Brookfield Infrastructure Corp (BIPC) 2025 Q4 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加布魯克菲爾德基礎設施合夥公司2025年第四季業績電話會議及網路直播。 （操作說明）請注意，本次會議正在錄音。

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

現在我把會議交給今天的發言人，財務長大衛·克蘭特。請開始吧。

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

謝謝莉茲，大家早安。歡迎參加布魯克菲爾德基礎設施合夥公司2025年第四季財報電話會議。

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 our Chief Operating Officer, Ben Vaughan. Also with us today is Dave Joynt, a Managing Partner; and Udhay Mathialagan, Head of our Global Data Center businesses.

如大家介紹的，我叫大衛‧克蘭特，是布魯克菲爾德基礎設施公司的財務長。今天與我一同出席的還有我們的執行長薩姆·波洛克和營運長本·沃恩。此外，管理合夥人戴夫·喬恩特和全球資料中心業務負責人烏代·馬蒂亞拉甘也出席了今天的活動。

I'll begin the call today by highlighting our results for 2025, followed by a recap of our record year of capital recycling. I'll then hand the call over to Udhay who will elaborate on our approach to AI infrastructure investing and how we have been able to turn sector tailwinds into durable value for unit holders.

今天，我將首先重點介紹我們2025年的業績展望，隨後回顧我們創紀錄的資本循環使用年份。之後，我會將電話交給Udhay，他將詳細說明我們對人工智慧基礎設施的投資策略，以及我們如何將產業利好轉化為對基金持有人的持久價值。

Finally, Sam will provide an update on our recent investments before concluding with an outlook of the business.

最後，Sam 將介紹我們最近的投資情況，並展望公司前景。

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-F which is available on our website.

在此，我想提醒各位，我們今天的發言中可能包含一些前瞻性陳述。這些陳述受到已知和未知風險的影響，未來的實際結果可能與這些陳述有重大差異。如需了解已知風險因素的更多信息，建議您查閱我們網站上提供的最新年度報告（20-F 表格）。

2025 was another strong year for Brookfield Infrastructure. Our key accomplishments include exceeding our capital recycling target of $3 billion. investing approximately $2.2 billion of equity into growth initiatives and completing approximately $16 billion of financings to further derisk our operating company balance sheets.

2025年對Brookfield Infrastructure而言又是業績強勁的一年。我們的主要成就包括：超額完成30億美元的資本回收目標；向成長項目投入約22億美元的股權；以及完成約160億美元的融資，以進一步降低營運公司資產負債表的風險。

From a results perspective, we generated FFO comes from operations of $2.6 billion during 2025. Normalized for the impact of asset sales and foreign exchange, FFO increased 10% compared to 2024 in line with our target and reflective of our operational performance and the strength of our business. This result includes record FFO during the fourth quarter of $0.87 per unit.

從業績角度來看，我們2025年的營運FFO（營運資金）為26億美元。在剔除資產出售和匯率的影響後，FFO較2024年成長10%，符合我們的目標，並反映了我們的營運績效和業務實力。該業績包含第四季創紀錄的每單位0.87美元的FFO。

Given this performance, a conservative ratio for the year of 66% and a strong outlook for 2026, I'm pleased to report that the Board of Directors have approved a quarterly distribution increase of 6% to $1.82 per unit, on an annualized basis. This marks the 17th consecutive year of distribution increases of at least 5%.

鑑於目前的業績表現，以及66%的保守年度收益率預期和對2026年的強勁展望，我很高興地宣布，董事會已批准將季度分紅提高6%，達到每單位1.82美元（按年計算）。這標誌著公司連續第17年分紅增幅至少達5%。

I'll now go through the base business continued to perform well during the year. driven by inflation indexation across the portfolio and the contribution of roughly $500 million of capital commissioned into rate base over the last 12 months.

接下來我將介紹基礎業務，該業務在過去一年中繼續表現良好。這主要得益於投資組合的通膨指數化調整，以及過去 12 個月注入利率基礎的約 5 億美元資本。

Moving on to our Transport segment. FFO totaled $1.1 billion, in line with the prior year after normalizing from $1.8 billion of capital recycling initiatives. The loss of earnings from these sales was partially offset by higher revenues across our transportation networks, particularly in our rail and toll road segments where volumes and rates grew on average by 2% and 3%, respectively.

接下來是我們的運輸業務板塊。 FFO（營運資金）總計11億美元，與前一年持平，已扣除18億美元的資本回收計畫支出。這些銷售帶來的收益損失部分被運輸網絡收入的成長所抵消，尤其是在鐵路和收費公路板塊，貨運量和運價分別平均增加了2%和3%。

Our Midstream segment generated FFO of $668 million for the year, representing a 7% year-over-year increase. This growth reflects higher volumes and activity levels across our midstream assets particularly at our Canadian natural gas gathering and processing operations and our recently acquired US refined products pipeline system.

我們的中游業務部門全年實現FFO（營運資金）6.68億美元，年增7%。這一成長反映了我們中游資產（尤其是加拿大天然氣集輸加工業務和近期收購的美國成品油管道系統）的產量和營運水準的提高。

Lastly, FFO from our data segment was $502 million a step change increase over 50% compared to the prior year period. The increase is attributable to several new investments completed over the last 12 months, the most recent being our US bulk fiber network, which is now fully contributing to earnings. -- the fourth quarter.

最後，我們數據業務的FFO（營運資金）為5.02億美元，較上年同期成長超過50%。這一成長主要歸功於過去12個月完成的多項新投資，其中最近的一項是我們的美國光纖網絡，目前已全面貢獻於收益。 ——第四季。

In addition, we achieved strong organic growth across our data storage business, which included the commissioning of 220 megawatts of capacity at our hyperscale data center megawatts of new billings at our US retail colocation data center operations and income generated by our global data center developers. Our global data center platform now has development potential approximately 3.6 gigawatts, including contracted capacity of over 2.3 gigawatts today.

此外，我們的資料儲存業務實現了強勁的內生成長，其中包括超大規模資料中心新增220兆瓦容量、美國零售託管資料中心業務新增兆瓦計費以及全球資料中心開發商帶來的收入。目前，我們的全球資料中心平台擁有約3.6吉瓦的開發潛力，其中包括已簽約的超過2.3吉瓦容量。

Before turning it over to Udhay, I would like to briefly touch on our record liquidity which totaled $6 billion at the end of 2025 and included just under $3 billion at the corporate level. Contributing to this strong position was a record $3.1 billion in asset sale proceeds raised in 2025. We believe that the elevated pace of capital recycling will continue into the year ahead.

在將發言權交給烏代之前，我想簡要談談我們創紀錄的流動資金，截至2025年底，我們的流動資金總額達到60億美元，其中近30億美元為公司層面的流動資金。這項強勁的資金狀況得益於2025年創紀錄的31億美元資產出售所得。我們相信，這種高速的資本循環利用動能將在未來一年繼續維持。

We already have two transactions secured that crystallize attractive returns. The first which is we agreed to sell the largest of four concessions within our Brazilian electricity transmission operations. We expect proceeds of approximately $150 million net to BIP generating an attractive IRR of 45% and over 8 times multiple capital. closing for the transaction is expected at the end of the first quarter in 2026.

我們已敲定兩筆交易，可帶來可觀的報酬。第一筆交易是出售我們在巴西電力傳輸業務中四項特許經營權中最大的一筆。我們預期BIP將獲得約1.5億美元的淨收益，內部報酬率(IRR)將達到45%，資本報酬率(K)將超過8倍。該交易預計將於2026年第一季末完成。

Secondly, we formed a capital partnership for a portfolio of stabilized and under construction data centers in North America. Proceeds from the sale are expected to be used to support the buildout of our powered land bank within the business.

其次，我們為北美地區一系列已建成和建造的資料中心建立了資本合作夥伴關係。出售所得款項預計將用於支持公司內部電力基礎設施的擴建。

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

我今天早上的發言到此結束。現在我將把電話交給烏代。

Thank you, David, and good morning, everyone. AI is justifying dominating headlines with many bold predictions ranging from data centers and space to breakthrough in quantum computing that could one day redefine how the world operates.

謝謝你，大衛，大家早安。人工智慧正憑藉其諸多大膽的預測佔據各大媒體頭條，這些預測涵蓋了從資料中心和太空到量子運算突破等諸多領域，這些突破或許有一天會重新定義世界的運作方式。

At the same time, many are questioning the merits of the magnitude and velocity of capital flowing into AI and where the demand will materialize at a level that justifies this spending. The sheer scale of investment underway to build the physical backbone that makes AI possible is staggering.

同時，許多人質疑如此龐大且快速流入人工智慧領域的資本是否合理，以及未來在哪些領域會出現足以支撐如此巨額投資的需求。目前正在進行的用於構建人工智慧基礎設施的投資規模之大令人震驚。

In 2025 alone, corporates invested approximately $500 billion into AI-related infrastructure, with capital investment over the next two years expected to rise further. Much of this build-out is fundamental to the development of AI, enabling power intensive workloads to run reliably, securely and at scale in well-connected locations.

光是2025年，企業就已在人工智慧相關基礎設施上投資了約5,000億美元，預計未來兩年的資本投資將進一步成長。這些基礎設施建設對於人工智慧的發展至關重要，能夠確保高耗能工作負載在網路連接良好的環境中可靠、安全且大規模地運作。

The reality is driving a sustained wave of investment into the backbone infrastructure that enables AI, including data centeric capacity, good resiliency, power generation and transmission. The sector remains exposed to overbuilding, technological change and disruption.

現實情況是，對支撐人工智慧發展的骨幹基礎設施，包括資料中心容量、良好的彈性、發電和輸電等，需要持續的投資。但該產業仍面臨過度建設、技術變革和顛覆性創新帶來的挑戰。

With capital moving quickly, not all participants will be rewarded and there will be mistakes made. Our approach is designed to protect against such exuberance. Brookfield Infrastructure is applying a prudent risk-focused approach to participating in the build-out of AI infrastructure, maintaining strict guardrails to safeguard our capital.

由於資金流動迅速，並非所有參與者都能獲得回報，而且錯誤在所難免。我們的方法旨在防範這種過度樂觀。 Brookfield Infrastructure 採取審慎的風險導向策略參與人工智慧基礎設施建設，並設立嚴格的保障措施以保護我們的資金。

First, our development projects are underpinned by long-term contracts with favorable terms. We do not build speculatively and earn an attractive return within the initial contract period, mitigating technology risk. Second -- the second guardrail is that we selectively focus on the strongest investment-grade counterparties was some of the largest, well-capitalized and most profitable technology companies in the world.

首先，我們的開發案以條款優惠的長期合約為基礎。我們不進行投機性建設，而是在初始合約期間獲得可觀的回報，從而降低技術風險。其次，我們採取第二道保障措施，選擇性地與全球一些規模最大、資本最雄厚、獲利能力最強的投資等級交易對手合作。

Third, we concentrate on top-tier workload agnostic locations for our data centers. that can support the full spectrum of demand, reducing the risk of the single theme exposure and increases the durability of demand through cycles. The fourth is our disciplined strategy, we are deliberate in how much land and powered shelves we control and develop.

第三，我們專注於選擇頂級、與工作負載無關的資料中心位置，以支援各種需求，從而降低單一主題風險，並增強需求在週期性波動中的穩定性。第四，我們採取嚴謹的策略，謹慎控制和開發土地及電力機架的數量。

We have created a self-funding model that provides funding for future development and locks in attractive developed economics. -- as well as reduces the size of our platform while maintaining the benefits of scale. And fifth, we've matched the capital structure to the tenor of the contracted cash flows with a focus on preserving flexibility and ensuring that we can finance growth responsibly.

我們創造了一種自籌資金模式，既能為未來發展提供資金，又能鎖定極具吸引力的已開發經濟體優勢——同時還能在維持規模效益的同時縮小平台規模。第五，我們已將資本結構與合約現金流的期限相匹配，重點在於保持靈活性，並確保我們能夠以負責任的方式為成長提供資金。

To illustrate the benefits of our approach during 2025, we experienced exceptional demand at our data center platforms, securing record growth, commercialization, capital recycling and capital markets activities. For example, at our US core location data center business, we experienced 11 consecutive quarters of record bookings, and it's now fully utilized across several markets.

為了說明我們2025年策略的優勢，我們的資料中心平台需求異常強勁，實現了創紀錄的成長、商業化、資本循環利用和資本市場活動。例如，我們在美國的核心資料中心業務連續11個季度創下預訂量新高，目前已在多個市場實現滿載運轉。

During the quarter, we signed several large contracts at a data center in Illinois, achieving 100% occupancy and adding approximately $45 million of annual EBITDA on a run rate basis commencing later this year.

本季度，我們在伊利諾伊州的一個數據中心簽署了幾份大合同，實現了 100% 的入住率，並將於今年晚些時候開始按運行率增加約 4500 萬美元的年度 EBITDA。

Without investing any further equity, we acquired and added a 40 site data center portfolio at January 2024 to our existing business and subsequently increased EBITDA from a combined base of approximately $200 million to approximately $500 million on a contracted basis. The exciting part that the growth journey is expected to continue, led by high returning under-roof densification and in-footprint expansion capacity, which total over 600 megawatts of identified growth potential.

在未追加任何股權投資的情況下，我們於2024年1月收購並新增了包含40個資料中心的資產組合，並將其納入現有業務，隨後將EBITDA從約2億美元增至約5億美元（按合約計算）。更令人振奮的是，在高回報的室內資料中心密集化和現有設施擴容的推動下，這一成長勢頭預計將持續，目前已確定的成長潛力超過600兆瓦。

Across our global data center platform, we achieved a significant lease-up of our land bank during the fourth quarter, which is expected to be commissioned over the next three years. We executed agreements for approximately 800 megawatts of capacity predominantly in North America. The vast majority of these leases are with investment-grade customers and underpinned by long-term contracts.

在我們的全球資料中心平台上，第四季度我們大幅提高了土地儲備的租賃率，預計在未來三年內完成投產。我們簽署了約800兆瓦的容量協議，主要集中在北美地區。這些租賃協議絕大多數是與投資等級客戶簽訂的，並以長期合約為保障。

Since acquiring our North American and European platforms, our adherence to the guardrails outlined above has allowed us to maintain a consistent greenfield data center yield on cost. In 2025, we partnered on almost 850 megawatts of stabilized and operating sites in North America and Europe, crystallizing developer premiums and demonstrating strong demand.

自從收購北美和歐洲平台以來，我們始終堅持上述各項保障措施，從而確保了新建資料中心在成本方面保持穩定的收益。到了2025年，我們在北美和歐洲已建成近850兆瓦的穩定營運資料中心，實現開發商溢價，並展現強勁的市場需求。

Taken together, we hope these examples highlight both the strength of demand we are seeing and importance of disciplined execution converting demand into durable returns.

綜上所述，我們希望這些例子能凸顯我們所看到的強勁需求，以及將需求轉化為持久回報的嚴謹執行的重要性。

As AI workloads scale, the value well-located powered infrastructure intensifies. In this environment, scale, reliability and access to capital are differentiating factors to counterparties and we believe our global operating capabilities and long-standing relationships benefit us.

隨著人工智慧工作負載的規模不斷擴大，佈局合理的強大基礎設施的價值也日益凸顯。在這種環境下，規模、可靠性和資金獲取能力成為區別於競爭對手的關鍵因素，我們相信，我們強大的全球營運能力和長期合作關係將使我們受益匪淺。

Our risk-focused approach and strict adherence to guardrails will enable us to continue investing in the core infrastructure needed to deliver AI at scale while protecting our downside.

我們以風險為導向的方法和嚴格遵守各項保障措施，使我們能夠在保護自身下行風險的同時，繼續投資於大規模交付人工智慧所需的核心基礎設施。

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

今天早上我的演講到此結束，現在我將把電話交給薩姆。

All right. Thank you, David, That was great, and good morning, everyone. For my remarks today, I'm going to discuss some of our strategic initiatives and then conclude with an outlook for the year ahead.

好的。謝謝你，大衛。講得太好了，大家早安。今天，我將討論我們的一些策略舉措，最後展望一下未來一年的發展。

In 2025, transaction activity accelerated and as a result, we deployed approximately $1.5 billion into new investments. We expect this momentum to carry into 2026 based on our robust pipeline of new investment opportunities that continues to be diversified across sectors and geographies.

2025年，交易活動加速，我們因此投入了約15億美元用於新的投資。我們預計，憑藉我們持續多元化、涵蓋多個行業和地區的、實力雄厚的新投資機會儲備，這一增長勢頭將推遲至2026年。

During the quarter, we completed the inaugural project under the framework agreement with Bloom Energy, installing 55 megawatts of behind-the-meter power for a data center site in the United States. We have since secured additional projects under the framework for several hyperscaler customers, bringing the total to approximately 230 megawatts of power generation.

本季度，我們完成了與Bloom Energy框架協議下的首個項目，為美國的一個資料中心安裝了55兆瓦的表後電力。此後，我們根據該框架協議為多家超大規模資料中心客戶獲得了其他項目，使總發電量達到約230兆瓦。

These additional projects have contract terms of at least 15 years in length. BIP's total equity investment associated with these projects to date is expected to be approximately $50 million and fully deployed by mid-2027.

這些新增項目的合約期限至少為15年。截至目前，BIP在這些項目上的總股權投資預計約為5,000萬美元，並將於2027年中期全部投入使用。

Also during the quarter, we closed the acquisition of a South Korean industrial gas business which is the leading supplier of industrial gases to investment-grade semiconductor manufacturers in the country. The total equity purchase price is $125 million for our share.

本季度，我們也完成了對一家韓國工業氣體企業的收購。該公司是韓國領先的工業氣體供應商，主要服務於投資級半導體製造商。我們以1.25億美元的股權價格收購了該公司的股份。

And on January 1, we closed the acquisition of a leading railcar leasing platform in partnership with a best-in-class railcar lessor. The business is highly cash generative, providing stable cash flows that are supported by a diversified and large investment-grade customer base. BIP's total equity consideration is approximately $300 million.

1月1日，我們與一家業內領先的鐵路車輛租賃公司合作，完成了對一家領先的鐵路車輛租賃平台的收購。該業務現金流充裕，擁有多元化且規模龐大的投資等級客戶群，能夠提供穩定的現金流。 BIP此次收購的總股權對價約為3億美元。

Now turning to our growth outlook. We see a highly constructive backdrop for infrastructure in 2026. The asset class has a long history of delivering resilience growing cash flow through a variety of market environments and is squarely positioned at the center of three powerful structural themes, which we've talked about quite a bit in the past, digitalization, decarbonization and deglobalization.

現在談談我們的成長前景。我們認為2026年基礎建設市場前景非常樂觀。該資產類別長期以來在各種市場環境下都能保持韌性，實現現金流成長，並且正處於我們過去多次討論過的三大重要結構性主題——數位化、脫碳和去全球化——的核心位置。

Together, these forces are driving an infrastructure investment super cycle that is broadening in both scope and scale. We have entered 2026 from a position of considerable strength as well. Our base business is delivering resilient growing cash flows, and we have clear visibility into a multiyear runway of organic growth and capital deployment.

這些因素共同推動基礎設施投資超級週期不斷擴大，其範圍和規模都在持續成長。進入2026年，我們也擁有相當強勁的實力。我們的基礎業務現金流穩健成長，我們對未來幾年的內生成長和資本部署前景有著清晰的規劃。

In addition, the rapid build-out of AI-related infrastructure is materially expanding our opportunity set across data centers, power and network connectivity. As a scaled global owner and operator of critical infrastructure, we are well placed to deploy capital into these teams at attractive risk-adjusted -- these factors, combined with a stable interest rate and foreign exchange backdrop, position us well to return to our 10% or higher per unit growth target in 2026 and beyond.

此外，人工智慧相關基礎設施的快速建設顯著拓展了我們在資料中心、電力和網路連接領域的機會。作為一家規模龐大的全球關鍵基礎設施所有者和營運商，我們有能力以極具吸引力的風險調整後收益率向這些團隊投入資金——這些因素，加上穩定的利率和匯率環境，使我們能夠在2026年及以後重回10%或更高的單位增長目標。

So that concludes my remarks. I'll now pass it back over to Liz to open up the line for Q&A.

我的發言到此結束。現在我將把麥克風交給莉茲，讓她開放問答環節。

(Operator Instructions) Maurice Choy, RBC Capital Markets.

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

I'll just ask one question, but I'll admit it is a multipart question on data centers and data infrastructure. Udhay in your prepared remarks, you highlighted how your contract approach aims to mitigate technology risk. Can you elaborate a little bit more on that? And also what risk do you think is underappreciated by the market.

我只問一個問題，但這個問題涉及資料中心和資料基礎設施，而且涉及多個方面。烏代，你在事先準備好的演講稿中強調了你們的合約模式如何旨在降低技術風險。能否再詳細闡述？另外，你認為市場低估了哪些風險？

And my quick follow-up is going to be on returns. Obviously, I would expect the returns are superior to the 12% to 15% target range. So maybe you could help us understand a little better how much more better, even if it's just a range, driving some factors for us to consider and quantify these premium returns?

接下來我想快速問一下收益方面的問題。顯然，我預期收益會高於12%到15%的目標區間。所以，您能否幫我們更能理解究竟高出多少，哪怕只是一個範圍，並提出一些影響這些額外收益的因素，以便我們進行量化分析？

Hi, Maurice, it's Sam here. Maybe I'll start off with the returns. And then I'll have Udhay talk about the contract items and the risk that you also asked. So on the return front, I'll keep it high level and simple. But in essence, we develop new data centers at a yield the cost anywhere on average between 9% and 10%.

嗨，莫里斯，我是山姆。我先從收益說起。然後我會讓烏代談談合約條款以及你之前問到的風險。關於收益，我盡量概括簡單。簡而言之，我們開發新資料中心的收益率平均在9%到10%之間。

And and we monetize them at cap rates actually 5.5% and 6% on average. And so that gives us a rough development profit 10 basis points.

我們以平均5.5%到6%的資本化率將它們變現。因此，這為我們帶來了大約10個基點的開發利潤。

And with leverage in the development, 70% range, that pencils into equity returns if we do everything right. into high teens or 20s. And I think that is a profitable industry. So that's the rough pull, and I think we'll leave it on that from returns perspective?

如果開發過程中槓桿率達到70%左右，而且一切順利，那麼股權報酬率可以達到十幾到二十幾個百分點。我認為這是一個有利可圖的行業。這就是大致的估算，從回報的角度來看，我認為我們就先這樣。

And then maybe I'll throw it over to Udhay to answer your first two questions.

然後我可能會把問題交給烏代來回答你的前兩個問題。

Sure. Thanks, Sam. Look, I think taking a step back, the basis of pretty much all our data center businesses is around providing the core infrastructure and staying out of the real -- the technology that our tenants, our customers use.

當然。謝謝，山姆。你看，我認為退一步講，我們幾乎所有資料中心業務的基礎都是提供核心基礎設施，而不去涉足租戶、客戶真正使用的技術。

And so my earlier remarks around being managing the technology risk is really around the way the environment within the data centers are being designed for longer-term use and for changes that are happening at the compute infrastructure level. That predominantly translates into how power and cooling works in the data centers.

因此，我之前關於管理技術風險的論述，實際上是指資料中心內部環境的設計如何適應長期使用以及計算基礎設施層面的變化。這主要體現在資料中心的電力和冷卻系統如何運作。

So by making sure we've got very long-term contracts, so let's say, 15-year contracts, which are very specific in terms of what we deliver, we're staying completely out of any technology change that could take place in that 15-year period at a customer's end.

因此，透過確保我們簽訂非常長期的合同，例如 15 年的合同，並且對我們交付的內容有非常具體的規定，我們就能完全避免在 15 年期間客戶端可能發生的任何技術變化。

And in this -- in case it necessitates any change in the underlying infrastructure, then those as specific changes that are not to our cost at that point in time. So that was the underlying comment around how we're managing our -- the committed cash flows, I guess, over that period of time. in terms of technology risk.

而且，如果需要對底層基礎設施進行任何更改，那麼這些更改在當時不會為我們帶來任何成本。這就是我們管理承諾現金流（就技術風險而言）的基本想法。

Devin Dodge, BMO Capital Markets.

Devin Dodge，BMO資本市場。

All right. Maybe to the extent that you're able, can you provide some additional color for the transaction where KKR acquired a stake and portfolio of data centers from Compass. And just trying to get a sense for how many assets are included, the timing? It sounds like it might be phased into that partnership and maybe the net proceeds to BIP.

好的。如果您方便的話，能否詳細介紹KKR從Compass收購資料中心股份及資產組合的這筆交易？我想了解一下涉及的資產數量和交易時間？聽起來像是分階段併入該合作關係，最終收益可能歸BIP所有。

Dan, it's Sam here. I can't really speak to the details of it because we don't get into those level of granularity on specific transactions that are private -- what I can tell you is that -- and we mentioned this earlier in the call, we've -- we effectively entered into JV arrangements with a number of institutional investors, which I would include KKR in that group across not just North America, but Europe as well. totaling about 850 megawatts.

丹，我是山姆。我無法透露更多細節，因為我們不會深入討論那些屬於私人交易的具體細節——但我可以告訴你的是——正如我們之前在電話會議中提到的，我們已經與多家機構投資者達成了合資協議，其中包括KKR，這些投資者不僅遍布北美，也遍布歐洲，總裝置容量約為850兆瓦。

And effectively, the way that the intense work is these are, for the most part, passive vehicles in the sense that we retain operational control of the assets and retain a significant ownership stake to have alignment with our partners. And so we've done this, as I said, in markets, and it's part of our playbook to recycle capital from developments to crystallize some profits to reinvest back in the business. So we can fund future growth.

實際上，我們進行這些密集型工作的方式是，這些投資工具大多屬於被動型投資，因為我們保留了資產的營運控制權，並持有相當比例的股權，以確保與合作夥伴的利益一致。正如我所說，我們在市場上已經這樣做了，將開發專案的資金循環利用，以實現部分利潤再投資於業務，這是我們策略的一部分。這樣我們就能為未來的成長提供資金。

Okay. Okay. Second question for Brookfield's is a $10 billion AI infrastructure fund. I believe BIP is one of the pools of capital that could be used to meet Brookfield's commitment. I was just wondering if you could provide a framework or thoughts on what types of investments made by the fund may be suitable or not suitable for BIP?

好的。好的。關於Brookfield的第二個問題是關於一個100億美元的人工智慧基礎設施基金。我相信BIP是可以用來履行Brookfield承諾的資金來源之一。我只是想請教一下，您能否提供一個框架或一些想法，說明該基金的哪些投資類型適合或不適合BIP？

Devin, so that's correct. So BIP is one of the entities that will fund opportunities that come from that strategy. And I think the way to think about it is transactions that have the profile that we have in our flagship funds. So returns that are let's say, 12% and higher in sectors that are suited for BIP things that are outside of renewable energy and investments that probably don't have a development profile that's too, too long.

德文，你說得對。 BIP是為該策略帶來的投資機會提供資金的機構之一。我認為，理解這一點的關鍵在於，投資項目要具備我們旗艦基金的投資特質。例如，回報率在12%或以上的項目，這些項目屬於BIP投資的範疇，但不包括再生能源，而且投資週期可能不會太長。

If the development cycle is excessively long, then that may not make it appropriate for a bit. But otherwise, I think keeping in mind for pool construction objectives for BIP. If it's in the data center sector, if it's gas-related if it's utility related, those are all sectors and if the returns fit, then we would invest through BIP for those type of transactions.

如果開發週期過長，那麼暫時可能就不太合適。但除此之外，我認為應該牢記BIP的資金池建設目標。無論是資料中心、天然氣或公用事業等相關領域，只要回報符合預期，我們都會透過BIP進行這類交易的投資。

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

Thanks very much, and good morning. On the data center side, I did want to ask if you could talk about how you think about sovereigns versus hyperscalers of counterparties. And how you think the mix of your basket of counterparties could end up between those two groups?

非常感謝，早安。關於資料中心方面，我想請教您如何看待主權交易對手和超大規模交易對手這兩種類型的交易對手？您認為您的交易對手組合最終會在這兩類交易對手之間如何分配？

Hi, Cherilyn, that's great to have you on the call. So maybe I'll touch on this and Udhay, can add anything else you'd like to. I think we like both of the counterparties because it gives diversity. One of the things that serves us well across all our business is diversity of counterparties. And obviously, the hyperscalers will amazing credits, are few in number and have similar exposures to AI and other data-related cash flows and sovereign nation diversifies from those risks.

嗨，Cherilyn，很高興你能參加這次電話會議。我想先談談這個，Udhay，你還有什麼想補充的嗎？我認為我們選擇這兩個交易對手是因為它們能帶來多元化。交易對手的多元化對我們所有業務都大有裨益。顯然，超大規模資料中心擁有極高的信用評級，數量有限，而且它們在人工智慧和其他資料相關現金流方面的風險敞口也比較大；而主權國家則可以分散這些風險。

It also -- the other reason we've been focused on some of these sovereign AI factories is because we think it gives us a differentiated strategy than many others who are just focused on building the large mega sites for the hyperscalers. Here, we can on a more bespoke basis to assist sovereign nations to build ecosystems in their countries. The challenge with it is that governments tend to move a bit slower with than corporates.

此外，我們之所以關注這些主權人工智慧工廠，另一個原因是我們認為這能讓我們擁有與那些只專注於為超大規模資料中心建立大型巨型站點的公司不同的差異化策略。在這裡，我們可以提供更客製化的服務，幫助主權國家在其境內建立生態系統。但挑戰在於，政府的行動速度往往比企業慢一些。

And so the time to market can sometimes be a bit longer. But as far as what the mix will be, that's a little bit too hard for me to predict at this stage. I mean we'd love to have a broad base of both hyperscalers and sovereign credit. But it's a little premature for me to speculate on that.

因此，產品上市時間有時會稍長一些。但至於具體的投資組合，現階段我很難預測。我們當然希望超大規模企業和主權信用都能廣泛參與，但現在就此進行推測還為時過早。

That's helpful color. And then more of a straight-up question for David. Can you give us a sense of what we can expect from inflation indexation across your various geographies in 2026?

這個顏色很有幫助。接下來我想直接問大衛一個問題。能否大致介紹一下2026年貴公司各地區的通膨指數化情況？

Look, I think as we look forward, the two biggest drivers of growth from an organic perspective in 2016 will be the inflation indexation you highlighted as well as a significant commissioning of CapEx out of our backlog. As you've seen, it's a record level now. On the inflation front, I'd say in OECD markets, we're probably averaging between 2% and 3% on our escalators.

展望未來，我認為2016年推動公司自然成長的兩大主要因素將是您剛才提到的通膨指數化調整，以及我們積壓訂單中大量資本支出項目的交付。如您所見，目前的積壓訂單量已創歷史新高。至於通膨方面，我認為在經合組織成員國市場，我們的通膨率平均可能在2%到3%之間。

And then on the emerging markets, it ranges depending on which metric you're looking at. But I'd say between India and Brazil as the two biggest emerging market exposures we have inflation pass-through in -- it's probably also in the 2% to 4% depending on the metric. So I think it's more manageable, still above probably 25, 50 basis points above our historical averages that you would have observed, but certainly not as elevated that you saw in 2022.

至於新興市場，情況則取決於你採用的指標。但就我們最大的兩個新興市場曝險——印度和巴西而言，通膨傳導效應——可能也在2%到4%之間，具體取決於指標。所以我認為情況更容易控制，雖然仍然比我們觀察到的歷史平均值高出25到50個基點，但肯定沒有2022年那麼高。

Robert Hope, Scotiabank.

羅伯特‧霍普，加拿大豐業銀行。

Can we dive a little bit deeper into the data operations capital backlog? It looks like it's up just over $1 billion versus Q3 with about $900 million of that driven by the hyperscale backlog -- so can you maybe dive a little bit deeper into what is driving the significant increase in Q4 as well as what is the outlook and how large can this get?

我們能否更深入探討一下資料營運資本積壓問題？看起來比第三季度增加了10多億美元，其中約9億美元是由超大規模積壓項目推動的——所以您能否更詳細地解釋一下是什麼因素推動了第四季度的顯著增長，以及未來的前景如何，這個數字最終會達到多大？

I can start and Udhay or Sam can jump in. Look, I think, Rob, you certainly pointed out. I think across the data segment, the data center platform had the most growth. We've also onboarded the bulk fiber backlog and order book in hot wire that we acquired in the fall. So those are another key driver in the increase in the last half of the year.

我可以先開始，然後Udhay或Sam可以接手。 Rob，你剛才說的沒錯。我認為在整個數據領域，數據中心平台成長最為顯著。此外，我們也整合了去年秋季收購的大量光纖積壓訂單和Hotwire的訂單。這些都是下半年成長的關鍵驅動因素。

But on data center itself, I think it's a little chunky in terms of when we sign new on. And as we highlighted this quarter, we had significant momentum on the leasing activity. So there was about 100 megawatts signed globally. When we sign those contracts, that's effectively when we'll put in the backlog associated with those. And so up until then, as you heard through our call, there's very little investment until a contract is signed.

但就資料中心本身而言，我認為我們在簽署新合約方面存在一些問題。正如我們本季重點所提到的，租賃業務發展勢頭強勁，全球已簽署約100兆瓦的合約。簽署這些合約後，我們才會真正開始處理相關的積壓訂單。因此，正如您在電話會議中聽到的，在此之前，在合約簽署之前，我們幾乎沒有任何投資。

And then at that point, we then effectively consider the project FID and adds into our backlog. And so as you heard, it's probably a mixture of North American, European as well as a few in Asia Pacific that drove those -- those signings drove the addition to backlog.

然後，到了那個階段，我們才會真正考慮專案的最終投資決定（FID），並將其添加到我們的待辦事項清單中。正如您所聽到的，推動這些簽約增加待辦事項清單的，可能是北美、歐洲以及亞太地區的一些項目共同作用的結果。

And then maybe sticking with data centers. So $3.9 billion of the backlog relates to Intel. Can you update us in terms of timing, how you're thinking about cash flow and returns there and any potential follow-on investments?

然後或許會繼續專注於資料中心。因此，積壓訂單中有39億美元與英特爾有關。您能否就時間安排、現金流和回報以及任何潛在的後續投資方面向我們更新資訊？

Ben, do you want to give an update on the in-service date for the Intel facility?

本，你能不能更新一下英特爾設施的投入使用日期？

Yes, sure. So for the Intel facility, our JV has two fabs and one of which has its in-service date. So it's now producing wafers, which is great. And the second fab is making good progress towards completion. So the actual underlying operations our JV and the construction activity is progressing very well for Intel.

當然。就英特爾的工廠而言，我們的合資企業擁有兩座晶圓廠，其中一座已經投入使用。現在它已經開始生產晶圓，這非常好。第二座晶圓廠的興建也進展順利。因此，我們合資企業的實際營運和建設活動對英特爾來說都非常順利。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC Capital Markets。

You seem to have a pretty high level of conviction in the capital recycling, having just come off a record year and you're also continuing to make new investments. But I'm curious about the rate of commissioning capital from the backlog in 2016, given this is an important part of the capital allocation process -- so wondering if you could maybe quantify and characterize what you see coming in the next couple of years there relative to $1.5 billion commissioned in 2025.

您似乎對資本循環利用抱有很高的信心，剛剛經歷了創紀錄的一年，而且還在繼續進行新的投資。但我很好奇2016年從積壓訂單中啟動專案的資本轉換率，因為這是資本配置過程中的一個重要環節——所以我想請您量化並描述一下，相對於2025年啟動15億美元的目標，您預計未來幾年這方面的進展情況如何。

Rob, it's David here. I can give you some color on the shape of that commissioning. I think I'd split our backlog into two various components. As you heard from the previous question, there's an Intel component which is about $3.9 billion in the number. We'd expect that to commission from our earnings profile in the back half of 2026.

羅伯，我是大衛。我可以給你詳細介紹一下訂單分配狀況。我認為我們可以把積壓訂單分成兩個部分。正如你從上一個問題中聽到的，其中一部分是英特爾的訂單，金額約為39億美元。我們預計這部分訂單將在2026年下半年從我們的獲利計畫中支出。

The other -- the balance of our backlog would be diversified across our utilities transport midstream and data businesses. And typically, as you've heard, it's a three-year outlook. So those projects tend to be smaller, lower, shorter development cycles and build cycles. So I'd expect roughly a third of that backlog, which should be close to $1.5 billion to come in online 2026 as well throughout the year. It is -- I wouldn't say there's a chunky element to it.

另一部分——我們積壓訂單的剩餘部分將分散在我們的公用事業、運輸、中游和數據業務領域。正如您所聽到的，通常情況下，我們著眼於三年規劃。因此，這些項目往往規模較小，開發和建設週期也較短。我預計，大約三分之一的積壓訂單，也就是接近15億美元的部分，將在2026年全年陸續上線。這部分——我不會說它有什麼大塊的。

It's pretty -- it will be pretty smooth across our utilities and our data centers driving the bulk of that.

情況相當不錯——我們的公用設施和資料中心將運作得非常平穩，這將推動大部分業務發展。

Right. So exing out Intel, which is obviously a unique investment. You're really looking at about $1.5 billion-ish a year then. Is that --

沒錯。所以，如果把英特爾排除在外，這顯然是一項獨特的投資。那麼，你每年大概要投入15億美元左右。是嗎？

What goes to our backlog, excluding Intel is $5.3 billion. And so assuming average of three years, you're looking close to $1.75 billion probably and the $1.5 billion to $2 billion.

不包括英特爾的訂單，我們積壓的訂單金額為 53 億美元。假設平均交貨時間為三年，那麼最終到手的訂單金額可能接近 17.5 億美元，剩餘的訂單金額可能在 15 億至 20 億美元之間。

Okay. Excellent. And then my other question was just what are your views on the Canada, Alberta MOU as it relates to energy development. It looks like there's a momentum building towards a bolder energy strategy here. So I'm curious how it impacts how you manage your midstream investments in Canada.

好的，太好了。我的另一個問題是，您對加拿大和阿爾伯塔省簽署的能源開發諒解備忘錄有何看法？看起來雙方正在朝著更積極的能源策略邁進。所以我很好奇這會對您在加拿大的中游投資管理產生怎樣的影響。

So do you hang on for more growth -- or does this derisk the asset to a point where you might consider more asset sales?

那麼，你是繼續持有以期獲得更多成長，還是認為這會降低資產風險，讓你考慮出售更多資產？

Robert. Look, look, I think it's -- it's too early to say whether or not the MOU is going to have any material impact on the growth trajectory of our businesses. Irregardless of that, though, we've already have plenty of growth in the -- there's been significant producer expansions underway, which has led to some additional tie-ins particularly in our IPL facility IPO network. And we've recently undertaken a number of growth initiatives North River.

羅伯特：聽著，現在就斷言這份諒解備忘錄是否會對我們業務的成長軌跡產生實質影響還為時過早。不過，無論如何，我們已經實現了相當可觀的成長——生產商的大規模擴張正在進行中，這促成了一些額外的合作，尤其是在我們的IPL設施IPO網路中。而且，我們最近在北河地區也啟動了一系列成長計畫。

In terms of our plans to monetize the businesses, I think we have business plans in place for each of the businesses that we're looking to continue to develop. And I guess the only thing that would accelerate monetizations would be market conditions to the extent that they to us bringing some or part of these businesses to the market. We might look at that. So I appreciate some of that it's very loose.

關於我們實現業務盈利的計劃，我認為我們已經為每個希望繼續發展的業務制定了商業計劃。我想，唯一能加速獲利的因素就是市場環境，如果市場環境允許我們將部分或全部業務推向市場，我們可能會考慮這一點。所以我理解，這其中有些細節還比較模糊。

But I think the takeaway is that the businesses today operate in a very strong environment. And with the added push by the federal government with the provincial government to encourage further growth in the sector.

但我認為，最重要的是，如今這些企業在一個非常有利的環境下運作。而且，聯邦政府和省政府也在共同推動該產業的進一步成長。

We think that's only helpful to our businesses and makes them more attractive to potential buyers on Yes, I totally agree with you. I think it's too early, and I too would want to say a couple of more cards slipped on how they have a MOU plays out and if they achieve the milestones as intended. So thanks for your answers.

我們認為這只會對我們的業務有所幫助，並使它們對潛在買家更具吸引力。是的，我完全同意你的看法。我認為現在下結論還為時過早，我也想補充一點，看看他們簽署的諒解備忘錄是如何執行的，以及他們是否能按計劃達成里程碑。所以，謝謝你的解答。

Frederic Bastien, Raymond James.

弗雷德里克·巴斯蒂安，雷蒙德·詹姆斯。

During your Investor Day, you noted that Brookfield Ad form partnerships to build seven AI factories totaling 6 gigawatt of compute capacity. Can you provide an update on how that's going and whether you get more developments to announce soon?

在投資者日上，您提到Brookfield Ad正在與其他公司合作建造七座人工智慧工廠，總運算能力達6吉瓦。您能否提供該專案的最新進展，以及近期是否會有更多消息公佈？

Fred, maybe I'll tackle that and Udhay might add some further comments, but I think the answer is relatively short. We continue to progress all those very initiatives. And today, we have discussions underway with probably five, at least in Europe. -- some in North America as well as some of the Middle East and one actually in Oceana.

弗雷德，或許我會談談這個問題，烏代可能會補充一些意見，但我認為答案相對簡短。我們正在繼續推動所有這些舉措。目前，我們正在與至少五個國家進行磋商，其中至少有五個在歐洲，還有一些在北美和中東，甚至還有一個在大洋洲。

So basically, across the globe, as I mentioned I think it was Cherilyn, the -- it -- these discussions do take time, and we're probably a little disappointed that they haven't gone a little faster given the importance that each of the put towards these initiatives.

所以基本上，在全球範圍內，正如我所提到的，我認為是 Cherilyn，這些討論確實需要時間，考慮到每個人對這些倡議的重視程度，我們可能有點失望，因為這些討論進展得不夠快。

Nonetheless, I think we're hopeful that during the year, we'll have one or two of these progressed. And I think the only thing that I would caution you is that they tend to be smaller than some of the mega sites that you see announced with the hyperscalers. So most of these are anywhere between as small as 50 megawatts up to as much as maybe 250 in phases. Nonetheless, those are still represent meaningful dollars, and we're pretty excited to see it through.

儘管如此，我們仍然希望今年能推進其中一到兩個項目。我唯一想提醒大家的是，這些專案的規模通常比一些超大規模資料中心專案要小。大多數專案的裝置容量在50兆瓦到250兆瓦之間，分階段建置。即便如此，這些項目仍然能帶來可觀的收益，我們非常期待看到它們最終會建成。

And I guess your relationship with Bloom Energy is still fairly young. You've committed to delivering just under 300 megawatts of power generation. I think your original agreement was to -- was for up to 1 gigawatt of behind-the-meter power generation is. Are you comfortable that you will see through this agreement all the way to that 1 gigawatt?

我猜您與Bloom Energy的合作關係還比較新。您承諾提供略低於300兆瓦的發電量。我記得你們最初的協議是──最多1吉瓦的表後發電量。您有信心能夠履行這項協議，最終達到1吉瓦的目標嗎？

Obviously, we'd be speculating on the future, so it's hard to predict. But at the moment, with the level of demand that they're seeing and the amount of developments underway, I feel pretty optimistic that we'll get to that and maybe even above that level. There's no doubt there's for Bloom at the moment.

顯然，我們現在是在推測未來，所以很難預測。但就目前而言，鑑於他們所看到的需求水平和正在進行的項目數量，我相當樂觀地認為我們能夠達到甚至超過這個水平。毫無疑問，Bloom 目前的發展前景一片光明。

So I mean your relationship obviously is strong and growing, obviously.

我的意思是，你們的關係顯然很牢固，而且還在不斷發展，這是顯而易見的。

Yes. Yes, it is.

是的，沒錯。

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。現在請薩姆·波洛克作總結發言。

All right. Thank you, Liz, and thank you, everyone, for joining the call this morning. With you've all had a good start to the year, and we look forward to providing our first quarter results at the end of April. Thank you, and take care.

好的。謝謝莉茲，也謝謝各位今天早上參加電話會議。大家今年開局都不錯，我們期待在四月底公佈第一季業績。謝謝，請多保重。

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。您可以斷開連線了。