Q2 SUPPLEMENTAL INFORMATION QUARTER ENDED JUNE 30, 2025 Brookfield Asset Management Overview BAM is a leading alternative asset manager with a +25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy | Fee-Bearing Capital | $563B | Our Businesses by Fee-Bearing Capital Renewable Power & Transition | | | | --- | --- | --- | --- | --- | | | | $64B | | | | Assets Under Management | $1T+ | Infrastructure | | | | | | | $100B ...

Core Viewpoint - Brookfield Asset Management reported quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.39 per share, but showing an increase from $0.34 per share a year ago, indicating a slight earnings surprise of -2.56% [1][2] Financial Performance - The company posted revenues of $1.29 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.36% and showing an increase from $1.15 billion year-over-year [2] - Over the last four quarters, Brookfield has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Brookfield shares have increased approximately 13.6% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.41 on revenues of $1.33 billion, and for the current fiscal year, it is $1.62 on revenues of $5.27 billion [7] - The estimate revisions trend for Brookfield was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Brookfield belongs, is currently in the top 26% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Q2 2025 Earnings Release [Financial & Operating Highlights](index=1&type=section&id=Financial%20%26%20Operating%20Highlights) Brookfield Asset Management reported strong Q2 2025 results, with Fee-Related Earnings up 16% to $676 million and Distributable Earnings up 12% to $613 million Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | Twelve Months Ended Jun 30, 2025 | Twelve Months Ended Jun 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | $676M | $583M | +16% | $2,695M | $2,281M | +18% | | Distributable Earnings (DE) | $613M | $548M | +12% | $2,535M | $2,249M | +13% | | Net Income attributable to BAM | $620M | $495M | +25% | $2,433M | $1,804M | +35% | | FRE per share | $0.42 | $0.36 | +16.7% | $1.65 | $1.40 | +17.9% | | DE per share | $0.38 | $0.34 | +11.8% | $1.56 | $1.38 | +13.0% | - Over **$55 billion** in asset sales announced year-to-date 2025, reflecting strong demand for company assets[1](index=1&type=chunk)[3](index=3&type=chunk) - **$22 billion** of capital raised in Q2, with **$97 billion** raised over the last twelve months[2](index=2&type=chunk) - Quarterly dividend of **$0.4375 per share** declared, payable September 29, 2025[7](index=7&type=chunk) [Detailed Operating Performance](index=2&type=section&id=Detailed%20Operating%20Performance) Operating performance driven by 10% increase in fee-bearing capital to $563 billion, strong fundraising of $22 billion, and $36 billion in asset monetizations [Financial Metrics](index=2&type=section&id=Financial%20Metrics) - Fee-bearing capital reached **$563 billion** at Q2 end, a **10%** increase or **$49 billion** over the last twelve months[9](index=9&type=chunk) - Fee-bearing capital growth attributed to strong capital raising, active deployments, insurance capital inflows, and market recovery[9](index=9&type=chunk) [Fundraising](index=2&type=section&id=Fundraising) - Total of **$22 billion** raised in Q2 2025, with nearly **70%** from complementary strategies[11](index=11&type=chunk) Capital Raised by Strategy in Q2 2025 | Strategy | Capital Raised in Q2 2025 (Billions) | | :--- | :--- | | Credit | $16.0 | | Real Estate | $1.8 | | Infrastructure | $1.7 | | Renewable Power & Transition | $1.5 | | Private Equity | $1.3 | [Capital Deployment & Notable Transactions](index=2&type=section&id=Capital%20Deployment%20%26%20Notable%20Transactions) - **$28 billion** of equity capital deployed in Q2[12](index=12&type=chunk) - Key deployments include nearly **$10 billion** in infrastructure and **$11.8 billion** in credit strategies[12](index=12&type=chunk)[14](index=14&type=chunk)[19](index=19&type=chunk) - Strategic partnerships formed, including a Hydro Framework Agreement with Google for up to **3,000 MW** and a **$10 billion** digital infrastructure investment in Sweden[13](index=13&type=chunk) [Asset Monetization](index=3&type=section&id=Asset%20Monetization) - Approximately **$36 billion** of assets monetized since the start of Q2[15](index=15&type=chunk) - Notable monetizations include **$12 billion** in Real Estate, **$9.5 billion** in Infrastructure, and **$5.8 billion** in Renewable Power & Transition[19](index=19&type=chunk) [Liquidity and Commitments](index=3&type=section&id=Liquidity%20and%20Commitments) - As of June 30, 2025, **$128 billion** in uncalled fund commitments, with **$54 billion** expected to generate **$540 million** in annual fees upon deployment[15](index=15&type=chunk) - Corporate liquidity of **$1.5 billion** maintained on the balance sheet as of June 30, 2025[16](index=16&type=chunk) [Corporate Developments](index=3&type=section&id=Corporate%20Developments) Strategic corporate developments include increased stake in Primary Wave, FTSE Russell 1000 Index addition, and post-quarter agreement to acquire Just Group - Ownership in Primary Wave increased to **44%** for approximately **$80 million**[20](index=20&type=chunk) - BAM added to the FTSE Russell 1000 Index, effective July 1, 2025[20](index=20&type=chunk) - Post-quarter end, agreement to acquire Just Group, a UK retirement services provider, managing a significant portion of its **$36 billion** portfolio without capital contribution or insurance liabilities[20](index=20&type=chunk) [Financial Statements (Unaudited)](index=4&type=section&id=Financial%20Statements%20(Unaudited)) Unaudited financial statements show total assets rose to $16.1 billion, total revenues grew to $1.09 billion, and net income attributable to BAM reached $620 million [Statement of Financial Position (Balance Sheet)](index=4&type=section&id=Statement%20of%20Financial%20Position%20(Balance%20Sheet)) Consolidated Statement of Financial Position | (US$ millions) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$16,143** | **$14,157** | | Total Liabilities | $6,972 | $5,069 | | **Total Equity** | **$9,171** | **$9,088** | | **Total Liabilities and Equity** | **$16,143** | **$14,157** | [Statement of Operating Results (Income Statement)](index=4&type=section&id=Statement%20of%20Operating%20Results%20(Income%20Statement)) Consolidated Statement of Operating Results | (US$ millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $1,090 | $916 | | Total Expenses | ($541) | ($373) | | Income Before Taxes | $659 | $660 | | **Net Income** | **$584** | **$518** | | **Net income attributable to BAM** | **$620** | **$495** | [Reconciliation of Non-GAAP Measures](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Reconciliation from GAAP Net Income to non-GAAP Fee-Related Earnings ($676 million) and Distributable Earnings ($613 million) for Q2 2025 Reconciliation of Net Income to Fee-Related Earnings and Distributable Earnings | (US$ millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income | $584 | $518 | | *Adjustments...* | ... | ... | | **Fee-Related Earnings** | **$676** | **$583** | | Add: Investment & Other Income (Net) | $14 | $29 | | Add: Equity-Based Compensation Costs | $11 | $12 | | Less: Cash taxes | ($88) | ($76) | | **Distributable Earnings** | **$613** | **$548** | [Appendix](index=6&type=section&id=Appendix) Appendix provides supplementary company information, definitions of non-GAAP measures, and important legal disclaimers including forward-looking statements - Brookfield Asset Management is a global alternative asset manager with over **$1 trillion** of assets under management[32](index=32&type=chunk) - Non-GAAP measures like Fee-Related Earnings (FRE) and Distributable Earnings (DE) are used to assess operating results, which may not be comparable[36](index=36&type=chunk)[37](index=37&type=chunk) - Report contains forward-looking statements subject to significant business, economic, and competitive uncertainties, cautioning against undue reliance[40](index=40&type=chunk)[43](index=43&type=chunk)

Core Insights - Brookfield Asset Management reported strong financial results for Q2 2025, with fee-related earnings increasing by 16% year-over-year and distributable earnings up by 12% [2][3][10] - The company has announced over $55 billion in asset sales to date in 2025, reflecting robust demand in sectors where it holds leadership positions [3][20] - Significant fundraising activities were highlighted, with $22 billion raised in the quarter and $97 billion over the last twelve months, indicating strong capital inflows [2][11] Financial Performance - Fee-related earnings (FRE) for Q2 2025 reached $676 million, or $0.42 per share, compared to $583 million, or $0.36 per share, in Q2 2024 [4][10] - Distributable earnings (DE) for the quarter were $613 million, or $0.38 per share, up from $548 million, or $0.34 per share, in the prior year [6][10] - Net income attributable to Brookfield Asset Management was $620 million for the quarter, a 25% increase from $495 million in Q2 2024 [6][24] Asset Management and Fundraising - Fee-bearing capital increased by 10% to $563 billion over the last twelve months, driven by strong capital raising and market recovery [8][9] - The company raised $22 billion in Q2 2025, with nearly 70% coming from complementary strategies [11] - Notable fundraising included $1.5 billion in renewable power, $1.7 billion in infrastructure, $1.3 billion in private equity, and $1.8 billion in real estate [13] Asset Sales and Investments - Brookfield has sold $12 billion in real estate assets, $9.5 billion in infrastructure assets, and $5.8 billion in renewable power assets in 2025 [20] - Recent transactions included significant sales such as Aveo Group for $2.4 billion and a U.S. hydropower portfolio for $5.8 billion [20] - The company also announced a partnership with Google for a hydroelectric capacity project and an investment in Sweden for digital infrastructure [12][21] Dividends and Shareholder Returns - The board declared a quarterly dividend of $0.4375 per share, payable on September 29, 2025 [7] - The increase in net income and earnings per share reflects the company's commitment to delivering value to shareholders [6][10]

此外，杜克能源表示，将以60亿美元现金将其佛罗里达业务19.7%的间接股权出售给布鲁克菲尔德资产 管理公司(BAM.US)，为其增加40亿美元的资本支出计划提供资金。布鲁克菲尔德资产管理公司将分阶 段收购少数股权，首先在2026年初支付28亿美元。 智通财经APP获悉，杜克能源(DUK.US)公布的第二季度财报显示，当季营收同比增长5%至75.1亿美 元，高于分析师普遍预期的74.2亿美元;得益于电价上涨，调整后的每股收益为1.25美元，高于上年同期 的1.18美元和分析师普遍预期的1.18美元。该公司重申2025年调整后每股收益为6.17-6.42美元的预期， 分析师普遍预期为6.32美元。 ...

Group 1 - The year 2025 has been particularly challenging for dividend growth investors, highlighting the difficulties in maintaining investment strategies during volatile periods [1] - Dividend growth investors have faced significant challenges over the past several years, indicating a need for strategic adjustments [1] Group 2 - The company invests substantial resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [2] - The approach has garnered over 180 five-star reviews from satisfied members, reflecting the effectiveness of the strategies employed [2]

Core Insights - Brookfield Asset Management's real estate division is witnessing a resurgence in large transactions after three years of low activity, with $13 billion in real estate sales this year, significantly higher than previous years [1][2] - The private equity real estate sector has faced challenges in fundraising due to locked-up capital, with 2024 fundraising expected to decline for the third consecutive year, totaling $131.1 billion, less than half of the 2021 peak [2] - The recovery in the real estate market remains uneven, with strong demand in sectors like data centers and rental housing, while traditional commercial real estate, particularly office buildings, faces uncertainty [3][5] Group 1: Market Activity - Brookfield has completed several significant transactions, including the sale of a senior housing company in Australia and a student housing owner in Spain, indicating a recovery in liquidity [1][2] - The first quarter of 2024 saw a 14% increase in U.S. commercial real estate investment compared to the previous year, which was at a ten-year low [2] Group 2: Fundraising and Investment Strategies - Brookfield raised $5.9 billion for its flagship real estate fund in the first quarter, bringing the total to $16 billion, indicating a positive trend in fundraising [3] - The company is focusing on high-quality assets while observing a bifurcation in the office market, with a lack of capital returning to underperforming assets [3][5] Group 3: Future Outlook - The uncertainty in future demand is limiting new development projects, although major companies are pushing for a return to the office, leading to a shortage of prime office space and rising rents [4][5] - Brookfield's strategy includes acquiring office property owners in Europe, contrasting with competitors like Blackstone, which have reduced office investments [3][5]

Group 1: Westinghouse's Nuclear Reactor Plans - Westinghouse plans to construct 10 large AP1000 nuclear reactors in the U.S. by 2030, which would generate enough electricity to power over 750,000 homes and create $75 billion in economic value across the U.S. and $6 billion in Pennsylvania [1] - The announcement was made during a conference on energy and artificial intelligence at Carnegie Mellon University, where over $90 billion in investments in data centers and power infrastructure were also announced [2] Group 2: Government Support and Regulatory Changes - President Trump has issued executive orders aimed at quadrupling nuclear power in the U.S. by 2050, including a call for 10 nuclear plants to be under construction by that year and a revision of the Nuclear Regulatory Commission's rules [3] Group 3: Historical Context and Challenges - The U.S. has only built two new nuclear reactors in the past 30 years, both of which were Westinghouse AP1000s, facing significant budget overruns and delays that contributed to Westinghouse's bankruptcy [4] - Westinghouse emerged from bankruptcy in 2018 and is now owned by Cameco and Brookfield Asset Management [4] Group 4: Technological Advancements - Westinghouse has partnered with Google to utilize AI tools to enhance the efficiency and repeatability of the construction process for AP1000 reactors [5]

Core Insights - Brookfield Asset Management and Google have signed a Hydro Framework Agreement (HFA) to deliver up to 3,000 MW of carbon-free hydroelectric capacity across the U.S., marking the world's largest corporate clean power deal for hydroelectricity [1][2][3] Group 1: Agreement Details - The initial contracts under the HFA involve Brookfield's Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, totaling over $3 billion and 670 MW of capacity [2][3] - The HFA allows Google to procure carbon-free electricity from hydroelectric assets that will be relicensed, overhauled, or upgraded, ensuring continued power supply to the grid [3][4] Group 2: Strategic Implications - The 20-year Power Purchase Agreements (PPAs) will support Google's operations in the PJM electricity market, while allowing Brookfield to fulfill existing commitments to other power consumers [4] - This partnership highlights the role of hydropower in meeting the energy demands of hyperscale customers, particularly in the context of digitalization and artificial intelligence [4] Group 3: Company Background - Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management, focusing on real assets and essential service businesses [5] - Brookfield Renewable Partners operates one of the largest publicly traded platforms for renewable power, with a diverse portfolio including hydroelectric, wind, and solar facilities [6]

Core Viewpoint - Brookfield Asset Management Ltd. will host its second quarter 2025 conference call and webcast on August 6, 2025, at 10:00 a.m. ET, with results released prior to 7:00 a.m. ET on the same day [1]. Group 1 - Brookfield Asset Management is a leading global alternative asset manager headquartered in New York, managing over $1 trillion in assets [3]. - The company focuses on long-term investments in real assets and essential service businesses that are critical to the global economy [3]. - Brookfield offers a variety of alternative investment products to a diverse range of investors, including public and private pension plans, endowments, foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors [3].