2Q 2026 Earnings Recap

Research evidence excerpt

2Q 2026 Earnings Recap

Update

July 30, 2026 03:57 PM GMT

Morgan Stanley & Co. LLCMBrookfield Infrastructure Partners L.P. | North Robert S Kad

America Equity Analyst

Robert.Kad@morganstanley.com +1 212 761-0065

Joy Golub

Research Associate2Q 2026 Earnings Recap Joy.Golub@morganstanley.com +1 212 761-4924

Victoria Xiong, CFA

Research Associate

AlphaSignals Earnings Reaction Victoria.Xiong@morganstanley.com +1 212 761-0228

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month Brookfield Infrastructure Partners L.P. (BIP.N, BIP US)

consensus EPS

Midstream Energy Infrastructure | United States of

Source: Company data, Morgan Stanley Research America

Stock Rating Overweight

Industry View Attractive

Key Takeaways Price target $48.00

Shr price, close (Jul 29, 2026) $42.62

FFO: $702mm, -1.0% q/q, +10.0% y/y (cons: $712mm/MS: $692mm), -1.4% vs. Mkt cap, curr (mm) C$27,522

cons 52-Week Range $42.70-29.64

In-line 2Q26. The Utilities segment benefited from inflation indexation, over

$500mm of capital commissioned into rate base, and the South Korean industrial

gas acquisition, partially offset by foregone earnings from the sale of its largest

Brazilian electricity transmission concession and its Mexican regulated natural gas

pipeline business. The Transport segment was driven by higher rail, port, and toll

road volumes and the contribution from its North American railcar leasing platform,

partially offset by foregone earnings from the sale of interests in its Australian

export terminal, Australian container terminal business, and U.K. port operation. The

Midstream segment benefited from strong asset utilization, favorable commodity

prices, and the acquired U.S. refined products pipeline system, partially offset by