pieces of the equity, quarterly or semiannually as they get built because that's, that will be what the profile will look like over the next number of years.

是的，我唯一要補充的是，我們以兩種方式回饋資金。一種方法是透過發行資產支持證券（ABS），我們以非常程序化的方式進行這項工作，感覺幾乎每月一次，但實際上只是按季度進行，隨著相關機制的建立，我們的目標是類似地，以此類推。隨著設施的建成，股權將按計劃逐步出售，並按季度或半年出售，因為這就是未來幾年該資產的組成。

Okay, great, thanks. And then I guess more on data center stuff. So like, in a recent Brookfield podcast on the data for deal, and it discussed that Europe has one of the largest infrastructure gaps relative to the other regions and essentially no sovereign compute. And you've made some announcements related to these sovereign compute opportunities, but can you just talk about, some of the differences between that sovereign compute opportunity set versus the more hyper scale AI lab driven opportunity set that we see in the United States? Is there anything there to, contrast and compare between the two?

好的，太好了，謝謝。然後我想應該還會涉及資料中心方面的內容。例如，在最近 Brookfield 的一期關於交易數據的播客中，他們討論了歐洲相對於其他地區而言，基礎設施差距最大，基本上沒有自主運算能力。您已經就這些主權計算機會發布了一些公告，但您能否談談這些主權計算機會與我們在美國看到的由超大規模人工智慧實驗室驅動的機會之間的一些區別？兩者之間有什麼可以比較和比較的地方嗎？

Yeah, look, I think the I think they're both very exciting, for us, we've had a focus on the sovereign compute, primarily because, as I kind of alluded to, in some earlier answers, it, it's a way to use our particular skill set to create bilateral.

是的，你看，我認為它們對我們來說都非常令人興奮。我們一直專注於主權計算，主要是因為，正如我在之前的一些答案中提到的，這是一種利用我們特殊技能組合來創建雙邊關係的方式。

Transactions in the sector where we can, come up with more complex solutions for, governments, to bring all the various players together to solve, what for them is a sovereign issue in the sense that they want to retain, data as well as AI capabilities in their home markets and not be dependent on just all the US, hyper scales.

在這一領域，我們可以提出更複雜的解決方案，供各國政府使用，將所有不同的參與者聚集在一起，解決對他們來說是一個主權問題的問題，因為他們希望在自己的國內市場保留數據和人工智慧能力，而不是僅僅依賴美國的超大規模企業。

And so it really is a distinct market obviously we still focus on servicing our hyperscale customers but you know we thought we could create kind of a niche market for ourselves working with you know today is probably 6 or 7 sovereign nations on building.

所以這確實是一個獨特的市場，顯然我們仍然專注於服務我們的超大規模客戶，但你知道，我們認為我們可以為自己創造一個利基市場，與如今可能 6 或 7 個主權國家合作進行建設。

You know smaller but more dedicated facilities for their own needs and you know we're we're excited about the progress we've made you know the only drawback to it is often you know dealing with sovereigns tends to be a bit slower and you know the the investment cycle has probably taken longer than you know we might have thought initially but but we're excited about. The projects we're working on and we hope to have announcements, in the coming quarters.

你知道，規模較小但更專門的設施是為了滿足他們自身的需求，你知道，我們對取得的進展感到興奮，你知道，唯一的缺點是，你知道，與主權國家打交道往往比較慢，你知道，投資週期可能比我們最初預想的要長，但我們對此感到興奮。我們正在進行一些項目，希望在接下來的幾個季度發布相關公告。

Great, thanks. I'll get back in the queue.

太好了，謝謝。我重新排隊。

Okay. Thank you. I would now like to turn the call back over to Sam Pollock for any closing remarks.

好的，謝謝。現在我想把電話轉回給薩姆·波洛克，請他作總結發言。

Looks like there's one more question we can take.

看來我們還可以再回答一個問題。

Frederic Bastien, Raymond James.

弗雷德里克·巴斯蒂安，雷蒙德·詹姆斯。

Thanks for taking my question. I appreciate it. Guys, are you able to quantify the organic growth rates, your various data businesses are enjoying and.

謝謝您回答我的問題。謝謝。各位，你們能否量化一下你們各個數據業務的自然成長率？

And how would these be tracking versus your underwriting assumptions?

這些結果與您的承保假設相比如何？

But we're happy to start at David here I think look I think the overarching theme across the data businesses and maybe we'll stick to towers. And transmission and then data centers are two separate categories I'd say on the transmission and and tower side I'd say are.

但我們很高興從大衛這裡開始，我認為，我認為貫穿數據業務的整體主題，也許我們會堅持使用數據塔。傳輸設施和資料中心是兩個不同的類別，我認為在傳輸和塔架方面是不同的。

I would say that's a much more predictable stable execution of our backlog there we are building out towers for our customers in France and Germany, some in India as well in terms of of rooftops antennas. So I'd say that the case there is much more predictable and I'd say it's slightly ahead of underwriting but generally in line. So that's going well on.

我認為，就屋頂天線而言，我們在法國和德國為客戶建造塔架，在印度也有一些塔架，這樣可以更穩定地執行我們的積壓訂單。所以我認為，那裡的情況更容易預測，而且我認為它略微領先於承保範圍，但總體上是合理的。一切進展順利。

When we bought these hyper scale platforms we underwrote, a land bank that they had, in place, and we've executed and continue to execute that on schedule and on pace. I think we're excited about what the next call it what we'd call the shadow backlog looks like in these businesses where, we could see up to 1 gigawatt across the globe of of new projects coming. In the coming years and that that is something we never underwrote so the pace of growth and organic growth in those businesses will be dramatic like the percentage I don't think is that meaningful because it's coming from such a small base in these in these platforms, but that's what you're starting to see come through the numbers I think in the last year alone, Fred, we've commissioned 175 megawatts across the globe which is which is pretty impressive.

當我們收購這些超大規模平台時，我們對其擁有的土地儲備進行了承銷，我們已經按計劃和進度執行了這些土地儲備，並將繼續執行這些土地儲備。我認為我們對這些產業接下來所謂的「影子積壓」計畫會是什麼樣子感到興奮，我們可能會看到全球高達 1 吉瓦的新計畫即將到來。未來幾年，我們從未預料到這些業務的成長速度和自然成長速度將會非常迅猛，而百分比我認為意義不大，因為這些平台的基數非常小，但這就是你開始從數字中看到的情況。弗雷德，僅去年一年，我們就在全球範圍內完成了 175 兆瓦的裝置容量，相當令人印象深刻。

That's a great color. Thanks, David. Just building on that, you flagged some promising AI factory opportunities shaping up for a bit during your investor day and I was wondering if there these are along the lines of the partnership you signed with Bloom Energy to install BTM solutions or do they vary depending on the partnership you're you're pursuing.

這個顏色真好看。謝謝你，大衛。在此基礎上，您在投資者日上提到了一些很有前景的人工智慧工廠機會，我想知道這些機會是否與您和 Bloom Energy 簽署的安裝 BTM 解決方案的合作類似，還是會根據您正在尋求的合作關係而有所不同。

Hey, Brent, look, as you can imagine they vary, I think there are some that, are very similar to the Bloom Energy arrangement where, we're facilitating, capital needs for a num number of the data center and hyperscale or.

嘿，布倫特，你看，正如你所想，它們各不相同，我認為有些與 Bloom Energy 的安排非常相似，我們正在為一些資料中心和超大規模資料中心提供資金支持。

Companies, to finance all the cap you know that they need to to put into these data centers, but then, obviously, building out a AI factories is is going to be a different type of arrangements and, we expect that probably to be, the majority of what we do in our AI activities.

公司需要為資料中心投入所需的全部資金，但顯然，建造人工智慧工廠將是一種不同的安排，我們預計這可能是我們在人工智慧活動中所做的大部分工作。

That's great. Thank you. I'll turn it over.

太好了，謝謝。我把它翻過來。

Right. Thanks. Okay, so I think that's probably it. I'm glad we got Fred in there. So, yeah, thank you, operator Josh, for today and thank you to everyone on the call for joining us. I know this is our last call before the end of the year, so on behalf of everyone here at Brick Infrastructure, we'd like to wish you a healthy and happy upcoming holiday season. And we look forward to providing you more updates on the 4th quarter and year end results, early in the new year. So take care. Thanks.

好的，謝謝。好的，我想大概就是這樣了。很高興弗雷德能參與其中。所以，是的，謝謝接線員喬許今天幫忙，也謝謝所有參加電話會議的人。我知道這是我們在年底前的最後一次電話，因此，我謹代表 Brick Infrastructure 的全體員工，祝您即將到來的假期健康快樂。我們期待在新年伊始，向您提供更多關於第四季度和全年業績的最新消息。所以請多保重。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝各位的參與。您現在可以斷開連線了。