Speaker #1: Disciplines are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star 11 on your telephone.
Speaker #1: You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.
Speaker #1: I'd now like to hand the conference over to your speaker today, David Krant, Chief Financial Officer. Please go ahead.
Speaker #2: Thank you, Liz, and good morning, everyone. Welcome to Brookfield Infrastructure Partners' fourth quarter 2025 earnings conference call. As introduced, my name is David Krant, and I'm the Chief Financial Officer of Brookfield Infrastructure.
Operator: Good day, and thank you for standing by. Welcome to the Brookfield Infrastructure Partners Fourth Quarter 2025 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today, David Krant, Chief Financial Officer. Please go ahead.
Operator: Good day, and thank you for standing by. Welcome to the Brookfield Infrastructure Partners Fourth Quarter 2025 Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today, David Krant, Chief Financial Officer. Please go ahead.
Speaker #2: 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.
Speaker #2: 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.
David Krant: Thank you, Liz, and good morning, everyone. Welcome to Brookfield Infrastructure Partners' Q4 2025 Earnings Conference Call. 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. 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 unitholders. Finally, Sam will provide an update on our recent investments before concluding with an outlook of the business.
David Krant: Thank you, Liz, and good morning, everyone. Welcome to Brookfield Infrastructure Partners' Q4 2025 Earnings Conference Call. 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. 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 unitholders. Finally, Sam will provide an update on our recent investments before concluding with an outlook of the business.
Speaker #2: Finally, Sam will provide an update on our recent investments before concluding with an outlook of the business. At this time, I would like to remind you that in our remarks today, we may make forward-looking statements.
Speaker #2: 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 20F, which is available on our website.
Speaker #2: 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 financing to further de-risk our operating company balance sheets.
Speaker #2: From a results perspective, we generated FFO, or funds 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.
David Krant: 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. 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 financing to further de-risk our operating company balance sheets. From a results perspective, we generated FFO, or funds from operations, of $2.6 billion during 2025.
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. 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 financing to further de-risk our operating company balance sheets. From a results perspective, we generated FFO, or funds from operations, of $2.6 billion during 2025.
Speaker #2: This results includes record FFO during the fourth quarter of $87 per unit. Given this performance, a conservative pay ratio for the year of 66%, and a strong outlook for 2026, I'm pleased to report that the Board of Directors has approved a quarterly distribution increase of 6% to $1.82 per unit on an annualized basis.
Speaker #2: This marks the 17th consecutive year of distribution increases of at least 5%. I'll now go through. Percent year over year. 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 commission into rate-based over the last 12 months.
David Krant: 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 Q4 of $0.87 per unit. Given this performance, a conservative pay ratio for the year of 66% and a strong outlook for 2026, I'm pleased to report that the board of directors has 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%. I'll now go through our... percent year over year.
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 Q4 of $0.87 per unit. Given this performance, a conservative pay ratio for the year of 66% and a strong outlook for 2026, I'm pleased to report that the board of directors has 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%. I'll now go through our... percent year over year.
Speaker #2: Moving on to our transport segment, FFO totaled $1.1 billion in line with the prior year after normalizing for $1.8 billion of capital recycling initiatives.
Speaker #2: 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.
Speaker #2: 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 operation, and our recently acquired US refined products pipeline FFO from our data segment was $502 system.
David Krant: 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. Moving on to our transport segment, FFO totaled $1.1 billion, in line with the prior year, after normalizing for $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. Our midstream segment generated FFO of $668 million for the year, representing a 7% year-over-year increase.
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. Moving on to our transport segment, FFO totaled $1.1 billion, in line with the prior year, after normalizing for $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. Our midstream segment generated FFO of $668 million for the year, representing a 7% year-over-year increase.
Speaker #2: Lastly, million, a step-change increase over a 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 in the fourth quarter.
Speaker #2: 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 centers, 200 megawatts of new billings at our US retail colocation data center operation, and income generated by our global data center developers.
David Krant: This growth reflects higher volumes and activity levels across our midstream assets, particularly at our Canadian natural gas gathering and processing operation and our recently acquired US refined products pipeline system. 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 in Q4. In addition, we achieved strong organic growth across our data storage business, which included the commissioning of 220MW of capacity at our hyperscale data centers, 200MW of new billings at our US retail colocation data center operation, and income generated by our global data center developers.
This growth reflects higher volumes and activity levels across our midstream assets, particularly at our Canadian natural gas gathering and processing operation and our recently acquired US refined products pipeline system. 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 in Q4. In addition, we achieved strong organic growth across our data storage business, which included the commissioning of 220MW of capacity at our hyperscale data centers, 200MW of new billings at our US retail colocation data center operation, and income generated by our global data center developers.
Speaker #2: Our global data center platform now has development potential consisting of approximately $3.6 gigawatts, including contracted capacity of over 2.3 gigawatts today. 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 to this strong position was a level.
Speaker #2: Contributing 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.
Speaker #2: 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 operation, we expect proceeds of approximately $150 million net to BIP generating an attractive IRR of 45% and over eight times multiple of capital.
David Krant: Our global data center platform now has development potential consisting of approximately 3.6 gigawatts, including contracted capacity of over 2.3 gigawatts today. 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. 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 operation.
Our global data center platform now has development potential consisting of approximately 3.6 gigawatts, including contracted capacity of over 2.3 gigawatts today. 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. 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 operation.
Our global data center platform. Now has development potential. Consisting of approximately 3.6 gigawatt, including contracted capacity of over 2.3 gigawatts today.
Speaker #2: Closing for the transaction is expected at the end of the first quarter in 2026. Secondly, we formed a capital partnership for a portfolio of stabilized and under-construction data centers in North America.
Before turning it over to Uday. I would like to briefly touch on our record liquidity which total of 6 billion dollars at the end of 2025 and included just under 3 billion dollars at the corporate level.
Speaker #2: Proceeds from this sale are expected to be used to support the build-out of our powered land bank within the business. That concludes my remarks for this morning.
contributing to this strong position was a record, 3.1 billion dollars in asset sale proceeds raised in 2025,
Speaker #2: I'll now pass the call over to Udhay. Thank you, David, and good morning, everyone. AI is justifiably dominating headlines with many bold predictions ranging from data centers in space to breakthrough in quantum computing that could one day redefine how the world operates.
We believe that the elevated pace of capital recycling will continue into the year ahead.
We already have two transactions secured that crystallize attractive returns.
The first, which is we agreed to sell the largest of 4 concessions within our Brazilian electricity transmission. Operation.
David Krant: We expect proceeds of approximately $150 million net to BIP, generating an attractive IRR of 45% and over 8x multiple of capital. Closing for the transaction is expected at the end of Q1 2026. Secondly, we formed a capital partnership for a portfolio of stabilized and under-construction data centers in North America. Proceeds from this sale are expected to be used to support the build-out of our powered land bank within the business. That concludes my remarks for this morning. I'll now pass the call over to Udhay.
We expect proceeds of approximately $150 million net to BIP, generating an attractive IRR of 45% and over 8x multiple of capital. Closing for the transaction is expected at the end of Q1 2026. Secondly, we formed a capital partnership for a portfolio of stabilized and under-construction data centers in North America. Proceeds from this sale are expected to be used to support the build-out of our powered land bank within the business. That concludes my remarks for this morning. I'll now pass the call over to Udhay.
We expect proceeds of approximately 150 million dollars net to bit. Generating the attractive irr of 45% and over 8 times multiple of capital.
Speaker #2: At the same time, many are questioning the merits of the magnitude and velocity of capital flowing into AI. And whether demand will materialize at a level that justifies this spending.
Closing for the transaction, is expected. At the end of the first quarter in 2026,
Secondly, we formed a capital partnership for a portfolio of stabilized and under-construction data centers in North America.
Speaker #2: The sheer scale of investment underway to build the physical backbone that makes AI possible is staggering. In 2025 alone, corporates invested approximately $500 billion into AI-related infrastructure.
Proceeds from this sale are expected to be used to support the buildout of our powered Land Bank within the business.
That concludes my remarks for this morning.
I'll now pass the call over to Uday.
Udhay Mathialagan: Thank you, David, and good morning, everyone. AI is justifiably dominating headlines, with many bold predictions ranging from data centers in space to breakthrough in quantum computing that could one day redefine how the world operates. At the same time, many are questioning the merits of the magnitude and velocity of capital flowing into AI, and whether demand will materialize at a level that justifies the spending. The sheer scale of investment underway to build the physical backbone that makes AI possible is staggering. 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.
Udhay Mathialagan: Thank you, David, and good morning, everyone. AI is justifiably dominating headlines, with many bold predictions ranging from data centers in space to breakthrough in quantum computing that could one day redefine how the world operates. At the same time, many are questioning the merits of the magnitude and velocity of capital flowing into AI, and whether demand will materialize at a level that justifies the spending. The sheer scale of investment underway to build the physical backbone that makes AI possible is staggering. 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.
Thank you, David and good morning, everyone.
Speaker #2: 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.
AI—it's justifying dominating headlines with many bold predictions, ranging from data centers in space to breakthroughs in quantum computing that could one day redefine how the world operates.
Speaker #2: In well-connected locations, the reality is driving a sustained wave of investment into the backbone infrastructure that enables AI, including data center capacity, grid resiliency, power generation, and transmission.
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 the spending.
Speaker #2: The sector remains exposed to overbuilding, technological change, and disruption, with capital moving quickly, not all participants will be rewarded, and there will be mistakes made.
The sheer scale of investment underway to build the physical backbone. That makes AI possible is staggering in 2025 alone. Corporates invested approximately 500 billion into AI related infrastructure,
Speaker #2: 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.
With capital of investment over the next two years, expected to rise further.
Speaker #2: Maintaining strict guardrails to safeguard our capital. 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.
Udhay Mathialagan: The reality is driving a sustained wave of investment into the backbone infrastructure that enables AI, including data center capacity, grid resiliency, power generation, and transmission. The sector remains exposed to overbuilding, technological change, and disruption. 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. 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, who are some of the largest, well-capitalized, and most profitable technology companies in the world.
The reality is driving a sustained wave of investment into the backbone infrastructure that enables AI, including data center capacity, grid resiliency, power generation, and transmission. The sector remains exposed to overbuilding, technological change, and disruption. 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. 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, who are some of the largest, well-capitalized, and most profitable technology companies in the world.
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.
The reality is driving a sustained wave of investment into the backbone infrastructure that enables AI, including data center capacity, grid resiliency, power generation, and transmission.
Detector remains exposed to overbuilding.
Speaker #2: Second, the second guardrail is that we selectively focus on the strongest investment-grade counterparties who are some of the largest, well-capitalized, and most profitable technology companies in the world.
Technological change and disruption 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.
Speaker #2: 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.
Brookfield Infrastructure is applying a prudent, risk-focused approach to participating in the buildout of AI infrastructure, maintaining strict guardrails to safeguard our capital.
First our development projects are underpinned by long-term contracts with favorable terms.
Speaker #2: The fourth is our discipline strategy. We are deliberate in how much land and powered shells we control and develop. We have created a self-funding model that provides funding for future development and locks in attractive developer economics.
We do not build speculatively.
And earn an attractive return within the initial contract period. Period. Mitigating technology risk.
Second.
Speaker #2: 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.
Udhay Mathialagan: 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-team exposure and increases the durability of demand through cycles. The fourth is our disciplined strategy. We are deliberate in how much land and powered shells we control and develop. We have created a self-funding model that provides funding for future development and locks in attractive developer 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. 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.
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-team exposure and increases the durability of demand through cycles. The fourth is our disciplined strategy. We are deliberate in how much land and powered shells we control and develop. We have created a self-funding model that provides funding for future development and locks in attractive developer 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. 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.
The second guard rail is that we selectively focus on the strongest investment grade counterparties, who are some of the largest well capitalized, and most profitable technology companies in the world.
Speaker #2: 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.
Third, we concentrate on top tier workload, agnostic locations for our data sets. That can support the full spectrum of demand, reducing the risk of the Single theme exposure and increases the durability of demand through Cycles.
Speaker #2: For example, at our US colocation data center business, we experienced 11 consecutive quarters of record bookings, and this now fully utilized across several markets.
The fourth is our discipline strategy. We are deliberate in how much land and powered shells, we control and develop.
We have created a self-funding model that provides funding for future development and locks in attractive developed economics.
Speaker #2: 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.
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
Speaker #2: Without investing any further equity, we acquired and added a 40-site data center portfolio in 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.
Udhay Mathialagan: For example, at our US colocation data center business, we experienced 11 consecutive quarters of record bookings, and it's now fully utilized across several markets. 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. Without investing any further equity, we acquired and added a 40-site data center portfolio in 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 600MW of identified growth potential.
For example, at our US colocation data center business, we experienced 11 consecutive quarters of record bookings, and it's now fully utilized across several markets. 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. Without investing any further equity, we acquired and added a 40-site data center portfolio in 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 600MW of identified growth potential.
Speaker #2: 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.
Speaker #2: 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.
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 score location data center business. We experience the 11 consecutive quarters of record, bookings. And this now fully utilize the cross several markets during the quarter, we signed several large contracts. That a data center in Illinois, achieving 100% occupancy and adding approximately 45 million of annual ibida on a run rate basis, cumin commencing later this year.
Speaker #2: 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.
Without investing any further equity, we acquired an additional 40 sites.
Data center portfolio, in January 2024, to our existing business and subsequently increase the EBITDA from a combined base of approximately $200 million.
Speaker #2: 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.
To approximately 500 million on a contracted basis.
Speaker #2: 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.
Udhay Mathialagan: Across our global data center platform, we achieved a significant lease-up of our land bank during the Q4, which is expected to be commissioned over the next three years. We executed agreements for approximately 800MW of capacity, predominantly in North America. The vast majority of these leases are with investment-grade customers and underpinned by long-term contracts. 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 850MW of stabilized and operating sites in North America and Europe, crystallizing developer premiums and demonstrating strong demand. Taken together, we hope these examples highlight both the strength of demand we're seeing and importance of disciplined execution, converting demand into durable returns.
Across our global data center platform, we achieved a significant lease-up of our land bank during the Q4, which is expected to be commissioned over the next three years. We executed agreements for approximately 800MW of capacity, predominantly in North America. The vast majority of these leases are with investment-grade customers and underpinned by long-term contracts. 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 850MW of stabilized and operating sites in North America and Europe, crystallizing developer premiums and demonstrating strong demand. Taken together, we hope these examples highlight both the strength of demand we're seeing and importance of disciplined execution, converting demand into durable returns.
The exciting part is 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.
Across our global data center platform. We achieved a significantly up of our land bank during the fourth quarter.
Speaker #2: Taken together, we hope these examples highlight both the strength of demand we're seeing and the importance of disciplined execution converting demand into durable returns.
Which is expected to be commissioned over the next 3 years. We executed agreements for approximately 800 megawatts of capacity predominantly in North America.
Speaker #2: As AI workloads scale, the value of well-located, powered infrastructure intensifies. In this environment, scale, reliability, and access to capital are differentiating factors to counterparties.
The vast majority of these. Leases are with investment grade, customers and underpinned, by long-term contracts.
Speaker #2: And we believe our global operating capabilities and long-standing relationships benefit us. 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.
Since acquiring our North American and European platforms, and adhering to the guardrails outlined above, we have been able 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.
Speaker #2: That concludes my remarks for this morning, and I will now pass the call over to Sam. All right, thank you, that was great. And good morning, everyone.
Taken together. We hope these examples highlight both the strength of demand. We're seeing an importance of disciplined execution converting demand into durable returns.
Udhay Mathialagan: As AI workloads scale, the value of 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. 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. That concludes my remarks for this morning, and I will now pass the call over to Sam.
As AI workloads scale, the value of 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. 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. That concludes my remarks for this morning, and I will now pass the call over to Sam.
Speaker #2: For my remarks today, I'm going to discuss some of our strategic initiatives and then conclude with an outlook for the year ahead. In 2025, transaction activity accelerated, and as a result, we deployed approximately $1.5 billion into new investments.
Speaker #2: 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.
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.
Speaker #2: 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.
Our risk focused approach and strict adherence to guard rails will enable us to continue investing in the core infrastructure. Needed to deliver AI at scale while protecting our downside.
That concludes my remarks for this morning and I will now pass the call over to Sam.
Sam Pollock: All right. Thank you, Udhay. That was great. 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. 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. During the quarter, we completed the inaugural project under the framework agreement with Bloom Energy, installing 55MW 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 230MW of power generation.
Sam Pollock: All right. Thank you, Udhay. That was great. 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. 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. During the quarter, we completed the inaugural project under the framework agreement with Bloom Energy, installing 55MW 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 230MW of power generation.
Speaker #2: We have since secured additional projects under the framework for several hyperscaler customers bringing the total to approximately $230 megawatts of power generation. These additional projects have contract terms of at least 15 years in length.
All right. Thank you. That was great and good morning everyone.
From my remarks, today I'm going to discuss some of our strategic initiatives and then conclude with an outlook for the year ahead.
Speaker #2: BIP's total equity investment associated with these projects to date is expected to be approximately $50 million and fully deployed by mid-2027. Also during the quarter, we closed the acquisition of a South Korean industrial gas business, which which is the leading supplier of industrial gases to investment-grade semiconductor manufacturers in the country.
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.
Speaker #2: The total equity purchase price is $125 million, for our share. And on January 1st, we closed the acquisition of a leading railcar leasing platform in partnership with a best-in-class railcar lessor.
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 sent secure additional projects under the framework for several hyperscaler customers, bringing the total to approximately 2,003 megawatts of power generation.
Sam Pollock: 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. 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. On January first, 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. Now, turning to our growth outlook.
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. 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. On January first, 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. Now, turning to our growth outlook.
Speaker #2: The business is highly cash-generative, providing stable cash flows that are supported by a diversified and largely investment-grade customer base. BIP's total equity consideration is approximately $300 million.
These additional projects have contract terms of at least 15 years in length.
Dips total Equity investment associated with these projects today is expected to be approximately $50 million.
And fully deployed by mid 2027.
Speaker #2: 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 resilient, growing cash flows 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.
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.
And on January 20th, on January 1st.
Speaker #2: Together, these forces are driving an infrastructure investment supercycle that is broadening in both scope and scale. We have entered 2026 from a position of considerable strength as well.
Was the acquisition of a leading rail car leasing platform in partnership with the best-in-class rail car lesser.
Speaker #2: Our base business is delivering resilient, growing cash flows, and we have clear visibility into a multi-year runway of organic growth and capital deployment. In addition, the rapid build-out of AI-related infrastructure is materially expanding our opportunities set across data centers, power, and network connectivity.
The business is highly cash generative. Providing stable cash flows that are supported by Diversified and large investment grade customer base.
The total equity consideration is approximately dollars.
Sam Pollock: We see a highly constructive backdrop for infrastructure in 2026. The asset class has a long history of delivering resilient, growing cash flows 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. 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 multi-year runway of organic growth and capital deployment. In addition, the rapid build-out of AI-related infrastructure is materially expanding our opportunity set across data centers, power, and network connectivity.
We see a highly constructive backdrop for infrastructure in 2026. The asset class has a long history of delivering resilient, growing cash flows 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. 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 multi-year runway of organic growth and capital deployment. In addition, the rapid build-out of AI-related infrastructure is materially expanding our opportunity set across data centers, power, and network connectivity.
now, turning to our growth Outlook,
we see a highly constructive backdrop for infrastructure in 2026.
Speaker #2: As a scaled global owner and operator of critical infrastructure, we are well placed to deploy capital into these themes at attractive, risk-adjusted returns. 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.
The asset class is a long history of delivering, resilience growing cash flows through a variety of Market environments.
And is squarely positioned at the center of 3. Powerful structural themes, which we've talked about quite a bit in the past digitalization, decarbonization and deglobalization.
Together, these forces are driving an infrastructure investment super cycle that is broadening in both scope and scale.
Speaker #2: So that concludes my remarks. I'll now pass it back over to Liz to open up the line for Q&A.
We've entered 2026 from a position of considerable strength as well.
Speaker #3: As a reminder, if you'd like to ask a question, please press star, one, one on your telephone. And wait for your name to be announced.
Our base business is delivering resilient, growing cash flows, and we have clear visibility to a multi-year runway of organic growth and capital deployment.
Speaker #3: To withdraw your question, please press star, one, one again. Please stand by while we compile the Q&A roster.
In addition, the rapid buildout of AI related. Infrastructure is materially, expanding our opportunity to set across data centers power and network connectivity.
Sam Pollock: As a scaled global owner and operator of critical infrastructure, we are well-placed to deploy capital into these themes at attractive risk-adjusted returns. 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. So that concludes my remarks. I'll now pass it back over to Liz to open up the line for Q&A.
As a scaled global owner and operator of critical infrastructure, we are well-placed to deploy capital into these themes at attractive risk-adjusted returns. 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. So that concludes my remarks. I'll now pass it back over to Liz to open up the line for Q&A.
Speaker #4: Thank
Speaker #4: you. Our first question comes from the line of
As a scaled Global owner and operator of critical infrastructure.
Speaker #3: Maurice Choi with RBC Capital
Speaker #3: Markets.
We are well placed to deploy capital into these seams at attractive risk-adjusted returns.
Speaker #5: Thank
Speaker #5: you, and good morning, everyone. I'll just ask one question, but I'll admit it is a multi-part question on data centers and data infrastructure. Uday, in your prepared remarks, you highlighted how your contract approach aims to mitigate technology risk.
These factors combined with a stable interest rate and foreign exchange backdrop.
Positioned us well to return to our 10% or higher per unit growth Target in 2026 and Beyond.
So that concludes my remarks.
I'll now pass it back over to Liz to open up the line for Q&A.
Operator: As a reminder, if you'd like to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster.
Operator: As a reminder, if you'd like to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster.
Speaker #5: Can you elaborate a little bit more on that and also what risk do you think is underappreciated by the market? And my quick follow-up is going to be on returns.
As a reminder, if you'd like to ask a question, please press *1, 1 on your telephone and wait for your name to be announced. To withdraw your question, please press *1, 1 again.
Speaker #5: Obviously, I would expect a 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 or even some factors for us to consider and quantify these premium
Sam Pollock: Thank you.
Sam Pollock: Thank you.
Please stand by while we compile the Q&A roster.
Operator: Our first question comes from the line of Maurice Choy with RBC Capital Markets.
Operator: Our first question comes from the line of Maurice Choy with RBC Capital Markets.
Our first question comes from the line of Maurice Joy with RBC Capital Markets.
Maurice Choy: Thank you, and good morning, everyone. I'll just ask one question, but I'll admit it is a multi-part 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? 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, or even some factors for us to consider and quantify the premium return. Thank you.
Maurice Choy: Thank you, and good morning, everyone. I'll just ask one question, but I'll admit it is a multi-part 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? 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, or even some factors for us to consider and quantify the premium return. Thank you.
Speaker #5: returns. Thank you. Hi,
Speaker #2: Maurice and Sam here. Maybe I'll start off with the returns. And then I'll have Uday talk about the contract items and the risks that you also asked.
Speaker #2: So on the return front, I'll keep it high level and simple. But in essence, we develop new data centers at a yield-to-cost anywhere on average between 9 and 10%.
Speaker #2: And we monetize them at cap rates between 5.5 and 6% on average. And so that gives us a rough development profit of $300 to $400 basis points.
Thank you, and good morning, everyone. Um, I'll just ask one question, but I'll admit it is a multi-part question on, uh, data centers and, uh, data infrastructure, um, uh, in your prepared remarks. You highlighted how your contract approach aims to mitigate technology risk. Uh, can you elaborate a little bit more on that and also, what risk do you think is underappreciated by the markets? And my quick follow-up is going to be on returns. Um, obviously, I would expect the returns are superior to—
Sam Pollock: 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 risks that you also asked. So on the return front, I'll keep it high level and simple, but in essence, you know, we develop new data centers at a yield to cost anywhere on average between 9 and 10%, and we monetize them, you know, at cap rates basically, you know, 5.5 and 6% on average. And so that gives us, you know, a rough development profit of 300 to 400 basis points.
Sam Pollock: 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 risks that you also asked. So on the return front, I'll keep it high level and simple, but in essence, you know, we develop new data centers at a yield to cost anywhere on average between 9 and 10%, and we monetize them, you know, at cap rates basically, you know, 5.5 and 6% on average. And so that gives us, you know, a rough development profit of 300 to 400 basis points.
The 12 to 15% target range. So maybe you could help us understand a little better how much more— even if it's just a range, or even some factors as far as to consider and quantify— these premium returns. Thank you.
Speaker #2: And with leverage in the development, 70% range, that pencils into equity returns if we do everything right. And to high teams over 20s. And I think that's profitable industry.
Hi, I'm Morris, it's Sam here. Maybe I'll start off with the returns and then, um, I'll have mud talk about the contract items and the risks that you also asked
Speaker #2: So that's the rough goal. And I think we'll leave it on that from a returns perspective. And then maybe I'll throw it over to Uday to answer your first two
Speaker #2: questions. Sure.
Speaker #4: 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 technology that our tenants are customers use.
Sam Pollock: You know, with leverage in the, you know, on development, you know, 70% range, you know, that pencils into equity returns if we do everything right, into high teens or twenties. I think that's a profitable industry. So that's, that's the rough, you know, full. And, and I think we'll leave it on that from a returns perspective. And then maybe, I'll throw it over to Uday to answer your first two questions.
You know, with leverage in the, you know, on development, you know, 70% range, you know, that pencils into equity returns if we do everything right, into high teens or twenties. I think that's a profitable industry. So that's, that's the rough, you know, full. And, and I think we'll leave it on that from a returns perspective. And then maybe, I'll throw it over to Uday to answer your first two questions.
Uh, so on, on the return front. Um, I'll keep it high level and simple, but in essence, you know, we, uh, we we develop new data centers at a yield. The cost anywhere on average between 9 and 10% and we monetize them, you know, at, you know, cap rates. Basically, you know, 5 and a half and 6% on average. And so that gives us, you know, a rough, you know, development profit, uh, 3 to 400 basis points and, you know, with uh, leverage in the, you know,
Speaker #4: 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.
Speaker #4: That predominantly translates into how power and cooling works in the data centers. 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 sort of end.
You know, on development, you know, 70% range, you know, that pencils into Equity returns if we do everything right, uh, and to hygiene or 20s. Um, and I think that's that is profitable industry. So that's that's the rough, you know, full and uh and I think we'll leave it on that from a returns perspective. Uh and then maybe uh I'll throw it over to UD to answer your first 2 questions.
Udhay Mathialagan: 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, you know, the technology that our tenants, our customers use. 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. 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 sort of end.
Udhay Mathialagan: 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, you know, the technology that our tenants, our customers use. 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. 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 sort of end.
Speaker #4: And if in case it necessitates any change in the underlying infrastructure, then those are specific changes that are not to our cost at that point in time.
Sure. Thanks Sam look, I think taking a step back the the basis of pretty much all our data set of businesses is around providing the core infrastructure and staying out of the the real, you know, the technology that that our tenants our customers use. And so my earlier remarks around being
Speaker #4: So that was the underlying sort of comment around how we're managing our the committed cash flows, I guess, over that period of time. In terms of technology risk.
Speaker #5: Understood. Thank you very much.
Speaker #2: Thanks, Maurice.
Speaker #3: Our next question comes from a line of Devin Dodge with VMO Capital
Speaker #3: Markets. All right.
Speaker #5: Thank you. Good morning. Maybe to the extent that you're able, can you provide some additional color for the transaction where KKR acquired the stake and a portfolio of data centers from Compass?
Udhay Mathialagan: And in this, if in case it necessitates any change in the underlying infrastructure, then those are specific changes that are not to our cost at that point in time. So that was, that was the underlying sort of comment around how we're managing our, you know, the committed cash flows, I guess, over that, that period of time in terms of technology risk.
And in this, if in case it necessitates any change in the underlying infrastructure, then those are specific changes that are not to our cost at that point in time. So that was, that was the underlying sort of comment around how we're managing our, you know, the committed cash flows, I guess, over that, that period of time in terms of technology risk.
Speaker #5: And just trying to get a sense for how many assets are included, the timing, it sounded like it might be phased into that partnership and maybe the net proceeds to BIP.
Speaker #2: Hi, Devin and 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 in nature.
Longer term use and for changes that are happening at the computer level. It that predominantly translates into how power and cooling works in the data set is 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 at a customer's sort of end. And in this if in case it necessitates any change in the underlying infrastructure, then those are specific changes that are not to our cost at that point in time. So that that was the underlying sort of comment around how we're managing our, you know, the committed cash flows, I guess over that that period of time, in terms of Technology risk,
Frederic Bastien: Understood. Thank you very much.
Maurice Choy: Understood. Thank you very much.
Sam Pollock: Thanks, Mark.
Sam Pollock: Thanks, Mark.
Understood, thank you very much.
Thanks Mark.
Speaker #2: But what I can tell you is that, and we mentioned this earlier in the call, we've 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.
Operator: Our next question comes from the line of Devin Dodge with BMO Capital Markets.
Operator: Our next question comes from the line of Devin Dodge with BMO Capital Markets.
Our next question comes from the line of Devon Dodge with BMO Capital markets.
Devin Dodge: All right. Thank you. Good morning. Maybe to the extent that you're able, can you provide some additional color for the transaction where KKR acquired a stake in a portfolio of data centers from Compass? And just trying to get a sense for, you know, how many assets are included, the timing. It sounded like it might be phased into that partnership and maybe the net proceeds to BIP.
Devin Dodge: All right. Thank you. Good morning. Maybe to the extent that you're able, can you provide some additional color for the transaction where KKR acquired a stake in a portfolio of data centers from Compass? And just trying to get a sense for, you know, how many assets are included, the timing. It sounded like it might be phased into that partnership and maybe the net proceeds to BIP.
All right, thank you. Uh, good morning. Um,
Speaker #2: Totaling about 850 megawatts. And effectively, the way these arrangements work is these are for the most part passive vehicles in the sense that we retain operational control of the assets and we retain a significant ownership stake to have alignment with our partners.
Maybe to the to the extent that you're able. Uh, can you provide some additional color for the transaction where KKR required mistake and portfolio of data centers from from compass and just trying to get a sense for, you know, how many assets are included the timing, it, it sound like it might be phased into that partnership and maybe the the net proceeds uh, to bit
Sam Pollock: Hi, Devin, 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 in nature. But what I can tell you is that, you know, and we mentioned this earlier in the call, you know, we've effectively entered into JV arrangements with a number of institutional investors, which, you know, I would include KKR in that group, across not just North America, but Europe as well, totaling about 850MW.
Sam Pollock: Hi, Devin, 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 in nature. But what I can tell you is that, you know, and we mentioned this earlier in the call, you know, we've effectively entered into JV arrangements with a number of institutional investors, which, you know, I would include KKR in that group, across not just North America, but Europe as well, totaling about 850MW.
Hi Devon. Sam here.
Speaker #2: And so we've done this, as I said, in all our markets and it's kind of part of our playbook to recycle capital from developments to crystallize some profits to reinvest back in the business so we can fund future
Speaker #2: growth. Okay.
Speaker #5: Okay. Thanks for that. Second question, for Brookfield's $10 billion AI infrastructure fund, I believe BIP is one of the pools of capital that could be used to meet Brookfield's commitment.
Sam Pollock: And effectively, you know, the way these arrangements work is, these are, for the most part, passive vehicles in the sense that we retain operational control of the assets, and we, you know, retain a significant ownership stake to have alignment with our partners. And so, we've done this, as I said, in all our markets, and it's kind of 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.
And effectively, you know, the way these arrangements work is, these are, for the most part, passive vehicles in the sense that we retain operational control of the assets, and we, you know, retain a significant ownership stake to have alignment with our partners. And so, we've done this, as I said, in all our markets, and it's kind of 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.
I can't really speak to the details of it because we don't get into those level of uh, granularity on specific transactions, that are private and nature. But, uh, what I can tell you is that, um, you know, and we mentioned this earlier in the call, you know, we've, um, we've effectively entered into JV arrangements with a number of institutional investors. Uh, which, you know, I would, uh, include take care in that group, uh, across, uh, not just North America but Europe as well. Uh, totally about 850, uh, megawatts. And what
Speaker #5: Just wondering if you could provide a bit of a framework or thoughts on what types of investments made by the fund may be suitable or not suitable for BIP.
Speaker #2: Yeah. Hi, Devin. So that's correct. So BIP is one of the entities that we'll 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 fund.
and effectively, you know, the way these Arrangements work is, uh, these are for the most part passive vehicles. In the sense that we retain operational control of the assets. And we, uh, you know, we train a significant, uh, ownership stake, uh, to have alignment with, uh, with our partners. And so, uh, we've done this, as I said in all our markets, uh, and it's kind of part of our Playbook to recycle capital from, uh, developments, uh, to crystallize some, uh, some profits to reinvest back in the business. So, we can fund future growth.
Devin Dodge: Okay. Okay, thanks for that. The second question for Brookfield's is a $10 billion AI infrastructure fund. I believe, I believe BIP is one of the pools of capital that could be used to meet Brookfield's commitment. I just wondering if you could provide a bit of a framework or, or thoughts on what types of investments made by the fund may be suitable or not suitable for BIP.
Devin Dodge: Okay. Okay, thanks for that. The second question for Brookfield's is a $10 billion AI infrastructure fund. I believe, I believe BIP is one of the pools of capital that could be used to meet Brookfield's commitment. I just wondering if you could provide a bit of a framework or, or thoughts on what types of investments made by the fund may be suitable or not suitable for BIP.
Okay. Okay, thanks for that. Um, the second question, uh, for Brookfield.
Speaker #2: So returns that are let's say 12% and higher in sectors that are suited for BIP. So things that are, say, outside of renewable energy.
Uh, is a $10 billion AI infrastructure fund. I believe, I believe BIP is one of the pools of capital that could be used to meet, uh, Brookfield's commitment. I'm 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, uh, for BIP.
Sam Pollock: Yeah. Hi, Devin. So, that's correct. So, BIP is one of the entities that will fund opportunities that come from that strategy. And, you know, I think, you know, the way to think about it is, you know, transactions that have, you know, the profile that we have in our flagship fund. So, you know, returns that are, let's say, 12% and higher, in sectors that are suited for BIP. So things that are, say, outside of renewable energy, and investments that, you know, probably don't have a development profile that's too long. You know, if the development cycle is excessively long, then that may not make it appropriate for BIP.
Sam Pollock: Yeah. Hi, Devin. So, that's correct. So, BIP is one of the entities that will fund opportunities that come from that strategy. And, you know, I think, you know, the way to think about it is, you know, transactions that have, you know, the profile that we have in our flagship fund. So, you know, returns that are, let's say, 12% and higher, in sectors that are suited for BIP. So things that are, say, outside of renewable energy, and investments that, you know, probably don't have a development profile that's too long. You know, if the development cycle is excessively long, then that may not make it appropriate for BIP.
Speaker #2: And investments that probably don't have a development profile that's too, too long. If the development cycle is excessively long, then that may not make it appropriate for BIP.
Yeah, hi Devin so, um, so that's correct. So, so bip is 1 of the, um,
uh,
Speaker #2: But otherwise, I think keeping in mind portfolio 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 types of
Entities that, uh, will fund, um, opportunities that come from that strategy. And, you know, I I think, you know, the way that the the the think about it is, uh, you know, transactions that have, you know, uh the profile that we have in our Flagship fund. So you know returns that are um
Uh, let's say, you know, 12% and higher, um...
Speaker #2: transactions. Okay.
Speaker #5: Good color. Appreciate it. I'll turn
Speaker #2: All
Speaker #2: right. Thank you. Our next
In sectors that, um, uh, are suited for, uh, for, for bip. Uh, so things that are say outside of renewable energy, um, and, um, and Investments that, you know, probably don't have a, um,
Speaker #3: question comes from Sherilyn Radbourne with TD
Speaker #3: Cowan.
Speaker #6: Thanks very much and good
Sam Pollock: But otherwise, I think, you know, keeping in mind, you know, portfolio 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, you know, we would invest through BIP for those type of transactions.
But otherwise, I think, you know, keeping in mind, you know, portfolio 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, you know, we would invest through BIP for those type of transactions.
Speaker #6: center side, I did want morning. On the data to ask if you could talk about how you think about sovereigns versus hyperscalers as counterparties and how you think the mix of your basket of counterparties could end up between those two groups.
A development profile, that's too too long. Um, you know, if if the uh development cycle is excessively long, then that may not make it appropriate for a bit but otherwise I think um,
Speaker #2: Hi, Sherilyn. It's great to have you on the call. So maybe I'll touch on this and Uday can add anything else he'd like to.
Uh, you know, keeping in mind, you know, portfolio construction objectives for BIP. Uh, if it's in the data center sector, if it's gas related, uh, if it's utility related, those are all sectors, and if the returns fit, then, you know, we would invest through BIP for those type of transactions.
Robert Hope: Okay, good color. Appreciate it. I'll turn it over.
Devin Dodge: Okay, good color. Appreciate it. I'll turn it over.
Speaker #2: 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.
Okay, good color, appreciate it. I'll turn it over.
Sam Pollock: All right. Thank you.
Sam Pollock: All right. Thank you.
Operator: Our next question comes from Cherilyn Radbourne with TD Cowen.
Operator: Our next question comes from Cherilyn Radbourne with TD Cowen.
Our next question comes from cherylyn radborne with TD Cowen.
Cherilyn Radbourne: 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 as counterparties, and how you think the mix of your basket of counterparties could end up between those two groups?
Cherilyn Radbourne: 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 as counterparties, and how you think the mix of your basket of counterparties could end up between those two groups?
Thanks very much, and good morning. Um,
Speaker #2: And obviously, the hyperscalers, while amazing credits, are few in number and have similar exposures, to AI and other data-related cash flows. And sovereign nations diversify from those risks.
on the data center side. Um, I did want to ask if you could talk about how you think about sovereigns versus hyperscalers as counterparties. And how you think the mix of your basket of counterparties could end up between those 2 groups?
Sam Pollock: Hi, Cherilyn. It'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 counterparts because it gives diversity. You know, one of the things that serves us well across all our business is diversity of counterparties. And obviously, the hyperscalers, while amazing credits, are few in number and have similar exposures, you know, to AI and other data-related cash flows. And you know, sovereign nations diversifies from those risks.
Sam Pollock: Hi, Cherilyn. It'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 counterparts because it gives diversity. You know, one of the things that serves us well across all our business is diversity of counterparties. And obviously, the hyperscalers, while amazing credits, are few in number and have similar exposures, you know, to AI and other data-related cash flows. And you know, sovereign nations diversifies from those risks.
Hi cherylyn, it's great to have you on the call. Um,
Speaker #2: 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.
So, uh, maybe I'll touch on this and, and you, K, can, um, add, uh, anything else you'd like to. I think we, like, both of—
Uh, the counterparts because it gives diversity. Um,
Speaker #2: Here, we can work on a more bespoke basis to assist sovereign nations build ecosystems in their countries. The challenge with it is that governments tend to move a bit slower with than corporates.
you know, 1 of the, the things that, uh, serves us well, across all our business is diversity of of counterparties, and obviously that, you know, the hyperscalers while, uh, amazing, uh, credits, um, are few in number and, and have similar, uh, exposures. Uh, you know, to Ai and other data related, uh, uh, cash flows. And
Speaker #2: 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.
Sam Pollock: It also, the other reason, you know, we've been focused on some of these sovereign AI factories is because, you know, we think it gives us a differentiated strategy than many others who are just focused on building the large, you know, mega sites for the hyperscalers. Here, you know, we can work on a more bespoke basis to assist, you know, sovereign nations build ecosystems in their countries. The challenge with it is that, you know, governments tend to move a bit slower than corporates, and so the time to market can sometimes be a bit longer. But, as far as, you know, what the mix will be, that's a little bit too hard for me to predict at this stage.
It also, the other reason, you know, we've been focused on some of these sovereign AI factories is because, you know, we think it gives us a differentiated strategy than many others who are just focused on building the large, you know, mega sites for the hyperscalers. Here, you know, we can work on a more bespoke basis to assist, you know, sovereign nations build ecosystems in their countries. The challenge with it is that, you know, governments tend to move a bit slower than corporates, and so the time to market can sometimes be a bit longer. But, as far as, you know, what the mix will be, that's a little bit too hard for me to predict at this stage.
And you know, Sovereign Nations, uh, you know, diversify us from those risks. Um, it also—the other reason, you know, we've been focused on some of these sovereign, uh, AI factories.
uh, is because
Speaker #2: I mean, we'd love to have a broad base of both hyperscalers and sovereign credits. But it's a little premature for me to speculate on
Speaker #2: that. That's helpful
Speaker #6: 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
Speaker #6: 2026? Hi, Sherilyn.
Speaker #2: Good morning. Look, I think as we look forward, the two biggest drivers of growth, from an organic perspective, in '26 will be the inflation indexation you highlighted as well as a significant commissioning of CapEx out of our backlog.
You know, we think it gives us a differentiated, uh, strategy, uh, than many others who are just focused on building the large, you know, Mega sites for the hyperscalers here, you know, we can work, uh, uh, on a more bespoke basis, uh, to assist, you know, uh, you know, Sovereign Nations, build, ecosystems in their countries. Um, the challenge with it is that, um, you know, governments tend to move a bit slower with, uh, than than corporates. And so the, the the time to Market can sometimes be a bit longer, um,
Speaker #2: 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 percent on our escalators.
Sam Pollock: I mean, we'd love to have a broad base of both hyperscalers and sovereign credits, but it's a little premature for me to speculate on that.
I mean, we'd love to have a broad base of both hyperscalers and sovereign credits, but it's a little premature for me to speculate on that.
Speaker #2: And then on the emerging markets, it ranges depending on which metric you're looking at. But I'd say between India and Brazil is the two biggest emerging market exposures we have inflation pass-through in.
But uh, as far as, you know, what the mix will be that, that's a little bit too hard for me to, to predict that this stage. I mean, we'd love to have, uh, a broad base of of both hyperscalers and, and Sovereign credits, um, but it's a little premature for me to speculate on that.
Cherilyn Radbourne: That's helpful color. 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?
Cherilyn Radbourne: That's helpful color. 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?
Speaker #2: It's probably also in the 2 to 4 percent depending on the metric. So I think it's more manageable. It's still above probably 25, 50 basis points above our historical averages that you would have observed.
That's a full color. Um, and then more of a straight-up question for David. Um, can you give us a sense of what we can expect from inflation indexation across your various geographies in 2026?
David Krant: Hi, Cherilyn. Good morning. Look, I think as we look forward, the two biggest drivers of growth from an organic perspective in 2026 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, you know, I'd say in OECD markets, we're probably averaging between 2 and 3% on our escalators. And then on the emerging markets, it ranges depending on which metric you're looking at. But I'd say between India, Brazil, is 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.
David Krant: Hi, Cherilyn. Good morning. Look, I think as we look forward, the two biggest drivers of growth from an organic perspective in 2026 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, you know, I'd say in OECD markets, we're probably averaging between 2 and 3% on our escalators. And then on the emerging markets, it ranges depending on which metric you're looking at. But I'd say between India, Brazil, is 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.
Hi Sharon. Good morning.
Speaker #2: But certainly not as elevated as you saw in
Speaker #2: 2022. That's all from me. Thank
Speaker #6: Thanks.
Speaker #3: Our next you. question comes from Robert Hope with Scotiabank.
Um look I think as we look forward. The 2 biggest drivers of growth. From an organic perspective in 26 will be the inflation indexation you highlighted as well as a significant Commission of capex, out of our backlog. As you've seen, it's a record level. Now
Speaker #7: Thank you. Morning all. Can we dive a little bit deeper into the data operations capital backlog? Looks like it's up just over a billion dollars versus Q3 with about 900 million dollars of that driven by the hyperscale backlog.
On the inflation front. Uh, you know, I'd say in in oecd markets, we're probably averaging between 2 and 3% on our escalators.
Speaker #7: So can you maybe dive a little bit deeper into what is driving the significant increase in Q4 as well as kind of what is the outlook and how large could this
Uh, and then on the Emerging Markets, uh, it ranges depending on which metric you're looking at, but I'd say between India, and Brazil is the 2. Biggest, uh, Emerging Market. Exposures, we have inflation passed through in
David Krant: So I think it's more manageable, still above, you know, probably 25, 50 basis points above our historical averages, that you would have observed, but certainly not as elevated as you saw in 2022.
So I think it's more manageable, still above, you know, probably 25, 50 basis points above our historical averages, that you would have observed, but certainly not as elevated as you saw in 2022.
Speaker #7: get? I can start
Speaker #2: think, Rob, you certainly and Uday or Sam can jump in. Look, I pointed it out. I think across the data segment, the data center platform had the most growth.
It's probably also in the 2 to 4% depending on the metrics. So I think it's, uh, it's it's more manageable, it's still above, you know, probably 2550 basis points above our historical averages, um, that you would have observed, but, um, but certainly not as elevated. As you saw in 2022.
Cherilyn Radbourne: That's all for me. Thanks.
Cherilyn Radbourne: That's all for me. Thanks.
Speaker #2: 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.
That's all for me. Thanks.
David Krant: Thank you.
David Krant: Thank you.
Thank you.
Operator: Our next question comes from Robert Hope with Scotiabank.
Operator: Our next question comes from Robert Hope with Scotiabank.
Our next question comes from Robert Hope with Scotia Bank.
Robert Hope: Thank you. Morning, all. Can we dive a little bit deeper into the data operations capital backlog? 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, you know, significant increase in Q4, as well as kind of what is the outlook to and how large could this get?
Robert Hope: Thank you. Morning, all. Can we dive a little bit deeper into the data operations capital backlog? 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, you know, significant increase in Q4, as well as kind of what is the outlook to and how large could this get?
Speaker #2: But on data centers itself, I think it is a little chunky in terms of when we sign new contracts. And as we highlighted this quarter, we had significant momentum on the leasing activity.
Speaker #2: So there was about 800 megawatts signed globally. When we sign those contracts, that's effectively when we'll put in the backlog associated with those projects.
Speaker #2: And so up until then, as you heard through our call, there's very little investment until a contract is signed. And then at that point, we then effectively consider the project FID and it adds into our backlog.
Uh, thank you for your help. Uh can we dive a little bit deeper into the data operations? Capital backlog? Looks like it's up uh just over a billion dollars versus Q3 with about 900 million of that driven by the hyperscale backlog. Um so can you maybe dive a little bit deeper into what uh is driving the, you know significant increase in Q4 as well as kind of what is the Outlook to how a large business get
David Krant: 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 Hotwire that we acquired in the fall. So those are another key driver in the increase in the last half of the year. But on data centers itself, I think it is a little chunky in terms of when we sign new contracts. And as we highlighted this quarter, we have significant momentum on the leasing activity. So there was about 800MW signed globally. When we sign those contracts, that's effectively when we'll put in the backlog associated with those projects.
David Krant: 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 Hotwire that we acquired in the fall. So those are another key driver in the increase in the last half of the year. But on data centers itself, I think it is a little chunky in terms of when we sign new contracts. And as we highlighted this quarter, we have significant momentum on the leasing activity. So there was about 800MW signed globally. When we sign those contracts, that's effectively when we'll put in the backlog associated with those projects.
I can start and
Speaker #2: 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 signings, drove the addition to backlog.
If segment, the data center platform had the most growth. We've also onboarded the bulk fiber. Um,
Speaker #7: All right. Thanks for that. And then maybe sticking with data centers. So 3.9 billion dollars 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?
Backlog and, and order book, and, and hot wire that we acquired in the fall. So those are another key driver in the, in the increase in the last half of the year. But on data centers itself, I think it is a little chunky in terms of when we sign new contracts. And as we highlighted this quarter, we had a significant momentum on the leasing activities, so there was about 800 megawatts on globally.
Speaker #2: Ben, do you want to give an update on the in-service state for the Intel facility?
David Krant: And so up until then, as you heard through our call, there's very little investment until a contract is signed. And then at that point, we then effectively consider, you know, the project FID, and it adds into our backlog. And so, you know, as you heard, it's probably a mixture of North American, European, as well as a few in Asia Pacific, that drove those signings, drove the addition to backlog.
And so up until then, as you heard through our call, there's very little investment until a contract is signed. And then at that point, we then effectively consider, you know, the project FID, and it adds into our backlog. And so, you know, as you heard, it's probably a mixture of North American, European, as well as a few in Asia Pacific, that drove those signings, drove the addition to backlog.
Speaker #8: Yeah, sure. So for the Intel facility, our JV has two fabs and one of which has reached its in-service state. So it's now producing wafers which is great.
Speaker #8: And the second fab is making good progress towards completion. So the actual underlying operations that underpin our JV and the construction activity is progressing very well for
Speaker #8: And the second fab is making good progress towards completion. So the actual underlying operations that underpin our JV and the construction activity is progressing very well for Intel.
Through our call. There's very little investment until a contract is signed and then at that point, we then effectively consider, you know, the project FID and it adds into our backlog. And so, you know, 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. Uh, the addition to backlog
Robert Hope: All right. Thanks for that. 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, you know, how you're thinking about cash flow and returns there and any potential follow-on investments?
Robert Hope: All right. Thanks for that. 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, you know, how you're thinking about cash flow and returns there and any potential follow-on investments?
Speaker #7: Thank you.
Speaker #3: Next question comes from Robert Catellier with CIBC Capital
All right, thanks for that. And then maybe thinking with data centers, uh, so 349 billion dollars in the backlog relates to Intel, uh, can you update Us in terms of timing? Uh, you know, how you're thinking about cash flow and returns there in any potential fall in Investments?
Speaker #3: Markets. Hey, good morning, everyone.
Sam Pollock: Ben, do you want to give an update on the in-service date for the Intel facility?
Sam Pollock: Ben, do you want to give an update on the in-service date for the Intel facility?
Speaker #9: 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.
been, do you want to give an update on uh,
uh, the inservice state for, um,
Frederic Bastien: Yeah, sure. So for the Intel facility, our JV has two fabs, and one of which has reached 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 that underpin our JV and the construction activity is progressing very well for Intel.
Ben Vaughan: Yeah, sure. So for the Intel facility, our JV has two fabs, and one of which has reached 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 that underpin our JV and the construction activity is progressing very well for Intel.
Speaker #9: But I'm curious about the rate of commissioned capital from the backlog in '26, given this is a important part of the capital allocation process.
Speaker #9: So wondering if you could maybe quantify and characterize what you see coming in the next couple of years there. Relative to 1.5 commissioned in
The Intel facility. Uh yeah, yeah, sure. So for the uh, Intel facility, our JV has uh, 2 fabulous. Has reached its in service date. So it's now, uh, producing Wafers, uh, which is great. And the second Fab is uh making good progress towards completion. So the actual underlying operations that underpin our JV and the construction.
Speaker #9: 2025. Hey, Rob.
Activities progressing, uh, very well for Intel.
Speaker #2: Yeah, it's David here. I can give you some color. The shape of that commissioning, I think I'd split our backlog into two various components.
Sam Pollock: Thank you.
Robert Hope: Thank you.
Thank you.
Operator: Next question comes from Robert Catellier with CIBC Capital Markets.
Operator: Next question comes from Robert Catellier with CIBC Capital Markets.
Speaker #2: 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 and the back half of 2026.
Next question comes from Robert cilia with CIBC Capital markets.
Robert Catellier: Hey, good morning, everyone. 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 2026, given this, you know, 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, you know, relative to 1.5 commissioned in 2025.
Robert Catellier: Hey, good morning, everyone. 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 2026, given this, you know, 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, you know, relative to 1.5 commissioned in 2025.
Speaker #2: 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.
Speaker #2: So those projects tend to be smaller and lower shorter development cycles and build cycles. So I'd expect roughly a third of that backlog, which would be close to a billion and a half, to come in online 2026 as well throughout the year.
Hey, good morning, everyone. Um, 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, uh, commissioned capital from the bio clog in '26. Uh, given this, you know, this, uh, important part of the, uh, capital allocation process, I was wondering if you could maybe quantify and characterize what you see coming in the next couple of years there, um, you know, relative to $1.5 billion commissioned in 2025?
David Krant: Hey, Rob. Yeah, 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. 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, it's a 3-year outlook. So those projects tend to be smaller, lower, you know, shorter development cycles and build cycles. So I'd expect roughly 1/3 of that, you know, backlog, which would be close to $1.5 billion, to come online in 2026 as well, throughout the year.
David Krant: Hey, Rob. Yeah, 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. 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, it's a 3-year outlook. So those projects tend to be smaller, lower, you know, shorter development cycles and build cycles. So I'd expect roughly 1/3 of that, you know, backlog, which would be close to $1.5 billion, to come online in 2026 as well, throughout the year.
Speaker #2: It is, I wouldn't say there's a chunky element to it. It's pretty it'll be pretty smooth across our utilities and our data centers driving the bulk of
Hey Rob, yeah, it's David here. I can give you some color on the—
The shape of that commissioning, I think.
Speaker #2: that. Right.
Speaker #9: So exiting out Intel, which is obviously a unique investment, you're really looking at about one and a half billion-ish a year then. Is that what you
I'd split our backlog uh, into 2 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.
Speaker #9: got us? Yeah, our backlog excluding
Speaker #2: Intel is 5.3 billion. And so assuming an average of three years, you're looking close to 1.75, probably. But yeah. And the one and a half to two.
Speaker #9: 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.
Uh, the the other, the balance of our backlog would be Diversified across our utilities transport, Midstream and data businesses. And typically, as you've heard of it's a 3 year outlook. So those projects tend to be smaller lower, you know, shorter development cycles and build Cycles. So I'd expect roughly a third of that.
David Krant: I wouldn't say there's a long, chunky element to it. It's pretty... It'll be pretty smooth across our utilities and our data centers, driving the bulk of that.
David Krant: I wouldn't say there's a long, chunky element to it. It's pretty... It'll be pretty smooth across our utilities and our data centers, driving the bulk of that.
Speaker #9: So I'm curious how it impacts how you manage your midstream investments in Canada. So do you hang on for more growth, or does this de-risk the assets to a point where you might consider more asset sales?
You know backlog which would be close to a billion and a half to come in on line 2026 as well throughout the year it is. I wouldn't say there's a a long a chunky element to it. It's pretty it'll be pretty smooth. The crops are utilities and our data centers driving the bulk of that.
Robert Catellier: Right. So, you know, X-ing out Intel, which is obviously a unique investment, you're, you're really looking at about $1.5 billion-ish a year then. Is that what you guys are-
Robert Catellier: Right. So, you know, X-ing out Intel, which is obviously a unique investment, you're, you're really looking at about $1.5 billion-ish a year then. Is that what you guys are-
Right. So you know xing out Intel which is obviously a unique investment. You're you're really looking about 1 and a half billion is um a year then is that
David Krant: Yeah.
Robert Catellier: Yeah.
David Krant: Our backlog, excluding Intel, is $5.3 billion.
David Krant: Yeah.
Robert Catellier: Yeah.
David Krant: Our backlog, excluding Intel, is $5.3 billion.
Speaker #2: Yeah. Hi, Robert. Look, I think 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.
Robert Catellier: Yeah. Okay.
Robert Catellier: Yeah. Okay.
David Krant: Assuming an average of 3 years, you're looking close to 1.75, probably.
David Krant: Assuming an average of 3 years, you're looking close to 1.75, probably.
Robert Catellier: Yeah.
Robert Catellier: Yeah.
David Krant: Yeah, in the 1.5 to 2.
David Krant: Yeah, in the 1.5 to 2.
What you got? Yeah, our backlog, excluding the Intel, is $5.3 billion. Yeah, so assuming an average of three years, you're looking close to $1.75 [billion] probably. But yeah. In the one and a half to two [billion] range.
Robert Catellier: Okay, excellent. And then, my other question was just, what are your views on the Canada-Alberta MOU as it relates to energy development? You know, it looks like there's a you know, a momentum building towards a bolder energy strategy here. So I'm curious how it impacts how you manage your midstream investments in Canada. So do you hang on for more growth, or does this de-risk the assets to a point where you might consider more asset sales?
Robert Catellier: Okay, excellent. And then, my other question was just, what are your views on the Canada-Alberta MOU as it relates to energy development? You know, it looks like there's a you know, a momentum building towards a bolder energy strategy here. So I'm curious how it impacts how you manage your midstream investments in Canada. So do you hang on for more growth, or does this de-risk the assets to a point where you might consider more asset sales?
Speaker #2: Irregardless of that, though, we've already had plenty of growth in the business. There's been significant producer expansions underway, which has led to some additional tie-ins and particularly in our IPL facility.
Okay. Excellent. And then, uh, my other question was just, what are your views on the, uh, Canada-Alberta MOU as it relates to, uh, energy development? You know, it looks like there's a, you know, a momentum building towards a bolder energy strategy here. So I'm curious how it impacts how you manage your Midstream investments in Canada. So do you hang on for more growth? Um,
Speaker #2: IPL network. And we've recently undertaken a number of growth initiatives with North River. 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.
Or does this uh, deris the assets to a point where you might consider a more asset sales?
Sam Pollock: Hi, Robert. I think 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. Regardless of that, though, we've already have plenty of growth in the business. You know, there's been significant, you know, producer expansions underway, which has led to some additional tie-ins, and particularly in our IPL facility, IPL network. You know, we've recently undertaken a number of growth initiatives with NorthRiver.
Sam Pollock: Hi, Robert. I think 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. Regardless of that, though, we've already have plenty of growth in the business. You know, there's been significant, you know, producer expansions underway, which has led to some additional tie-ins, and particularly in our IPL facility, IPL network. You know, we've recently undertaken a number of growth initiatives with NorthRiver.
Yeah. Hi Robert. Uh,
Look look. I think it's uh 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. Um irregardless of that though we've already
Speaker #2: And I guess the only thing that would accelerate monetizations would be market conditions to the extent that they are receptive to us bringing some or part of these businesses to the market.
Have plenty of growth in the business. You know, there's been significant, uh,
you know, producer expansions underway which is led to, um,
Speaker #2: We might look at that. So I appreciate some of that. It's very loose, 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 along with the provincial government to encourage further growth in the sector, we think that's only helpful to our businesses.
Sam Pollock: You know, in terms of, you know, our, our plans to, you know, monetize the businesses, I think, you know, we have, you know, business plans in place for each of the businesses that we're looking to, you know, to, to continue to, develop. And, you know, the-- I guess the only thing that would accelerate monetizations would be market conditions. To the extent that they are receptive to us, bringing some or part of these businesses to, to the market, we might look at that. So I appreciate some of that, you know, is very, loose. But, but I think the takeaway is that, the businesses today operate in a very strong environment.
Uh, some additional tie-ins and, and particularly in our IPL facility. I IPL Network, um, and uh, you know, we've recently, uh, undertaken a number of growth initiatives, uh, with North River.
Um,
You know, in terms of, you know, our, our plans to, you know, monetize the businesses, I think, you know, we have, you know, business plans in place for each of the businesses that we're looking to, you know, to, to continue to, develop. And, you know, the-- I guess the only thing that would accelerate monetizations would be market conditions. To the extent that they are receptive to us, bringing some or part of these businesses to, to the market, we might look at that. So I appreciate some of that, you know, is very, loose. But, but I think the takeaway is that, the businesses today operate in a very strong environment.
You know, in terms of, um,
You know, our, uh, you know, our plans to, you know, monetize the businesses. I think, you know, we have, uh,
Speaker #2: And it makes them more attractive to potential buyers down the road.
Speaker #9: Yeah, I totally agree with you. I think it's too early, and I too would want to see a couple more cards flipped on how the MOU plays out and if they achieve the milestones as intended.
That we're looking to, uh, you know, to, uh, to continue to, uh, develop. And, you know, the, I guess the only thing that would accelerate monetization would be market conditions to extent that they, uh, are receptive to us, uh, bringing some more parties businesses, to, to the market. We might look at that,
Speaker #9: So thanks for your answers.
Speaker #2: Thank
Speaker #2: you. As a reminder, if
Speaker #3: you'd like to ask a question at this time, please press star, one, one on your touchstone phone. Our next question comes from a line of Frederick Bastian with Raymond James.
Sam Pollock: With the added push by, you know, the federal government, you know, along with the provincial government, to encourage, you know, further growth in the sector, you know, we think that's only helpful to our businesses and, and makes them more attractive to potential buyers down the road.
With the added push by, you know, the federal government, you know, along with the provincial government, to encourage, you know, further growth in the sector, you know, we think that's only helpful to our businesses and, and makes them more attractive to potential buyers down the road.
Speaker #10: Good morning. During your investor day, you noted that Brookfield had formed a partnership to build seven AI factories. Totaling six gigawatts of compute capacity.
Speaker #10: Can you provide an update on how that's going and whether you have more developments to announce
So I appreciate some of that, you know, it's very, uh, loose um, but uh, but I think the takeaway is that uh the businesses today operate in a very strong environment and with the added Push by the, you know, the federal government, you know, along with the provincial government to encourage, uh, you know, further uh, growth in the sector, you know, we think that's only helpful to our businesses and and makes them more attractive to potential buyers down the road.
Robert Catellier: Yeah, I totally agree with you. I think it's too early, and I too would want to see a couple more cards slipped on how the MOU plays out and if they you know achieve the milestones as intended. So thanks for your answers.
Robert Catellier: Yeah, I totally agree with you. I think it's too early, and I too would want to see a couple more cards slipped on how the MOU plays out and if they you know achieve the milestones as intended. So thanks for your answers.
Speaker #2: Hey, Fred. Maybe I'll tackle that and Uday 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 And one actually in of the Middle East.
Sam Pollock: Thank you.
Sam Pollock: Thank you.
Yeah, I totally agree with you. I think it's too early, and I too would want to see a couple more cards dealt, uh, see how the MOU plays out and if they, uh, you know, achieve the milestones as intended. So, thanks for your answers.
Thank you.
Operator: As a reminder, if you'd like to ask a question at this time, please press star one one on your touchtone phone. Our next question comes from the line of Frederic Bastien with Raymond James.
Operator: As a reminder, if you'd like to ask a question at this time, please press star one one on your touchtone phone. Our next question comes from the line of Frederic Bastien with Raymond James.
As a reminder, if you'd like to ask a question at this time, please press *11 on your touchtone phone.
Our next question comes from the line of Frederick Bastion with Raymond James.
Frederic Bastien: Good morning. During your Investor Day, you noted that Brookfield had formed partnerships to build 7 AI factories, totaling 6GW of compute capacity. Can you provide an update on how that's going and whether you have more developments to announce soon?
Frederic Bastien: Good morning. During your Investor Day, you noted that Brookfield had formed partnerships to build 7 AI factories, totaling 6GW of compute capacity. Can you provide an update on how that's going and whether you have more developments to announce soon?
Speaker #2: Oceania. So basically, across the globe, as I mentioned to I think it was Sherilyn, the it does 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 nations puts towards these initiatives.
Good morning. Uh, during your investor day, you noted that Brookfield, add form uh Partnerships to build 7, AI factories, uh totaling 6, gigawatt of compute capacity. Can can you provide an update update on how that's going and, and whether you um,
We'll have more developments to announce soon.
Sam Pollock: Hey, Fred, maybe I'll tackle that, and Uday might add some further comments. But I think the answer is relatively short. Yeah, we continue to progress all those, you know, various initiatives. And you know, today we have discussions underway with probably five at least in Europe, you know, some in North America, as well as some of the Middle East, and one actually in Oceania. So basically across the globe. As I mentioned to, I think it was Cherilyn, and you know, 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 nations puts towards these initiatives.
Sam Pollock: Hey, Fred, maybe I'll tackle that, and Uday might add some further comments. But I think the answer is relatively short. Yeah, we continue to progress all those, you know, various initiatives. And you know, today we have discussions underway with probably five at least in Europe, you know, some in North America, as well as some of the Middle East, and one actually in Oceania. So basically across the globe. As I mentioned to, I think it was Cherilyn, and you know, 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 nations puts towards these initiatives.
maybe I'll I'll
um,
uh, I might might, uh, add some further comments but uh,
I think the answer is relatively short, um,
Speaker #2: 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.
Speaker #2: 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
Yeah, we we continue to progress all those, you know, very initiatives and and you know today we have uh discussions underway uh with probably you know 5 at least in Europe. Uh you know some in North America as well as some of the Middle East. Um and and 1 actually in in uh in Ocean. So uh basically across the globe. Um,
uh, as I mentioned to, I think it was Cheryl and you know, the
Speaker #2: through. Okay.
Sam Pollock: Nonetheless, I think we're hopeful that during the year, we'll have, you know, one or two of these progressed. You know, I think the only thing that I would, you know, caution you is that they tend to be smaller than some of the, you know, mega sites that you see announced with the hyperscaler. So, you know, most of these are, you know, anywhere between, you know, as small as, you know, 50MW, up to as much as maybe 250MW, you know, in phases. Nonetheless, those will still represent meaningful dollars, and we're pretty excited to see it through.
Nonetheless, I think we're hopeful that during the year, we'll have, you know, one or two of these progressed. You know, I think the only thing that I would, you know, caution you is that they tend to be smaller than some of the, you know, mega sites that you see announced with the hyperscaler. So, you know, most of these are, you know, anywhere between, you know, as small as, you know, 50MW, up to as much as maybe 250MW, you know, in phases. Nonetheless, those will still represent meaningful dollars, and we're pretty excited to see it through.
Speaker #10: Thanks, Sam, for that. And I guess your relationship with Bloom Energy is still fairly young. You committed to delivering just under 300 megawatts of power generation.
it it does, you know, these discussions do take time and and we're probably a little disappointed that they haven't gone a little faster, given the importance that each of the Nations puts towards uh these initiatives. Um, nonetheless, I think we're hopeful that during the year. We'll have, you know, 1 or 2 of these uh, progressed
Speaker #10: I think your original agreement was to for up to one gigawatt. Behind the meter power generation. Are you comfortable that you will see through this agreement all the way to that one gigawatt?
Speaker #2: Obviously, 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.
Uh, and um, you know, I I I think the only thing that I would, you know, caution you is that they tend to be smaller than some of the, you know, Mega sites that you, you see announced with the, uh, uh, the hyperscaler. So, you know, most of these uh, are, you know, anywhere between, you know, as small as, you know, 50 megawatts up to as much as maybe 250, you know, in phases. Um, nonetheless. Uh, those are still represent meaningful dollars and uh, we're pretty excited, uh, to see it through.
[Analyst]: Okay, thanks, Sam, for that. And I guess your relationship with Bloom Energy is still fairly young. You've committed to delivering just under 300MW of power generation. I think your original agreement was for up to 1GW of behind the meter power generation. Are you comfortable that you will see to this agreement all the way to that 1GW?
Frederic Bastien: Okay, thanks, Sam, for that. And I guess your relationship with Bloom Energy is still fairly young. You've committed to delivering just under 300MW of power generation. I think your original agreement was for up to 1GW of behind the meter power generation. Are you comfortable that you will see to this agreement all the way to that 1GW?
Speaker #2: There's no doubt there's tons of momentum for Bloom at the moment.
Speaker #10: Awesome. And your relationships, obviously, is strong and growing,
Thanks Sam for that. And and I guess you're, um, your relationship with Bloom Energy is still fairly young. You committed to delivering just under 300 megawatt of power generation. I think your original agreement was to was for up to 1 gigawatts.
Speaker #10: obviously. Yes.
Speaker #2: Yes, it is.
Speaker #10: Okay. Yeah, that's where I was going. Thanks, Sam. Appreciate it.
Speaker #2: Okay. No, thank you, Fred.
Of, uh, behind-the-meter power generation is—are you comfortable that, uh, you will see through, um, this agreement all the way to that 1 gigawatt?
Sam Pollock: Obviously, I'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, you know, the amount of, you know, developments underway, you know, I feel pretty optimistic that we'll get to that and maybe even above that level. There's no doubt there's tons of momentum for Bloom at the moment.
Speaker #3: That concludes today's question and answer session. I'd like to turn the call back to Sam Pollock for closing remarks.
Sam Pollock: Obviously, I'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, you know, the amount of, you know, developments underway, you know, I feel pretty optimistic that we'll get to that and maybe even above that level. There's no doubt there's tons of momentum for Bloom at the moment.
Speaker #2: All right. Thank you, Liz, and thank you, everyone, for joining the call this morning. We hope 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.
Speaker #2: Thank you, and take
Speaker #2: care. This concludes
Obviously, I mean be speculating on the future, so it's hard to predict. But at the moment with the, uh, the level of demand that they're seeing and the uh, you know, the the amount of, you know, developments underway, uh, you know, I'm, I feel pretty optimistic that we'll get to that and maybe even above that level. Uh, there's no doubt, there's tons of momentum for Bloom at the moment.
[Analyst]: Awesome. And your relationship obviously is strong and growing, obviously.
Frederic Bastien: Awesome. And your relationship obviously is strong and growing, obviously.
Sam Pollock: Yes. Yes, it is.
Sam Pollock: Yes. Yes, it is.
Awesome. And your relationships honestly is is strong and and uh and and growing obviously yes.
[Analyst]: Okay. Yeah, that's where I was going. Thanks, thanks, Sam. Appreciate it.
Frederic Bastien: Okay. Yeah, that's where I was going. Thanks, thanks, Sam. Appreciate it.
Sam Pollock: Okay. No, thank you, Brad.
Sam Pollock: Okay. No, thank you, Brad.
Yeah. Yeah, that's where I was going. Thanks, uh, thanks Sam. Appreciate it. Okay no, thank you, friends.
Operator: That concludes today's question and answer session. I'd like to turn the call back to Sam Pollock for closing remarks.
Operator: That concludes today's question and answer session. I'd like to turn the call back to Sam Pollock for closing remarks.
Sam Pollock: All right. Thank you, Liz, and thank you everyone for joining the call this morning. We hope you've all had a good start to the year, and we look forward to providing our Q1 results at the end of April. Thank you, and take care.
Sam Pollock: All right. Thank you, Liz, and thank you everyone for joining the call this morning. We hope you've all had a good start to the year, and we look forward to providing our Q1 results at the end of April. Thank you, and take care.
That concludes today's question and answer session. I'd like to turn the call back to Sam, Paul for closing remarks.
All right. Thank you, Liz. And thank you, everyone, for joining the call this morning.
Writing our first core results at the end of April. Thank you, and take care.
Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.
Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.
This concludes today's conference call. Thank you for participating. You may now disconnect.
