Brookfield Infrastructure Renews Its Normal Course Issuer Bids

Executive Summary

• Brookfield Infrastructure Partners L.P. (BIP) and Brookfield Infrastructure Corp. (BIPC) announced that the Toronto Stock Exchange has accepted notices to renew their respective normal‑course issuer bids (NCIBs) for a further 12‑month period beginning Dec 2, 2025.
• The renewed NCIB authorizes BIP to repurchase up to 5% of its outstanding LP Units (≈23 M units) and up to 10% of each series of Preferred Units; BIPC may repurchase up to 10% of its Exchangeable Shares (≈10.6 M shares).
• Repurchases will be conducted under Rule 10b‑18 and applicable Canadian securities laws, with automatic share purchase plans slated for the week of Dec 22, 2025.

Key Details

• BIP NCIB Limits – Up to 23,062,017 LP Units (5% of 461,240,345 outstanding) and up to 10% of public float for each Preferred Unit series:
• Series 3 (BIP.PR.B): max 498,926 units
• Series 9 (BIP.PR.E): max 798,659 units
• Series 11 (BIP.PR.F): max 993,619 units
• Daily Repurchase Caps – ≤25% of average daily trading volume for each security class (e.g., ≤101,883 LP Units per day; ≤1,156 Preferred Units per day).
• BIPC NCIB Limits – Up to 10,594,212 Exchangeable Shares (10% of 105,942,127 public float) with a daily cap of 45,151 shares.
• Program Timing – Commences Dec 2, 2025; terminates Dec 1, 2026 unless repurchases are completed earlier.
• Historical Activity – Since the prior NCIB (Dec 2, 2024‑Dec 1, 2025):
• BIP repurchased 1,043,911 LP Units at a weighted‑average price of ≈ C$39.20; no Preferred Units repurchased in the past 12 months.
• BIPC has not repurchased any Exchangeable Shares during the prior period.
• Automatic Share Purchase Plans – Planned for the week of Dec 22, 2025 to allow purchases outside normal blackout periods and insider‑trading windows.
• Regulatory Compliance – All repurchases will be executed via TSX, NYSE, or alternative trading systems and will comply with U.S. Rule 10b‑18 and Canadian securities laws; acquired units/shares will be cancelled.

Notable Quotes

(No direct quotes were provided in the release.)