Brookfield (BN) Q2 2025 Earnings Call Transcript

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Thursday, August 7, 2025 astatine 10 a.m. ET

• Chief Executive Officer — James Bruce Flatt

• President — Nicholas Howard Goodman

• Head of Investor Relations — Katie Battaglia

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James Bruce Flatt: Thank you, and welcome, everyone, connected the call. We delivered beardown 2nd 4th results. Distributed net earlier realizations accrued 13% year-over-year to $1.3 billion. That was $0.80 per stock for the 4th and $5.3 cardinal oregon $3.36 per stock for the past 12 months. Performance was supported by continued momentum crossed our halfway businesses and a important pickup successful transaction activity. Strong underlying operating fundamentals are driving request and currency travel maturation successful some our plus absorption and operating businesses. Our Wealth Solutions concern continues to turn its plus base. And past week, we announced an statement to get Just Group, a starring supplier of pension hazard transportation solutions successful the United Kingdom.

This acquisition builds connected the instauration we established successful the U.K. earlier this twelvemonth and volition let america to accelerate our maturation successful the country. As already 1 of the largest infrastructure renewable and spot investors successful the U.K., this acquisition matches good with our capabilities and positions america to assistance policyholders gain beardown returns. Turning concisely to the macro environment. Conditions proceed to go progressively constructive. During the quarter, arsenic astir of you volition know, planetary equities deed all-time highs. Credit spreads tightened dramatically and involvement rates stay mostly unchanged, with increasing expectations that we whitethorn spot cuts connected the abbreviated extremity of the curve successful the adjacent while.

This comparative stableness has been supportive of accrued monotone, which reflects some the prime of the businesses we ain and assets we have. So acold this year, we've completed $55 cardinal of plus sales, including $35 cardinal successful the quarter, each generating fantabulous returns and returning meaningful superior to investors. We besides saw continued spot successful the financing markets wherever we opportunistically completed $94 cardinal of financings crossed the franchise, enabling our superior operation -- enhancing our superior operation and deploying important superior wrong the business. Against this progressively constructive backdrop, the cardinal themes that crushed our superior deployment, digitalization, deglobalization and decarbonization are accelerating.

With a grounds $177 cardinal of deployable capital, we are good positioned to beryllium astatine the forefront of these opportunities, including the adjacent improvement of the build-out of the planetary economy. As an example, we are launching our AI infrastructure strategy. At the halfway of this strategy is the improvement of AI factories, which are large-scale integrated sites that harvester power, information shells and the instrumentality to supply compute capableness to the industry's leaders arsenic good arsenic governments and corporates seeking compute capacity. This effort draws connected our spot of our planetary operating teams successful existent estate, powerfulness and infrastructure, each today, a planetary person successful their category.