Press Release – Paris, February 25, 2026, at 7pm CET Notification of availability of Danone’s 2025 consolidated financial statements and statutory auditors’ report Danone announces that its consolidated financial statements and the statutory auditors’ report for the fiscal year ended December 31, 2025 are publicly available and accessible online on its website, www.danone.com, section Investors / Financial and extra-financial reports. About Danone (www.danone.com) Danone is a leading global food and bever ...

Core Viewpoint - Brookfield Corporation is making significant investments in AI infrastructure, viewing it as a once-in-a-generation opportunity to capitalize on the transformative potential of AI technology [1][3]. Investment Strategy - Brookfield has launched the Brookfield AI Infrastructure Fund with a goal of securing $10 billion in equity commitments, having already received $5 billion at launch, including contributions from Brookfield and Nvidia [5]. - The company aims to leverage the capital raised to acquire up to $100 billion in AI infrastructure assets, focusing on energy, land, data centers, and compute power [5]. Market Potential - An estimated $7 trillion is needed globally for AI infrastructure over the next decade to fully realize AI's potential [2]. - Brookfield's strategy includes building specialized AI data centers and ensuring the necessary power-generating capacity to support these facilities [2]. Initial Investments - One of the fund's initial investments is Radiant, a new Nvidia cloud partner that will build AI factories based on Nvidia's design to provide AI services [6]. Growth Drivers - Brookfield's extensive investments in infrastructure and power through other funds position it well to support AI infrastructure projects [9]. - The company anticipates a 25% annual growth rate in earnings per share over the next five years, with current shares trading at a discount to their estimated value [10]. Competitive Position - Brookfield is emerging as a leader in AI infrastructure, supported by its partnership with Nvidia, which enhances its ability to deliver robust earnings growth [11].

Core Insights - The company achieved a like-for-like sales growth of +4.5% in FY 2025, driven by positive volume/mix and pricing strategies [6][9][19] - Recurring operating income increased by +3.0% to €3,665 million, with a recurring operating margin of 13.4%, up +44 basis points from the previous year [2][19] - The company reported a net income of €1,825 million, a decrease of -9.7% compared to FY 2024, primarily due to non-recurring expenses [2][21] Financial Performance - FY 2025 sales were €27,283 million, reflecting a -0.3% change on a reported basis, while like-for-like sales grew by +4.5% [2][9] - Recurring net income attributable to the Group increased by +5.0% to €2,461 million, with recurring diluted EPS rising by +4.6% to €3.80 [2][20] - Free cash flow decreased by -6.8% to €2,799 million, with cash flow from operating activities at €3,779 million, down -1.3% [2][21] Operational Highlights - Strong sales growth was observed across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][12][14] - The company continued to invest in capabilities, science, and innovation while maintaining a focus on sustainability, achieving CDP 'Triple A' List recognition and B Corp certification [4][31] - The proposed dividend for FY 2025 is €2.25 per share, representing a +4.7% increase from the previous year [22] Strategic Initiatives - The company is advancing its "Renew Danone" strategy, focusing on scaling U.S. Medical Nutrition, enhancing dairy operations, and accelerating digitalization [5][31] - Guidance for 2026 indicates expected like-for-like sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [25][31] - The company is actively reshaping its portfolio and addressing areas requiring further progress, particularly in North America [5][11]

Core Viewpoint - Brookfield Corporation (BN) is perceived as complex by some investors, leading them to avoid investing in the company, while others see potential opportunities within it [1]. Group 1: Company Overview - The company has a diverse range of operations that may be challenging for some investors to understand, resulting in a divide among potential investors [1]. Group 2: Investment Strategy - The investment approach combines value and growth strategies, focusing on companies that are undervalued due to negative sentiment and those with hidden potential [1]. - The analysis emphasizes the importance of thorough research, including detailed examination of financial reports and footnotes, to uncover insights that may not be immediately apparent [1].

Core Viewpoint - Brookfield Renewable is positioned to benefit from the increasing demand for electricity driven by AI, making it a notable energy stock for investors [1]. Group 1: Company Overview - Brookfield Renewable has a market capitalization of $7.9 billion and a current stock price of $43.80, with a dividend yield of 3.40% [2]. - The company has a diverse portfolio that includes hydroelectric, wind, solar assets, energy storage, and distributed generation, aligning with trends in rising electricity demand, decarbonization, and the need for reliable power [2]. Group 2: Financial Performance - In its latest earnings report, Brookfield Renewable reported a 10% growth in funds from operations and has $4.6 billion in available liquidity, indicating strong financial health [4]. - The company has seen its stock price increase by 12% year-to-date and 62% over the past 12 months, significantly outperforming the S&P 500 [5]. Group 3: Strategic Partnerships and Future Outlook - Brookfield Renewable is collaborating with major technology companies such as Microsoft, Google, and Amazon, enhancing its market position [4]. - The company is expected to be one of the most durable renewable energy firms globally in the coming years, with a robust pipeline and the ability to scale its assets effectively [4].

Group 1 - The forward P/E of the S&P 500 is currently concerning, indicating potential market challenges ahead [1] - The analysis emphasizes a fundamental approach to identify undervalued stocks with growth potential [1]

Core Insights - The article discusses the author's extensive experience in executive management, particularly in the insurance and reinsurance sectors, as well as knowledge in climate change and ESG [1] Group 1 - The author has 36 years of experience in executive management, focusing on insurance/reinsurance and global markets [1] - The author holds an honours degree in economics and politics, emphasizing economic development [1] - The author invests personally, indicating a hands-on approach to investment [1]

Core Insights - Brookfield Corporation is expected to continue enriching its investors in the coming years, having achieved strong financial performance in 2025 [1][11] Financial Performance - In 2025, Brookfield Corporation grew its distributable earnings by 11% to a record $5.4 billion, outperforming the S&P 500's return of 18% with a total return of 21% [2] - Over the past three decades, Brookfield has delivered a 19% annual return, significantly exceeding the S&P 500's average annual return of 11% [2] Business Segments - The company's asset management business increased its fee-bearing capital to $603 billion, resulting in a 22% rise in fee-related earnings to $3 billion [5] - Brookfield's wealth solutions business saw a 24% growth in earnings, driven by strong investment performance and expansion of its insurance asset base [5] - The operating businesses, including infrastructure, renewable power, industrial services, and real estate, continue to generate increasing cash flows [5] Strategic Actions - Brookfield sold a record $91 billion in assets in the previous year, leveraging favorable market conditions to realize value from its operations-oriented investment strategy [6] - The company deployed $126 billion into new investments and repurchased over $1 billion of its shares at an average price of $36, which is a 50% discount to its estimated intrinsic value of $68 per share [6] - Brookfield recently increased its dividend payout by 17% [6] Thematic Investment Strategy - Brookfield is focusing on large-scale infrastructure investments to support AI growth, estimating a need for $7 trillion in investments over the next decade for data centers, power generation, and related infrastructure [8] - The company is partnering with Nvidia to build AI factories and has secured significant power agreements with Google and Microsoft [9] - This thematic investment strategy positions Brookfield to grow its earnings per share by over 20% annually in the next five years, aiming for total returns exceeding 15% annually [10]

Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with Distributable Earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total Distributable Earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with Distributable Earnings per share of $2.27 before realizations and $2.54 including realizations [15] - The company raised $112 billion of capital during the year, with fee-bearing capital increasing by 12% to over $600 billion, driving a 22% increase in Fee-Related Earnings to $3 billion [15][16] Business Line Data and Key Metrics Changes - The Asset Management business generated $2.8 billion of Distributable Earnings, or $1.17 per share, reflecting strong investor demand for fund offerings [15] - The Wealth Solutions business delivered $1.7 billion of Distributable Earnings, a 24% increase over the prior year, driven by $20 billion of annuity sales and improved profitability in the P&C business [16][24] - Operating businesses generated Distributable Earnings of $1.6 billion, supported by strong fundamentals across the platform, with Renewable Power and Transition and Infrastructure businesses seeing a 14% increase in Operating Funds from Operations [17] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and increased transaction activity, leading to expectations that real assets will continue to outperform [8][11] - In the real estate sector, nearly 17 million square feet of office leases were signed globally, with net rents averaging 18% higher than expiring leases [18] - The company’s Super Core and Core Plus portfolios finished the year with over 95% occupancy, poised for robust NOI growth in 2026 [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its sister insurance entity, BNT, to enhance growth potential [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong capital base of $180 billion and significant access to capital [22][14] - The company aims to maintain a long-term focus on value creation, emphasizing the importance of avoiding disruption to the compounding process [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver financial results and compound value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of maintaining excess capital to navigate market cycles and capitalize on investment opportunities [10] - Management noted that the current market sentiment is beginning to realign with strong underlying fundamentals, particularly in real estate [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing over $1 billion of Class A shares at a significant discount to intrinsic value [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders while maintaining a low payout ratio [23][66] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the repositioning of the P&C business to generate strong profits and the potential for M&A opportunities as markets soften, with a target of $20 billion-$25 billion of float by the end of the decade [32][35] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline and simplify the structure is based on the evolution of public markets and the growth potential of the insurance business, aiming to fully benefit from the broader capital base [38][41] Question: Outlook for the Carry into 2026 - Management indicated a strong pipeline for monetizations and expects an increase in Carry realizations in the second half of the year, with good valuations for assets being brought to market [62][63] Question: Dividend increase and its implications - Management clarified that the 17% dividend increase is not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital back into the business [66][67]

Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with distributable earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total distributable earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with a fee-related earnings increase of 22% to $3 billion [15][21] - The company raised $112 billion of capital during the year, reflecting continued investor demand for its fund offerings [15][21] Business Line Data and Key Metrics Changes - The asset management business generated $2.8 billion of distributable earnings, or $1.17 per share, while the wealth solutions business delivered $1.7 billion of distributable earnings, representing a 24% increase over the prior year [15][16] - The operating businesses generated distributable earnings of $1.6 billion, or $0.68 per share, supported by strong underlying fundamentals [17] - The insurance asset base grew to $145 billion, with $20 billion of annuity sales during the year [6][16] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and a return of liquidity in both debt and equity markets [8] - The company signed nearly 17 million square feet of office leases globally, with net rents averaging 18% higher than expiring leases [18] - In major global markets, tenant demand has continued to grow, translating into strong leasing activity and meaningful rent growth for high-quality assets [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its paired sister insurance entity, BNT [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong liquidity position and multiple avenues for growth [22] - The company aims to maintain excess capital to navigate market cycles and focus on long-term value creation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering financial results and compounding value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of avoiding disruption to the compounding process and maintaining a long-term investment mindset [9][10] - Management noted that the real estate market is beginning to realign with fundamentals, with muted new supply and growing demand [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing more than $1 billion of Class A shares [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders [23] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the challenges of acquiring businesses in a hard market and the strategy to reposition them for future growth, indicating a strong outlook for the protection business [32][34] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline was based on the evolution of public markets and the growth potential of the insurance business, aiming for a single listed entity [38][41] Question: Outlook for the P&C business and its size relative to life and annuity - Management indicated a path to significantly increase the float of the protection business, projecting growth to $20 billion-$25 billion by the end of the decade [35] Question: Dividend increase and its implications - Management clarified that the dividend increase was not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital [66][67] Question: Growth initiatives in Asia and Europe - Management highlighted ongoing efforts in Japan and other Asian markets, while noting the regulatory challenges in Europe that would require a cautious approach [59][60]