What factors drove the changes in Brookfield's revenue and profit?

What is Brookfield's gross profit margin?

What guidance did Brookfield's management provide for the next earnings period?

What does Brookfield do and what are its main business segments?

Did Brookfield beat or miss consensus estimates last quarter?

What is Brookfield's latest dividend and current dividend yield?

What were the key takeaways from Brookfield's earnings call?

What were the key takeaways from Brookfield’s earnings call?

- **Record Financial Results**: Q3 distributable earnings of $1.3 billion, up 18% YoY to $5.4 billion over 12 months.
- **Strategic Acquisitions**: Completed Oaktree stake acquisition and advanced U.K. Just Group deal, adding $40 billion in insurance assets.
- **AI Infrastructure Leadership**: Launched 1GW fuel cell power generation for data centers and partnered with Figure on robotics testing environments.
- **Wealth Solutions Growth**: 15% YoY earnings growth, $5 billion annuity origination, and 5.7% portfolio yield.
- **Capital Deployment Strength**: $178 billion deployable capital, $140 billion financed YTD, and $950 million share buybacks at 50% discount.

**【CEO Summary Section】**
- **Strong Financial Performance**: Distributable earnings before realizations reached $1.3 billion ($0.56 per share) for the quarter, up 18% year-over-year to $5.4 billion over 12 months. 
- **Market Outlook**: Favorable conditions for real assets amid evolving monetary policy. The company is positioned to benefit from suppressed real yields and low nominal rates.
- **Strategic Initiatives**: 
  - Acquired remaining 26% stake in Oaktree, enhancing credit platform scale.
  - Partnered with U.S. government to deliver $80 billion in nuclear reactors via Westinghouse.
  - Launched 1GW of fuel cell power generation for AI data centers with Bloom Energy.
  - Announced partnership with Figure to develop real-world environments for humanoid robotics.
- **Capital Deployment**: $178 billion of deployable capital, with $140 billion financed year-to-date and $75 billion in asset sales at attractive valuations.

**【CFO Financial Commentary】**
- **Asset Management Performance**: 
  - Fee-related earnings rose 17% to $754 million, driven by $581 billion in fee-bearing capital.
  - Launched $2 billion energy transition fund and preparing for AI infrastructure fund launch.
- **Wealth Solutions Growth**: 
  - Distributable earnings of $420 million ($0.18 per share), up 15% YoY.
  - Originated $5 billion in annuities, with 80%+ new retail policies having 5+ year durations.
  - Investment portfolio yield of 5.7%, 1.7% above cost of funds.
- **International Expansion**: 
  - U.K. acquisition of Just Group on track to close H1 2026, adding $40 billion in insurance assets.
  - Japan reinsurance agreement with leading insurer to reinsure annuity policies.
- **Balance Sheet Strength**: 
  - $178 billion deployable capital.
  - $140 billion financed year-to-date, including $650 million 10-year senior notes issuance.
  - Share buybacks of $950 million YTD at 50% discount to intrinsic value.

**【Q&A Highlights】**
- **AI & Robotics Strategy**: 
  - Focus on infrastructure for compute capacity and power supply (nuclear, renewables).
  - Figure partnership to create real-world testing environments for humanoid robots.
- **Wealth Solutions Spread Target**: 
  - 200bp net spread target achievable over time through disciplined real asset deployment.
  - Current spread of 165bp reflects patient capital allocation.
- **Oaktree Acquisition Impact**: 
  - $1.4 billion of BN shares issued to acquire Oaktree stake, with buybacks offsetting dilution.
  - Enhances carried interest eligibility without material near-term impact.
- **Real Estate Momentum**: 
  - 96% Supercore and 95% Core Plus occupancy rates.
  - Canary Wharf leasing pipeline at 10-year high, with 450k sq ft leased YTD.
  - $2.5 billion sale of U.S. manufactured housing portfolio at 25% IRR.


Brookfield Corporation(BN)-20251113-2025 Q3 Earnings call transcript

Asset Management

Corporate Activities

Renewable Power

Infrastructure

Private Equity

Real Estate

Residential Development

United States

Canada

United Kingdom

Brazil

Europe

Australia

India

Colombia

Asia

Other

Germany

BN

BN fundamentals

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