Brookfield : Interim Report (bn 2026 q1 interim)

Published: 2026-05-15 18:09:15 ET BN

Published on 05/15/2026 at 06:09 pm EDT

2026

Brookfield Corporation

Q 1 I NTERI M R EPO RT

INTERIM REPORT Q1 2026

Three Months Ended

(UNAUDITED)

FOR THE PERIODS ENDED MAR. 31

2026

2025

TOTAL (MILLIONS, EXCEPT PER SHARE AMOUNTS)

Revenues

$ 18,580

$ 17,944

Net income

1,042

215

Net income attributable to shareholders

102

Distributable earnings before realizations1

1,393

1,301

Distributable earnings1

1,550

1,549

PER SHARE3

Net income

$ 0.03

$ 0.01

Distributable earnings before realizations1

0.59

0.55

Distributable earnings1

0.66

0.65

Dividends2

0.07

0.06

(UNAUDITED)

AS AT MAR. 31, 2026 AND DEC. 31, 2025

2026

2025

TOTAL (MILLIONS, EXCEPT PER SHARE AMOUNTS)

Consolidated results

Balance sheet assets

$ 519,613

$ 518,971

Equity

165,642

166,194

Common equity

42,697

43,796

Diluted number of common shares outstanding3

2,367

2,383

Market trading price - NYSE

$ 40.47

$ 34.94

See MD&A Glossary of Terms beginning on page 57 for definitions of non-IFRS performance measures.

See Corporate Dividends on page 27.

Adjusted to reflect the three-for-two stock split completed on October 9, 2025.

CONTENTS

Brookfield at a Glance 3

Letter to Shareholders 4

Management's Discussion & Analysis 10

Glossary of Terms 57

Consolidated Financial Statements 64

Shareholder Information 93

Board of Directors and Officers 94

‌BROOKFIELD AT A GLANCE

We are a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have one of the largest pools of discretionary capital globally, which is deployed across our three core businesses-Asset Management, Wealth Solutions, and our Operating Businesses. Through our core businesses, we invest in real assets that form the backbone of the global economy to deliver strong risk-adjusted returns to our stakeholders. Over the long term, we are focused on delivering 15%+ annualized returns to shareholders.

With a 100+ year heritage as an owner and operator of real assets, we have a proven track record of deploying capital to build market-leading businesses that generate attractive long-term total returns. The cash flows generated from our businesses are generally underpinned by stable, inflation-linked, largely contracted, and growing revenue streams with high cash margins. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. We leverage our global presence, the synergies of our businesses and large-scale, flexible capital to achieve strong returns across market cycles.

As a proven value investor, we remain focused on allocating the distributions we receive from our businesses to enhance value for our shareholders. We will continue to deploy the substantial free cash flows we receive towards supporting the growth of our three businesses, new strategic opportunities, and share buybacks. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities.

Our scale, stability, and diversification create a differentiated business model, positioning us well as a partner of choice for the global buildout of infrastructure, the transition to a sustainable energy future, and take-private opportunities. We expect the flexibility of our capital and reputation as a good partner to create a significant proprietary pipeline of opportunities.

Sound sustainability principles are integral to building resilient businesses and creating long-term value for our investors and other stakeholders. As a result, we embed these principles into all our activities-including our investment process-and conduct our business in a sustainable and ethical manner. An emphasis on diversity and inclusion reinforces our culture of collaboration. It strengthens our ability to develop our people and maintain an engaged workforce focused on serving as a trusted partner and first-choice provider of investment solutions.

HOW WE INVEST

The Brookfield Ecosystem We invest where we can bring our competitive advantages to bear, leveraging our global presence and reputation, the synergies of our business, and access to large-scale, flexible capital.

Long-Life, High-Quality Assets and Businesses We invest in a global and diverse portfolio of high-quality assets and businesses that generate stable, inflation-linked, largely contracted and growing revenue streams, and high cash margins.

Proven Capital Allocator We are a value investor with a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our deep investment and operational expertise.

Disciplined Financing Approach We take a conservative approach to the use of leverage, ensuring that we can preserve capital across business cycles.

Sustainability We are committed to ensuring that the businesses we invest in are set up for long-term success, and we seek to have a positive impact on the environment and the communities in which we operate.

"Brookfield," the "company," "we," "us" or "our" refers to Brookfield Corporation and its consolidated subsidiaries. The "Corporation" is comprised of ownership interests in our Asset Management, Wealth Solutions and Operating Businesses. Our Asset Management business includes Brookfield Asset Management Ltd. ("BAM") and our direct investments into and alongside private funds managed by BAM. Our Wealth Solutions business is via our equity accounted investment in Brookfield Wealth Solutions Ltd., a separate issuer. Our "Operating Businesses" include Brookfield Infrastructure Partners L.P., Brookfield Renewable Partners L.P., and Brookfield Business Corporation, which are separate issuers included within our Infrastructure, Energy and Private Equity segments, respectively, and an issuer in the Brookfield Property Group, which is included in our Real Estate segment. Additional discussion of their businesses and results can be found in their public filings. We use "private funds" to refer to the infrastructure funds, transition funds, private equity funds, real estate funds, and credit funds of our Asset Management business. Our other businesses include our corporate activities. Please refer to the Glossary of Terms beginning on page 57 which defines our key performance measures that we use to measure our business.

Letter to Shareholders

Our business performed well in the first quarter. We had strong results across all of our operations, and we continue to execute on our strategic initiatives.

We raised $67 billion since last quarter, including $23 billion for investment strategies and $44 billion of insurance capital. We closed the purchase of Just Group, a leading pension risk transfer platform in the U.K. This increased the scale of our total insurance assets to $180 billion. Operating businesses generated solid cash flow growth, supported by strong underlying fundamentals.

We will shortly move forward with plans to combine the Corporation and our Wealth Solutions business. This is an important step in simplifying our organizational structure and positioning us for our next phase of growth. The combination will enhance Brookfield Corporation's overall capital structure and enable the use of the combined group's asset base to expand operations and pursue growth.

We started the year with robust capital deployment, as the market environment for investment is strong and markets remain volatile. We invested $53 billion across the business, and repurchased over $1 billion of shares, including $470 million of BN shares and $575 million of BAM shares when their prices sold off. With almost $200 billion of total deployable capital available, we remain active.

The global economy continues to adjust to a period of tighter energy supply, contributing to ongoing discussions around growth and inflation. The duration of trade disruption will shape the near-term impact on markets. Regardless, these distortions will be temporary and moderate in the sectors that we focus on most.

Capital markets remain resilient, with capital increasingly shifting toward quality assets and businesses underpinned by essential services and real assets that generate predictable cash flows. U.S. investment-grade bond issuance is near the busiest on record, credit spreads have moved from abnormally tight levels toward more normal ranges, and broader funding markets continue to function efficiently and with depth, even as markets reassess the path of monetary policy and expectations for near-term rate cuts evolve.

The continued strength of the U.S. dollar reinforces its position as a premier destination for global capital, and with our operations predominantly in the U.S. or hedged to the U.S. dollar, we have benefitted commensurately.

Markets often become focused on macroeconomic developments-interest rates, inflation, geopolitics, or recession risk. These factors dominate headlines, influence sentiment, and often drive short-term movements in market prices.

While important to monitor, macro events are also the most observable and widely discussed aspects of investing-and therefore tend to attract disproportionate attention relative to their long-term impact.

Long-term business success is not driven by reacting to short-term changes in macro conditions. It is about capitalizing on attractive entry points to acquire good businesses at fair or attractive values, operating them well, and allowing compounding to work over time. Equally important is ensuring that compounding is never disrupted by being forced to act in a detrimental way during periods of market stress.

We position our assets and businesses to withstand changes in macro conditions, with a focus on consistently compounding cash flows through economic cycles. By adhering to these principles, over the last 30+ years our shareholders have realized annual compound returns of 19%. Over that period, we have navigated many macro events and environments that collectively have had little impact on our long-term outcomes. We expect the same in the future.

Over the past decade we have spoken frequently about three powerful forces shaping the investment landscape: digitalization, decarbonization and deglobalization. These themes are even more prominent today than when we started speaking about them, but the form they take continues to evolve as the global economy itself changes.

Many of the assets we invest in today were not widely held institutional asset classes even fifteen years ago. As the economy evolves, new forms of infrastructure emerge to support it, creating opportunities for long-term investors that possess the scale and operating capabilities to develop them.

Today artificial intelligence is driving demand for a new generation of infrastructure in the form of ai factories-industrial-scale computing facilities designed to train and run advanced ai models. Building these facilities requires enormous computing capacity and reliable power. This has created a significant opportunity to build out the backbone infrastructure required to support this growth for those that have scale, capital and operating expertise.

The challenge is therefore no longer simply transitioning the power system-it is also about adding enormous amounts of new generation capacity. Said another way, the environment is no longer one of energy transition, but rather energy addition. Meeting this demand will require renewables, nuclear, storage and other technologies to maintain reliability. In practice, the opportunity is about deploying all forms of power generation required to meet rapidly growing electricity demand while continuing to lower emissions.

In this environment, where demand is increasingly driven by the need for incremental generation and capacity, clean energy technologies are well positioned to meet the majority of this demand, due to their

(i) low-cost solution, (ii) speed of deployment, (iii) lack of reliance on an imported input fuel. As a result, as this generational build-out continues, clean energy solutions are accounting for a rapidly growing share of global electricity generation.

This is still happening today, but the trend is extending further as governments increasingly prioritize data sovereignty, requiring that critical data be stored and processed within their own borders. This is leading to the build-out of domestic digital infrastructure, including large-scale data centers designed to support national data systems. Increasingly, we are working with governments and enterprises around the world to help build this infrastructure.

Recent geopolitical developments, including the conflict in the Middle East, have reinforced these themes-accelerating sovereign focus on energy security and a rewiring of global supply chains toward a more regionalized and resilient economy. Against this backdrop, we remain committed to investing in high-quality asset classes and regions globally, including the Middle East, where long-term fundamentals are strong and capital needs remain significant.

While digitalization, decarbonization, and deglobalization will continue to evolve in the form they take, each is driving significant long-term demand for new infrastructure. Our focus remains on identifying where that demand is emerging, and building the platforms required to meet it. By continuing to adapt our business and innovate alongside these shifts, we are well positioned to develop and operate the assets that will support the next phase of global economic growth.

In order to grow and change, an organization must be nimble. It is never easy, but is integral to evolving a company over the longer term. We have codified how to do this over time and essentially in simple terms, it is Watch, Learn, Invest, Perfect, Scale. This is a repeatable approach that allows us to own what's next as the backbone to the global economy evolves. This allows us to make modest mistakes when wrong, but positions us ahead of most that are not able to understand trends from the inside.

The building of all of our successful platforms followed this progression and will continue to guide how we build the business. We watch an industry, learn how it works, invest measuredly, refine the business model-and only then scale the platform. This approach has allowed us to build large and durable businesses while minimizing the risks that often accompany rapid expansion.

long-life infrastructure and real asset businesses, understanding the true costs is extremely important. Building this knowledge allows us to determine whether we have a genuine advantage as an owner (this gets easier with time, and with our scale we now have access to the best in the world to learn from).

The result is that we seldom need to rely on forecasting the next trend or timing markets perfectly. Instead, we focus on building expertise first and deploying capital when we have a clear advantage. Over time, this approach has enabled us to transform small footholds into global platforms managing hundreds of billions of dollars of assets, and positions us to do the same in the future.

In our experience, the most successful businesses are not built quickly. They are built deliberately. By watching patiently, learning extensively, investing with conviction, perfecting operations, and then scaling with discipline, we believe we can continue to build and own the next generation of businesses that generate durable cash flows and significant long-term value for our shareholders.

Over the past decade, private credit has grown due to growing capital needs from industry and as traditional lenders retrenched, largely due to increased regulation and more onerous capital requirements. This created an opportunity for alternative capital providers to scale. Borrowers increasingly turned to private solutions, valuing certainty of execution and customized structures tailored to their needs, driving a shift in market share.

At its core, private credit is simply credit-providing senior capital to asset owners and businesses, in return for a prioritized fixed return. While structures may differ slightly from public markets, the underlying principles of underwriting, collateral, and discipline remain unchanged. Credit outcomes have always been driven by what you lend against, how you structure transactions, and the discipline applied, particularly when capital is abundant.

Recently, sentiment toward private credit has become cautious. This has been sparked in part by concerns that artificial intelligence may prove more disruptive than previously expected, particularly for certain software

and SaaS (software as a service) business models. Private credit, through direct sponsor lending vehicles, is perceived to have (and some funds do have) elevated levels of exposure to software.

As a result, market narratives have weighed on capital flows, with retail investors stepping back, leading to higher redemptions and slower fundraising for private wealth strategies. At this stage, performance has not prevented redemptions, but over time we expect it to differentiate outcomes. This is when the distinction between platforms becomes most apparent, across both private and public markets.

Our approach to private credit, in partnership with Oaktree, reflects a long-held philosophy built on a culture of disciplined underwriting, a focus on downside protection, and a consistent emphasis on risk-adjusted returns across cycles. We invest where we have structural advantages, including opportunistic credit, real asset credit across infrastructure, energy, and real estate, and asset-backed lending through our partner managers.

We believe the current concerns highlight two potential outcomes-both of which position our business favorably.

If artificial intelligence proves to be as powerful a driver of productivity and efficiency as we expect, it will accelerate adoption across industries. That will require significant expansion of the infrastructure that supports it, such as data centers, energy, transmission, and digital networks. These are areas where we have leadership positions in both credit and equity. Increased ai adoption should drive more capital into these sectors, create additional deployment opportunities, and support long-term growth.

If current concerns lead to a broader dislocation in markets, this is precisely the type of environment that our opportunistic credit business is built for. When capital becomes scarce and risk is repriced, that historically has created some of the most attractive opportunities to deploy capital. Our platform is designed to deploy significant capital in these environments, providing solutions when others cannot, and positioning us for what comes next.

Over the last 18 months we have streamlined our corporate structure. The next step is the combination of BN and its paired security, BNT-marking the next evolution of Brookfield Corporation. The end result will be a fully-integrated insurance and investment organization.

This builds on the steps closed to date, including the successful conversion of Brookfield Business Partners and Brookfield Business Corporation into a single listed corporate entity. The dominance of index investing, strong shareholder support, and a positive market response have reinforced our view that simpler structures with larger market capitalizations are now the most effective way to position these businesses. We are also evaluating a similar simplification plan for our two infrastructure entities and our two energy entities.

When we established our wealth solutions business, we structured it in a manner that enabled it to benefit from the Corporation's capital base and investing capabilities. That approach served us well. Over the past five years, we have grown our insurance business to $30 billion of value, while growing the asset base to close to $200 billion.

It is now clear that to keep growing and to maximize our returns and lower risk, a full combination is optimal. Providing our insurance operations with greater access to the Corporation's balance sheet will enhance capital efficiency and flexibility in optimizing our capital structure to support Brookfield's continued expansion over the long term.

This combination is expected to allow us to fully utilize our permanent capital base-an incremental approximately $145 billion of cash, equities, real estate, and other investments-to support the growth of our insurance operations. Simply stated, few other insurance businesses in the world will have access to this scale of excess capital to add to their equity base.

We intend to approach both boards for approval shortly and expect to include this item at both BN and BNT's shareholder meetings, alongside the annual matters to be voted on by you on July 16, 2026. Prior to that, if you have any questions on the topic, please call us.

We remain committed to investing capital for you in high-quality assets that earn solid cash returns on equity, while emphasizing downside protection for the capital employed. The primary objective of the company continues to be to generate increased Cashflows on a per-share basis and, as a result, higher intrinsic value per share over the longer term.

Thank you for your interest in Brookfield, and please do not hesitate to contact any of us should you have suggestions, questions, comments, or ideas you wish to share.

Sincerely,

Bruce Flatt

Chief Executive Officer May 14, 2026

Note: In addition to the disclosures set forth in the cautionary statements included elsewhere in this Report, there are other important disclosures that must be read in conjunction with, and that have been incorporated in, this letter as posted on our website at https://bn.brookfield.com/reports-filings.

‌Management's Discussion and Analysis

ORGANIZATION OF MANAGEMENT'S DISCUSSION AND ANALYSIS ("MD&A")

PART 1 - OUR BUSINESS AND STRATEGY

Infrastructure ....................................................................

Overview.........................................................................

Energy ...............................................................................

PART 2 - REVIEW OF CONSOLIDATED

Private Equity ...................................................................

FINANCIAL RESULTS

Real Estate .......................................................................

Overview.........................................................................

Corporate Activities .........................................................

Income Statement Analysis.........................................

PART 4 - CAPITALIZATION AND LIQUIDITY

Balance Sheet Analysis ...............................................

Capitalization....................................................................

Foreign Currency Translation......................................

Liquidity .............................................................................

Corporate Dividends.....................................................

Review of Consolidated Statement of Cash Flows....

Summary of Quarterly Results....................................

PART 3 - OPERATING SEGMENT RESULTS

PART 5 - ACCOUNTING POLICIES AND INTERNAL

CONTROLS

Basis of Presentation ...................................................

Accounting Policies, Estimates and Judgments.........

Summary of Results by Operating Segment............

Management Representations and Internal

Asset Management.......................................................

Controls........................................................................

Wealth Solutions ...........................................................

GLOSSARY OF TERMS ...................................................

"Brookfield," the "company," "we," "us" or "our" refers to Brookfield Corporation and its consolidated subsidiaries. The "Corporation" is comprised of ownership interests in our Asset Management, Wealth Solutions and Operating Businesses. Our Asset Management business includes Brookfield Asset Management Ltd. ("BAM") and our direct investments into and alongside private funds managed by BAM. Our Wealth Solutions business is via our equity accounted investment in Brookfield Wealth Solutions Ltd., a separate issuer. Our "Operating Businesses" include Brookfield Infrastructure Partners L.P., Brookfield Renewable Partners L.P., and Brookfield Business Corporation, which are separate issuers included within our Infrastructure, Energy, and Private Equity segments, respectively, and an issuer in the Brookfield Property Group, which is included in our Real Estate segment. Additional discussion of their businesses and results can be found in their public filings. We use "private funds" to refer to the infrastructure funds, transition funds, private equity funds, real estate funds, and credit funds of our Asset Management business. Our other businesses include our corporate activities.

Please refer to the Glossary of Terms beginning on page 57 which defines our key performance measures that we use to measure our business.

Additional information about the company, including our Annual Information Form, is available on our website at www.brookfield.com, on the Canadian Securities Administrators' website at www.sedarplus.ca and on the EDGAR section of the U.S. Securities and Exchange Commission's ("SEC") website at www.sec.gov/edgar.

We are incorporated in Ontario, Canada, and qualify as an eligible Canadian issuer under the Multijurisdictional Disclosure System and as a "foreign private issuer" as such term is defined in Rule 405 under the U.S. Securities Act of 1933, as amended, and Rule 3b-4 under the U.S. Securities Exchange Act of 1934, as amended. As a result, we comply with U.S. continuous reporting requirements by filing our Canadian disclosure documents with the SEC; our annual report is filed under Form 40-F and we furnish our quarterly interim reports under Form 6-K.

Information contained in or otherwise accessible through the websites mentioned throughout this report does not form part of this report. All references in this report to websites are inactive textual references and are not incorporated by reference. Any other reports of the company referred to herein are not incorporated by reference unless explicitly stated otherwise.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This Report contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, "forward-looking statements"). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management's current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions. In particular, the forward-looking statements contained in this Report include statements referring to future results, performance, achievements, prospects or opportunities of Brookfield Corporation or the Canadian, U.S. or international markets, the impact of current market or economic conditions on our businesses, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our liquidity and ability to access and raise capital, our fundraising targets, our target growth objectives, our target carried interest, all statements relating to the proposed combination of Brookfield Corporation and Brookfield Wealth Solutions Ltd. and the acquisition of Just Group and its expected impact on our business.

Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, infrastructure, energy, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this Report and such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

Target returns and growth objectives set forth in this Report are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation's control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

Certain information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Corporation believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Corporation makes no representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties.

CAUTIONARY STATEMENT REGARDING THE USE OF NON-IFRS MEASURES

We disclose a number of financial measures in this Report that are calculated and presented using methodologies other than in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IASB"). We use these measures in managing the business, including for performance measurement, capital allocation and valuation purposes and believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing the overall performance of our businesses. These financial measures should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures or other financial metrics may differ from the calculations disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities. Reconciliations of these non-IFRS financial measures to the most directly comparable financial measures calculated and presented in accordance with IFRS Accounting Standards, where applicable, are included within this Report. Please refer to our Glossary of Terms beginning on page 57 for all non-IFRS measures.

‌OVERVIEW‌

Part 1

Our Business and Strategy

Investment Focus

We invest in a global and diverse portfolio of high-quality assets and businesses that are predominantly long-term or perpetual in nature and have the following attributes:

stable, largely contracted or inflation-linked, and growing revenues

ability to drive outsized financial returns through operational excellence

highly cash-generative

high barriers to entry with a market-leading position

offer continuous deployment opportunities

Focused Investment Strategies

We invest where we can bring our competitive advantages to bear, leveraging our global presence, deep operating expertise, and large-scale, flexible capital to achieve strong returns across market cycles.

Proven Capital Allocator

We are a value investor with a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our deep investment and operational expertise.

Disciplined Financing Approach

We take a conservative approach to the use of leverage, ensuring that we can preserve capital across business cycles. Underlying investments are typically funded at investment-grade levels on a standalone and non-recourse basis, providing us with a stable capitalization. Only 5% of the total leverage1 reported in our consolidated financial statements has recourse to the Corporation.

Sustainability

We are committed to ensuring that the businesses we invest in are set up for long-term success, and we seek to have a positive impact on the environment and the communities in which we operate.

We calculate the value of Brookfield Corporation as the capital we have in our three core businesses-Asset Management, Wealth Solutions, and Operating Businesses. Our financial returns are represented by capital appreciation and distributions from our businesses. The primary performance measure that we use to evaluate the performance of our business is distributable earnings ("DE")1.

ASSET MANAGEMENT

Our Asset Management business is a leading global alternative asset manager, with over $1 trillion of assets under management ("AUM")1 as at March 31, 2026 across infrastructure, energy, private equity, real estate and credit. The business invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. The business draws on our heritage as an owner and operator to invest for value and generate strong returns for clients, across economic cycles. Our clients include some of the world's largest and most sophisticated institutional investors, including sovereign wealth funds, pension plans, endowments, foundations, financial institutions, insurance companies, and individual investors.

Within each investment vertical, our business manages capital in a variety of products that broadly fall into one of three categories: i) long-term private funds, ii) permanent capital vehicles and perpetual strategies and iii) liquid strategies1. Products within these three strategies have similar base management fee1 and carried interest1 or performance fee1 arrangements.

On a combined basis with our Wealth Solutions business, we hold a 74% ownership interest in Brookfield Asset Management Ltd. ("BAM")1, 70% being directly held by the Corporation, and for which we receive quarterly distributions, our carried interest, as well as our direct investments into and alongside private funds managed by BAM. Our direct investments are primarily comprised of capital invested in flagship real estate private funds which own high-quality assets and portfolios with operational upside ("LP Investments") across logistics, multifamily, hospitality, office, retail, triple net lease, self-storage, student housing and the manufactured housing sectors. We also invest directly in certain private equity and credit funds.

WEALTH SOLUTIONS

Our Wealth Solutions business, via our equity accounted investment in Brookfield Wealth Solutions Ltd. ("BWS")1, is an investment-led insurance organization focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions.

As at March 31, 2026, total insurance assets within our Wealth Solutions business grew to $144 billion as retail and institutional annuity sales totaled $4 billion for the quarter. We ended the quarter with $13.2 billion of invested capital, which earns $2.0 billion of annualized cash flows, supporting a 15% return on equity.

BAM acts as the investment manager of most of the assets of BWS.

OPERATING BUSINESSES

We have approximately $34 billion of capital in our Operating Businesses as a result of our history as an owner and operator of real assets. This capital generates attractive financial returns and provides important financial stability and flexibility to the Corporation.

Infrastructure, Energy, and Private Equity

Our investments in Infrastructure, Energy, and Private Equity serve as publicly listed permanent capital vehicles that also act as our primary vehicles for making commitments to the private funds of our Asset Management business, providing each with a strong pipeline for growth. Each of these businesses shares key characteristics-highly diversified by sector and geography, generating stable and often inflation-linked revenue streams, high cash margins, market-leading positions, high barriers to entry and opportunities to invest additional capital to enhance returns-all of which enable us to generate very attractive risk-adjusted returns on our capital.

Our Infrastructure business is one of the world's largest infrastructure investors, which owns and operates assets across the utilities, transport, midstream and data sectors. Our capital in this business is held via our 26% ownership interest in Brookfield Infrastructure Partners ("BIP")1 for which we receive quarterly distributions.

Our Energy business owns a diverse portfolio of high-quality assets across multiple continents and technologies including hydroelectric, wind, utility-scale solar, and distributed energy and sustainable solutions investments. Our capital in this business is primarily held via our 45% ownership interest in Brookfield Renewable Partners ("BEP")1 for which we receive quarterly distributions. We also enter into energy contracts, which are our contractual arrangements with BEP to purchase power generated by certain North American hydro assets at a fixed price that is then resold on a contracted or uncontracted basis.

Our Private Equity business is a leading global owner and operator of businesses that provide essential products and services in the business services and industrials sectors. On a combined basis with our Wealth Solutions business, we hold approximately 69% ownership interest in Brookfield Business Corporation ("BBUC")1, 43% being directly held by the Corporation, and for which we receive quarterly distributions. BBUC has a policy of paying a modest distribution and reinvesting the majority of its funds from operations ("FFO")1 back into its businesses to further enhance value.

Real Estate

Our Real Estate business is a global and diversified portfolio of premier office, dominant retail, as well as multi and single family residential properties.

Our capital in this business is held via our 100% ownership stake in Brookfield Property Group ("BPG")1, which today consists of an irreplaceable portfolio of premier properties in global gateway cities that we expect to own long-term ("super core"); high-quality assets in central locations with growing net operating income ("NOI")1 ("core plus"); and select portfolios undergoing repositioning to enhance value, which we expect to monetize over the shorter term ("value add"). In addition, we operate a leading land development and homebuilding platform in North America ("North American Residential").

Refer to Parts 2 and 3 of this MD&A for more information on our operations and performance.

1 See definition in Glossary of Terms beginning on page 57.

‌Part 2

Review of Consolidated Financial Results

‌The following section contains a discussion and analysis of line items presented within our consolidated financial statements. The financial data in this section has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB"). Starting on page 54 of our 2025 annual report, we provide an overview of our fair value accounting process and why we believe it provides useful information for investors about our performance. We also provide an overview of our application of the control-based model under IFRS Accounting Standards used to determine whether or not an investment should be consolidated. Our fair value accounting process and application of the control-based model under IFRS Accounting Standards in the period were consistent with those referenced in our 2025 annual report.

OVERVIEW

During the current quarter, net income was supported by strong growth in our Asset Management business, continued scaling in our Wealth Solutions business, and the stable cash flows of our Operating Businesses.

Net income was $1.0 billion in the current quarter, with $102 million attributable to common shareholders ($0.03 per share) and $940 million attributable to non-controlling interests.

The $827 million increase in net income over the prior year quarter income of $215 million was primarily attributable to:

same-store1 growth, primarily from inflation-linked revenues and organic growth initiatives across our Infrastructure and Energy segments;

an increase in equity accounted income of $820 million primarily due to increased income contributions from one of our U.S. semiconductor manufacturing facilities within our Infrastructure segment, as well as valuation increases on certain U.S. office and retail assets in our super core and core plus portfolios within our Real Estate segment;

an increase in fair value changes of $781 million primarily due to mark-to-market gains on tax benefits within our Energy segment, valuation increases on our financial asset interests in an audience measurement operation and a vertically integrated launch and space infrastructure company, both within our Private Equity segment, and the absence of a prior period valuation decrease on our financial asset interest in a European telecom operation within our Private Equity segment; partially offset by

a decrease in other income and gains of $515 million primarily due to the absence of prior period disposition gains on the sale of our Mexican natural gas transmission pipelines and our offshore oil services' shuttle tanker operation within our Infrastructure and Private Equity segments, respectively; and

an increase in interest expense of $190 million due to incremental borrowings associated with acquisitions, net of dispositions, and asset-level upfinancings to support ongoing capital projects across our businesses, partially offset by the impact of lower rates on variable rate debt obligations and debt repayments.

Our consolidated balance sheet increased as a result of assets acquired, net of liabilities. Further increases primarily relate to capital commissioned into the rate base within our Infrastructure segment. This was partially offset by the impacts of dispositions, depreciation and amortization, and foreign currency translation across our segments.

‌INCOME STATEMENT ANALYSIS

The following table summarizes the financial results of the company for the three months ended March 31, 2026 and 2025:

FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS, EXCEPT PER SHARE AMOUNTS)

2026

2025

Change

Revenues....................................................................................................................

$ 18,580

$ 17,944

$ 636

Direct costs1 ...............................................................................................................

(14,138)

(13,450)

(688)

Other income and gains...........................................................................................

588

(515)

Equity accounted income.........................................................................................

1,339

519

820

Expenses

Interest

Corporate borrowings.......................................................................................

(183)

(179)

(4)

Non-recourse borrowings ................................................................................

(4,168)

(3,982)

(186)

Corporate costs ......................................................................................................

(20)

(18)

(2)

Fair value changes....................................................................................................

(43)

(824)

781

Income tax expense..................................................................................................

(398)

(383)

(15)

Net income................................................................................................................

1,042

215

827

Less: Net income attributable to non-controlling interests..................................

(940)

(142)

(798)

Net income attributable to shareholders..........................................................

$ 102

$ 73

$ 29

Net income per share2 ...........................................................................................

$ 0.03

$ 0.01

$ 0.02

Direct costs include $2.6 billion of depreciation and amortization expense for the three months ended March 31, 2026 (2025 - $2.5 billion).

Adjusted to reflect the three-for-two stock split completed on October 9, 2025.

Three Months Ended March 31

Revenues for the quarter were $18.6 billion, an increase of $636 million or 4% compared to the prior year quarter as:

increased contributions from our Infrastructure segment due to organic growth from inflation indexation and rate base increases, and from our Energy segment due to commissioning of development projects; were partially offset by

the absence of contributions from dispositions, net of acquisitions, across our segments over the last twelve months.

The impact on revenues and net income from recent acquisitions and dispositions can be found on page 18. Direct costs of $14.1 billion increased by $688 million, primarily due to:

increased costs due to inflation and organic growth within our Infrastructure and Energy segments; partially offset by

the absence of contributions from dispositions, net of acquisitions, across our segments over the last twelve months.

Other income and gains decreased by $515 million from the prior year quarter primarily due to the absence of prior period disposition gains on the sales of our Mexican natural gas transmission pipelines and our offshore oil services' shuttle tanker operation within our Infrastructure and Private Equity segments, respectively, partially offset by current period gains relating to the disposition of a concession at our Brazilian electricity transmission operation.

Equity accounted income increased by $820 million primarily due to increased contributions from one of our U.S. semiconductor manufacturing facilities within our Infrastructure segment, as well as valuation increases on certain U.S. office and retail assets in our super core and core plus portfolios within our Real Estate segment.

Interest expense of $4.4 billion, of which $4.2 billion relates to non-recourse financing, increased by $190 million from the prior year quarter due to incremental borrowings associated with acquisitions, net of dispositions, and asset-level upfinancings to support ongoing capital projects across our businesses, partially offset by the impact of lower rates on variable rate debt obligations and debt repayments.

We recorded fair value changes of $43 million compared to $824 million in the prior year quarter. The increase is primarily attributable to mark-to-market gains on tax benefits within our Energy segment, valuation increases on our financial asset interests in an audience measurement operation and a vertically integrated launch and space infrastructure company, both within our Private Equity segment, and the absence of a prior period valuation decrease on our financial asset interest in a European telecom operation within our Private Equity segment, partially offset by mark-to-market losses on power contracts and other derivatives within our Energy and Infrastructure segments, respectively. Refer to pages 19 to 20 for a discussion on fair value changes.

Our income tax expense of $398 million was consistent with the prior year quarter expense of $383 million.

‌SIGNIFICANT ACQUISITIONS AND DISPOSITIONS

We have summarized below the impact of recent significant acquisitions and dispositions on our results for the three months ended March 31, 2026:

Acquisitions Dispositions

FOR THE THREE MONTHS ENDED MAR. 31, 2026 (MILLIONS)

Revenue

Net Income (Loss)

Revenue

Net Income (Loss)

Infrastructure .........................................................

$ 917

$ 418

$ (206)

$ (120)

Energy ....................................................................

(24)

(175)

(94)

Private Equity ........................................................

141

(39)

(579)

Real Estate and Other .........................................

(211)

(173)

$ 1,132

$ 355

$ (1,171)

$ (304)

ACQUISITIONS

Recent acquisitions contributed incremental revenues of $1.1 billion and net income of $355 million in the current quarter.

Infrastructure

Within our Infrastructure segment, recent acquisitions contributed incremental revenues of $917 million and net income of

$418 million. These contributions were primarily from our acquisitions of a U.S. pipeline system and a U.S. fiber network in the third quarter of 2025.

Energy

Recent acquisitions contributed incremental revenues of $10 million and decreased net income by $24 million primarily due to the acquisition of a leading global renewables developer in the U.S. in the second quarter of 2025.

Private Equity

Within our Private Equity segment, recent acquisitions contributed incremental revenues of $141 million and decreased net income by $39 million primarily due to amortization of intangible assets and acquisition-related transaction and restructuring costs. These contributions were primarily from our acquisitions of an electric heat tracing systems manufacturer and a specialty consumables and equipment manufacturer in the first and second quarters of 2025, respectively.

Real Estate and Other

Recent acquisitions contributed incremental revenues of $64 million, primarily from our acquisitions of a European hospitality asset and a hotel in the United Arab Emirates in the third and fourth quarter of 2025, respectively.

DISPOSITIONS

Recent asset sales reduced revenues and net income by $1.2 billion and $304 million in the current quarter, respectively. The transactions that most significantly impacted our results were the deconsolidation of our healthcare services operation in the second quarter of 2025 within our Private Equity segment as well as the dispositions of certain non-core sites at our North American hyperscale data center platform in the third quarter of 2025 and our U.K. port operation in the fourth quarter of 2025, both within our Infrastructure segment.

‌FAIR VALUE CHANGES

The following table disaggregates fair value changes into major components to facilitate analysis:

FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS)

2026

2025

Change

Investment properties..................................................................................................................

$ (111)

$ (115)

$ 4

Transaction related expenses, net of income..........................................................................

(26)

(98)

Financial instruments ..................................................................................................................

494

404

Impairment and provisions .........................................................................................................

(123)

(346)

223

Other fair value changes.............................................................................................................

(277)

(525)

248

Total fair value changes ..............................................................................................................

$ (43)

$ (824)

$ 781

INVESTMENT PROPERTIES

The table below disaggregates investment property fair value changes by asset type:

FOR THE THREE MONTHS ENDED MAR. 31

2026

2025

Change

Asset Management Direct Investments - Real Estate LP Investments .........................................

$ (8)

$ (3)

$ (5)

Real Estate - Super Core............................................................................................................................................

(25)

Real Estate - Core Plus................................................................................................................................................

(7)

(34)

Real Estate - Value Add ..............................................................................................................

(48)

(41)

(7)

Other investment properties .........................................................................................................

(52)

(127)

$ (111)

$ (115)

$ 4

We discuss the key valuation inputs of our investment properties beginning on page 55.

Real Estate LP Investments

Investment properties are recorded at fair value with changes recorded in net income. Investment properties consist of an irreplaceable portfolio of premier properties in global gateway cities that we expect to hold a stake in over the long-term ("super core"), a portfolio of premier assets in central locations with growing NOI1 ("core plus") and a portfolio of assets we are repositioning to enhance value ("value add") that we expect to monetize over the shorter-term. In addition, we also have interests in flagship real estate private funds that are managed by BAM with long-term track records of earning strong returns.

(MILLIONS)

Valuation decreases of $8 million were primarily due to fair value uplifts in our Indian office portfolio and our U.S. multifamily portfolio due to updated leasing assumptions, more than offset by valuation decreases at certain European office assets due to discount and capitalization rate expansion and at our Shanghai mixed-use portfolio as a result of updated leasing assumptions.

In the prior year quarter, valuation decreases of $3 million primarily related to fair value uplifts in our Australian senior living and European student housing portfolios due to updated market assumptions and in our Indian office portfolio due to improved leasing assumptions, more than offset by valuation decreases at certain U.S. office, retail, and logistics assets due to updated market assumptions.

Super Core

Valuation increases of $4 million and $29 million for the current and prior year quarter, respectively, were primarily due to higher forecasted cash flows at certain U.S. retail assets as a result of updated leasing assumptions.

Core Plus

Valuation decreases for the quarter of $7 million were primarily due to lower forecasted cash flows at a Brazilian office asset as a result of updated leasing assumptions.

1 See definition in Glossary of Terms beginning on page 57.

Valuation increases of $27 million in the prior year quarter were primarily attributable to higher forecasted cash flows at certain U.K. office assets due to updated leasing assumptions.

Value Add

Valuation decreases for the quarter of $48 million were primarily due to lower cash flows at certain U.S. office and retail assets as a result of updated leasing assumptions.

Lower valuations of $41 million in the prior year quarter were primarily attributable to capitalization rate expansion and updated leasing assumptions at certain U.S. office assets.

Other Investment Properties

Other investment properties primarily include valuation changes related to investments with limited capital at risk within our Real Estate segment as well as certain investments within our Infrastructure segment. Valuation decreases of $52 million and $127 million for the current and prior year quarter, respectively, are primarily due to updated leasing assumptions.

Transaction Related Expenses, Net of Income

Transaction related expenses, net of income totaled $26 million for the quarter and are primarily driven by transaction and restructuring costs within our Private Equity segment.

The prior year quarter transaction related income, net of expenses of $72 million, was primarily driven by a gain on deconsolidation of India REIT within our LP Investments, partially offset by transaction and restructuring costs on acquisitions within our Energy and Private Equity segments.

Financial Instruments

Financial instruments include mark-to-market gains and losses related to foreign currency, tax benefits, and derivatives.

Financial instruments mark-to-market increases for the quarter of $494 million are primarily attributable to mark-to-market gains on tax benefits within our Energy segment and valuation increases on our financial asset interests in an audience measurement operation and a vertically integrated launch and space infrastructure company, both within our Private Equity segment; partially offset by mark-to-market decreases on power contracts and other derivatives within our Energy and Infrastructure segments, respectively.

The increase of $90 million in the prior year quarter was primarily attributable to mark-to-market gains on tax benefits within our Energy segment, partially offset by mark-to-market decreases on foreign currency derivatives and interest rate swaps within our Energy and Private Equity segments.

Impairment and Provisions

Impairment and provisions of $123 million in the quarter are primarily related to the derecognition of tax benefits at certain

U.S. renewable energy assets within our Energy segment.

Impairment and provisions expense was $346 million in the prior year quarter primarily related to valuation decreases on our financial asset interest in a European telecom operation within our Private Equity segment, and the derecognition of tax benefits at our Spanish renewable energy asset within our Energy segment.

Other Fair Value Changes

Other fair value decreases of $277 million and $525 million for the current and prior year quarter, respectively, are primarily attributable to debt amortization costs at our global intermodal container logistics operation and U.S. semiconductor manufacturing facilities, and revaluation of third-party liabilities at our Indian telecom tower operation, all within our Infrastructure segment.

INCOME TAXES

We recorded an aggregate income tax expense of $398 million in the quarter (2025 - $383 million), including current tax expenses of $395 million (2025 - $542 million) and a deferred tax expense of $3 million (2025 - $159 million).

Our income tax provision does not include a number of non-income taxes paid that are recorded elsewhere in our consolidated financial statements. For example, a number of our operations in Brazil are required to pay non-recoverable taxes on revenue, which are included in direct costs as opposed to income taxes. In addition, we pay considerable property, payroll and other taxes that represent an important component of the tax base in the jurisdictions in which we operate, which are also predominantly recorded in direct costs.

Our effective income tax rate is different from the Canadian domestic statutory income tax rate due to the following differences:

FOR THE THREE MONTHS ENDED MAR. 31

2026

2025

Change

Statutory income tax rate.....................................................................................................................

26%

Increase (reduction) in rate resulting from:

Portion of gains subject to different tax rates.................................................................................

(7)

(29)

Taxable (income) loss attributed to non-controlling interests......................................................

(8)

(41)

Derecognition of deferred tax assets ..............................................................................................

(6)

Non-recognition of the benefit of current period tax losses.........................................................

(12)

Non-deductible expenses (non-taxable income)...........................................................................

(1)

(4)

International operations subject to different tax rates...................................................................

(1)

(7)

Investment and production tax credits............................................................................................

(1)

(16)

Other.....................................................................................................................................................

(3)

Effective income tax rate...................................................................................................................... 28% 64% (36%)

We realized gains on dispositions that were subject to tax rates different from our statutory income tax rate. This contributed to a 7% reduction in our effective tax rate for the three months ended March 31, 2026.

Many of our operations are held in partially owned "flow-through" entities, such as partnerships where the tax liability is incurred by the investors as opposed to the entity. As a result, while our consolidated earnings include income attributable to non-controlling ownership interests in such entities, our consolidated tax provision includes only our proportionate share of the associated tax expense. In other words, we are consolidating all of the income in connection with these entities but only our share of the associated tax expense. This has decreased our effective tax rate by 8% for the three months ended March 31, 2026.

We have recorded a deferred tax expense primarily in respect of the derecognition of previously recognized tax attributes in our Private Equity segment which increased our effective tax rate by 4% for the three months ended March 31, 2026.

Some of our operations generated tax losses in the period for which a tax benefit has not been recognized. This resulted in an increase to the effective tax rate by 16% for the three months ended March 31, 2026.

Certain amounts recorded in income were not subject to tax, resulting in a 1% decrease to the effective tax rate for the three months ended March 31, 2026.

We operate in countries with different tax rates, most of which vary from our domestic statutory rate. Differences in global tax rates decreased our effective tax rate by 1% for the three months ended March 31, 2026. The difference will vary from period to period depending on the relative proportion of income or loss earned in each country.

We also benefit from tax incentives introduced in various countries to encourage economic activity. Our Energy segment realized investment tax credits that resulted in deferred tax recoveries. This contributed to a 1% reduction in our effective tax rate for the three months ended March 31, 2026.

‌BALANCE SHEET ANALYSIS

The following table summarizes the statements of financial position of the company as at March 31, 2026, and December 31, 2025:

AS AT MAR. 31, 2026 AND DEC. 31, 2025 (MILLIONS)

2026

2025

Change

Assets

Property, plant and equipment.........................................................................................

$ 168,249

$ 165,992

$ 2,257

Investment properties........................................................................................................

85,743

85,613

130

Equity accounted investments.........................................................................................

82,868

79,881

2,987

Cash and cash equivalents ..............................................................................................

15,030

16,242

(1,212)

Accounts receivable and other ........................................................................................

33,764

33,509

255

Intangible assets ................................................................................................................

38,044

38,496

(452)

Goodwill...............................................................................................................................

43,102

43,355

(253)

Other assets........................................................................................................................

52,813

55,883

(3,070)

Total assets.......................................................................................................................... $ 519,613 $ 518,971

$ 642

Liabilities

Corporate borrowings........................................................................................................

$ 14,271

$ 14,301

$ (30)

Non-recourse borrowings of managed entities .............................................................

249,461

245,311

4,150

Other non-current financial liabilities...............................................................................

25,434

27,977

(2,543)

Other liabilities....................................................................................................................

64,805

65,188

(383)

Equity

Preferred equity..................................................................................................................

4,090

Non-controlling interests...................................................................................................

118,855

118,308

547

Common equity ..................................................................................................................

42,697

43,796

(1,099)

Total equity...........................................................................................................................

165,642

166,194

(552)

$ 519,613 $ 518,971 $ 642

March 31, 2026 vs. December 31, 2025

Total assets increased by $642 million from December 31, 2025 to $519.6 billion as at March 31, 2026. The increase was primarily due to recently completed asset acquisitions, net of dispositions across our segments, partially offset by the amortization and depreciation of our asset base and the unfavorable impacts of foreign currency translation since the beginning of the year.

Property, plant and equipment ("PP&E") increased by $2.3 billion primarily as a result of:

acquisitions and additions of $7.3 billion, which includes investments in capital assets and development projects within our Infrastructure and Energy segments as well as the acquisition of a North American railcar leasing platform and a portfolio of senior living communities in the U.S. within our Infrastructure segment and our LP Investments included within our Asset Management segment, respectively; partially offset by

dispositions and assets reclassified as held for sale of $2.2 billion primarily within our Energy, Private Equity and Real Estate segments;

depreciation of $1.9 billion during the quarter; and

the unfavorable impact of foreign currency translation and other items of $881 million.

We provide a continuity of PP&E in Note 10 of the consolidated financial statements.

Investment properties predominantly consist of the company's real estate assets. The balance as at March 31, 2026 increased by $130 million from December 31, 2025, primarily due to additions of $1.6 billion partially offset by dispositions and the reclassification of certain assets to held for sale of $1.0 billion and the unfavorable impact of foreign currency translation and other items of $360 million.

We provide a continuity of investment properties in Note 9 of the consolidated financial statements. Equity accounted investments increased by $3.0 billion to $82.9 billion, primarily due to:

additions, net of disposals, of $2.6 billion primarily due to continued construction progress at our U.S. semiconductor manufacturing facilities;

our proportionate share of comprehensive income of $716 million; and

the favorable impact of foreign currency translation and other items of $208 million; partially offset by

distributions received and return of capital of $502 million.

We provide a continuity of equity accounted investments in Note 8 of the consolidated financial statements.

Cash and cash equivalents decreased by $1.2 billion. For further information, refer to our Consolidated Statements of Cash Flows and to the Review of Consolidated Statements of Cash Flows section within Part 4 - Capitalization and Liquidity.

Other assets are comprised of inventory, deferred income tax assets, assets classified as held for sale and other financial assets. The decrease of $3.1 billion is mainly a result of:

a decrease in assets held for sale of $2.7 billion largely attributable to the disposition of our Brazilian electricity transmission operation within our Infrastructure segment; and

a decrease in other financial assets of $471 million primarily related to a decrease in term deposits at our U.S. semiconductor manufacturing facility within our Infrastructure segment, partially offset by an increase in mortgage assets in our Australian asset manager and lender within our Private Equity segment; partially offset by

an increase in inventory of $151 million primarily driven by higher units on hand at our advanced energy storage operation within our Private Equity segment.

Non-recourse borrowings of managed entities increased by $4.2 billion, net of borrowings reclassified to held for sale, primarily due to recent acquisitions and upfinancings in our Infrastructure, Private Equity and Energy segments.

Other non-current financial liabilities consist of our subsidiary equity obligations, non-current accounts payable and other long-term financial liabilities that are due in more than one year's time. The decrease of $2.5 billion was primarily due to decreases in the non-current portion of deferred revenues and accounts payable and other.

Other liabilities are comprised of the current portion of accounts payable, liabilities associated with assets classified as held for sale, and deferred income tax liabilities. The decrease of $383 million was primarily due to the disposition of our Brazilian electricity transmission operation and our U.K. rail operation's interest in a subsidiary within our Infrastructure segment, more than offset by increases in the current portion of deferred revenues and accounts payable and other.

EQUITY

The significant variances in common equity and non-controlling interests are discussed below. Preferred equity is discussed in Part 4 - Capitalization and Liquidity.

COMMON EQUITY

The following table presents the major contributors to the period-over-period variances for common equity:

AS AT AND FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS)

Common equity, beginning of period .................................................................................................................................

$ 43,796

Changes in period

Net income attributable to shareholders ........................................................................................................................

102

Other comprehensive loss................................................................................................................................................

(477)

Common dividends............................................................................................................................................................

(160)

Preferred dividends............................................................................................................................................................

(44)

Repurchases, net of equity issuances............................................................................................................................

(479)

Ownership changes and other.........................................................................................................................................

(41)

(1,099)

Common equity, end of period............................................................................................................................................ $ 42,697

Common equity decreased by $1.1 billion to $42.7 billion during the three months ended March 31, 2026, primarily due to:

net income attributable to common shareholders of $102 million; more than offset by

other comprehensive loss of $477 million, primarily related to unrealized mark-to-market decreases on our investment portfolio in our wealth solutions business driven by an increase in interest rates, partially offset by mark-to-market movements on commodity hedges and financial assets across our businesses;

distributions of $204 million to shareholders as common and preferred share dividends; and

share repurchases, net of issuances, of $479 million, mainly related to the repurchase of over 10 million Class A Limited Voting Shares ("Class A shares") during the three months ended March 31, 2026; and

ownership changes and other of $41 million, primarily due to the reallocation of ownership interests in our consolidated subsidiaries between common equity and non-controlling interests resulting from transactions during the three months ended March 31, 2026, for which control has been maintained.

NON-CONTROLLING INTERESTS

Non-controlling interests in our consolidated results primarily consist of third-party interests in BAM, BIP, BEP, BBUC, BPG and their consolidated entities as well as fund investors and other participating interests in our consolidated investments as follows:

AS AT MAR. 31, 2026 AND DEC. 31, 2025 (MILLIONS)

2026

2025

Brookfield Asset Management ......................................................................................................................

$ 1,952

$ 2,355

Brookfield Infrastructure Partners.................................................................................................................

32,019

33,229

Brookfield Renewable Partners ...................................................................................................................

31,492

31,010

Brookfield Business Corporation ..................................................................................................................

13,608

13,421

Brookfield Property Group .............................................................................................................................

25,300

26,288

Other participating interests...........................................................................................................................

14,484

12,005

$ 118,855

$ 118,308

Non-controlling interests increased by $547 million during the three months ended, primarily due to:

comprehensive income attributable to non-controlling interests, which totaled $1.0 billion; and

ownership changes of $19 million, primarily related to the sale of a 25% interest in a 403 MW portfolio of operating hydro assets in the U.S., and an 833 MW portfolio of operating solar assets in the U.S. in our Energy segment; partially offset by

distributions, net of equity issuances of $492 million.

‌FOREIGN CURRENCY TRANSLATION

A portion of our capital is invested in non-U.S. dollar currencies and the cash flows generated from these businesses, as well as our equity, are subject to changes in foreign currency exchange rates. From time to time, we utilize derivative instruments to hedge these currency exposures. The most significant currency exchange rates that impact our business are shown in the following table:

Period-End Spot Rate Average Rate

AS AT MAR. 31, 2026 AND DEC. 31, 2025

AND FOR THE THREE MONTHS ENDED MAR. 31

2026

2025

Change1

2026

2025

Change1

Australian dollar ..................................................................

0.6900

0.6673

0.6952

0.6277

11%

Brazilian real2 ......................................................................

5.2192

5.5036

5.2604

5.8514

11%

British pound........................................................................

1.3227

1.3475

(2%)

1.3482

1.2603

Canadian dollar...................................................................

0.7187

0.7286

(1%)

0.7290

0.6970

Colombian peso2.................................................................

3,673.2

3,774.7

3,691.8

4,183.6

13%

Euro ......................................................................................

1.1553

1.1746

(2%)

1.1706

1.0527

11%

Change represents appreciation/depreciation relative to the U.S. dollar.

Using Brazilian real and Colombian peso as the price currency.

Currency exchange rates relative to the U.S. dollar at the end of the current quarter have appreciated since December 31, 2025 for Australian dollar, Brazilian real, and Colombian peso investments. As at March 31, 2026, our common equity of $42.7 billion was invested in the following currencies: U.S. dollars - 58% (December 31, 2025 - 58%), British pounds - 13% (December 31, 2025 - 13%), Euro - 6% (December 31, 2025 - 5%), Canadian dollars - 6%

(December 31, 2025 - 7%), Australian dollars - 4% (December 31, 2025 - 4%), Brazilian reais - 4% (December 31, 2025

- 4%), and other currencies - 9% (December 31, 2025 - 9%).

The following table disaggregates the impact of foreign currency translation on our equity by the most significant non-U.S. dollar currencies for the three months ended March 31, 2026:

FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS)

2026

2025

Change

Australian dollar........................................................................................................................

$ 267

$ 53

$ 214

Brazilian real .............................................................................................................................

411

445

(34)

British pound.............................................................................................................................

(250)

431

(681)

Canadian dollar ........................................................................................................................

(94)

(115)

Colombian peso .......................................................................................................................

247

410

(163)

Euro............................................................................................................................................

(238)

701

(939)

Other ..........................................................................................................................................

(325)

453

(778)

Total cumulative translation adjustments .............................................................................

2,514

(2,496)

Currency hedges......................................................................................................................

497

(979)

1,476

Total cumulative translation adjustments net of currency hedges.................................... $ 515 $ 1,535 $ (1,020) Attributable to: Shareholders ......................................................................................................................... $ 90 $ 403 $ (313)

Non-controlling interests...................................................................................................... 425 1,132 (707)

The foreign currency translation of our equity, net of currency hedges, increased consolidated equity by $515 million for the three months ended March 31, 2026.

We seek to hedge foreign currency exposure where the cost of doing so is economical. Due to the high costs associated with hedging the Brazilian real, Colombian peso and other emerging market currencies, hedge levels against those currencies were limited as at March 31, 2026.

‌CORPORATE DIVIDENDS

The dividends paid by Brookfield on outstanding securities during 2026, 2025 and 2024, are summarized in the following table. Dividends to the Class A and B Limited Voting Shares have been adjusted to reflect the three-for-two stock split completed on October 9, 2025.

Distribution per Security

2026

2025

2024

Class A and B1 Limited Voting Shares ("Class A and B shares")2......................................

$ 0.07

$ 0.06

$ 0.05

Class A Preferred Shares

Series 2 ..................................................................................................................................

0.14

0.17

0.23

Series 4 .................................................................................................................................

0.14

0.17

0.23

Series 13 ................................................................................................................................

0.14

0.17

0.23

Series 17 ................................................................................................................................

0.22

0.21

0.22

Series 18 ................................................................................................................................

0.22

0.21

0.22

Series 24 ................................................................................................................................

0.15

0.14

0.15

Series 26 ................................................................................................................................

0.18

0.17

0.18

Series 28 ................................................................................................................................

0.21

0.20

0.21

Series 30 ................................................................................................................................

0.28

0.27

0.28

Series 32 ................................................................................................................................

0.31

0.29

0.31

Series 343...............................................................................................................................

0.28

0.27

0.21

Series 36 ................................................................................................................................

0.22

0.21

0.22

Series 37 ................................................................................................................................

0.22

0.21

0.23

Series 384...............................................................................................................................

0.24

0.16

0.17

Series 405...............................................................................................................................

0.27

0.25

0.19

Series 426...............................................................................................................................

0.26

0.14

0.15

Series 447...............................................................................................................................

0.22

0.23

Series 46 ................................................................................................................................

0.25

0.23

0.25

Series 48 ................................................................................................................................

0.28

0.27

0.29

Series 51 ................................................................................................................................

0.18

0.21

0.29

Series 52 ................................................................................................................................

0.11

Series 548...............................................................................................................................

0.35

Class B Limited Voting Shares ("Class B shares").

Adjusted to reflect the three-for-two stock split completed on October 9, 2025.

Dividend rate reset commenced April 1, 2024.

Dividend rate reset commenced April 1, 2025.

Dividend rate reset commenced October 1, 2024.

Dividend rate reset commenced July 1, 2025.

Redeemed on December 31, 2025.

Issued on November 26, 2025.

Dividends on the Class A and B shares are declared in U.S. dollars whereas Class A Preferred share dividends are declared in Canadian dollars.

‌SUMMARY OF QUARTERLY RESULTS

The quarterly variances in revenues over the past two years are due primarily to acquisitions and dispositions. Variances in net income to shareholders relate primarily to the timing and amount of non-cash fair value changes and deferred tax provisions, as well as seasonality and cyclical influences in certain businesses. Changes in ownership have resulted in the consolidation and deconsolidation of revenues from some of our assets, particularly in our Real Estate, Infrastructure and Private Equity businesses. Other factors include the impact of foreign currency on non-U.S. revenues and net income attributable to non-controlling interests.

Our Real Estate business typically generates consistent same-store net operating income on a quarterly basis due to the long-term nature of contractual lease arrangements subject to the intermittent recognition of disposition and lease termination gains. Our retail properties typically experience seasonally higher retail sales during the fourth quarter, and our resort hotels tend to experience higher revenues and costs as a result of increased visits during the first quarter. We fair value our real estate assets on a quarterly basis which results in variations in net income based on changes in the value.

Renewable power hydroelectric operations are seasonal in nature. Generation tends to be higher during the winter rainy season in Brazil and spring thaws in North America; however, this is mitigated to an extent by prices, which tend not to be as strong as they are in the summer and winter seasons due to the more moderate weather conditions and reductions in demand for electricity. Water and wind conditions may also vary from year to year. Our Infrastructure operations are generally stable in nature as a result of regulation or long-term sales contracts with our investors, certain of which guarantee minimum volumes.

Revenues and direct costs in our Private Equity operations vary from quarter to quarter primarily due to acquisitions and dispositions of businesses, fluctuations in foreign exchange rates, business and economic cycles, and weather and seasonality in underlying operations. Broader economic factors and commodity market volatility may have a significant impact on a number of our businesses, in particular within our industrials portfolio. Within our infrastructure services, our work access services is subject to potential seasonal fluctuations in the demand for services. Some of our business services operations will typically have stronger performance in the latter half of the year whereas others, such as our residential mortgage insurer, fluctuate based on seasonality and macroeconomic conditions affecting the Canadian housing market. Net income is impacted by periodic gains and losses on monetization and impairments.

Our condensed statements of operations for the eight most recent quarters are as follows:

FOR THE PERIODS ENDED

(MILLIONS, EXCEPT PER SHARE AMOUNTS)

Revenues.............................................

$18,580

$20,156

$18,917

$18,083

$17,944

$19,426

$20,623

$23,050

Net income (loss)................................

1,042

1,681

284

1,055

215

101

1,518

(285)

Net income to shareholders..............

102

743

219

272

432

Per share1

- diluted............................................. $ 0.03 $ 0.30 $ 0.08 $ 0.10 $ 0.01 $ 0.17 $ 0.01 $ -

- basic ............................................... 0.03 0.31 0.08 0.10 0.01 0.17 0.01 -

Adjusted to reflect the three-for-two stock split completed on October 9, 2025.

The following table shows fair value changes and income taxes for the last eight quarters, as well as their combined impact on net income:

FOR THE PERIODS ENDED (MILLIONS)

Fair value changes1............................ $ (43) $ (759) $ (736) $ 797 $ (824) $ (1,759) $ (166) $ (753)

Income taxes.......................................

(398)

(114)

(504)

(134)

(383)

(259)

(138)

(304)

Net impact............................................ $ (441) $ (873) $ (1,240) $ 663 $ (1,207) $ (2,018) $ (304) $ (1,057)

Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method.

Over the last eight quarters, the factors discussed below caused variations in revenues and net income to shareholders on a quarterly basis:

In the first quarter of 2026, revenues decreased in comparison to the prior quarter primarily due to decreased contributions from our Private Equity segment due to lower sales volumes at our advanced energy storage operation as well as the absence of contributions from recent dispositions, primarily within our Real Estate segment. Net income decreased due to the lower gains associated with dispositions within our Infrastructure segment in the current quarter.

In the fourth quarter of 2025, revenues increased in comparison to the prior quarter primarily due to organic growth initiatives at our Infrastructure and Energy segments, and increased sales volumes at our North American residential business within our Real Estate segment. Net income increased due to gains associated with the disposition of certain assets within our Infrastructure segment.

In the third quarter of 2025, revenues increased in comparison to the prior quarter primarily due to organic growth initiatives at our Infrastructure and Private Equity segments as well as contributions from the acquisition of a U.S. pipeline system within our Infrastructure segment. Net income decreased due to the absence of contributions from recent dispositions, primarily within our Real Estate segment.

In the second quarter of 2025, revenues were consistent with the prior quarter. Net income increased due to valuation increases on our U.S. manufactured housing and triple net lease portfolios, as well as the derecognition of deferred tax liabilities on the sale of our Australian senior living portfolio, both in our LP investments, and a net gain recognized on the deconsolidation of our healthcare services operation within our Private Equity segment.

In the first quarter of 2025, revenues decreased in comparison to the prior quarter primarily due to lower revenues at our offshore oil services following the disposition of its shuttle tanker operation within our Private Equity segment, partially offset by increased contributions from our Infrastructure segment due to inflation indexation and rate base increases. Net income increased due to gains associated with the disposition of our Mexican natural gas transmission pipelines within our Infrastructure segment and the absence of certain impairments and provisions from the prior quarter, partially offset by fair value decreases in our Real Estate and Infrastructure segments.

In the fourth quarter of 2024, revenues decreased in comparison to the prior quarter primarily due to decreased contributions from our Private Equity segment from the disposition of our road fuels operation as the prior quarter included partial revenues due to the timing of the sale, partially offset by increased contributions from our Infrastructure segment due to inflation indexation and rate base increases. Net income decreased as increased equity accounted income from growth in our Wealth Solutions business and higher valuations of certain equity accounted investment properties within our Real Estate and Infrastructure segments were more than offset by the impairment of goodwill at our healthcare services operation, asset impairment at our natural gas production operation, and the settlement of a legacy pre-acquisition litigation at our dealer software and technology services operation, all within our Private Equity segment.

In the third quarter of 2024, revenues decreased in comparison to the prior quarter primarily due to decreased contributions from our Private Equity segment from the disposition of our road fuels operation, partially offset by increased contributions from our Infrastructure segment due to inflation indexation and rate base increases. Net income increased primarily from the recognition of tax benefits at our advanced energy storage operation and gains associated with the disposition of our road fuels operation, both within our Private Equity segment, partially offset by mark-to-market decreases related to insurance reserves within our Wealth Solutions business.

In the second quarter of 2024, revenues increased in comparison to the prior quarter primarily due to lease commencements and higher rents at certain properties within our Real Estate segment and our LP investments within our Asset Management segment. Net income decreased as contributions from the close of AEL were more than offset by fair value decreases at certain U.S. value add properties within our Real Estate segment, and as the prior quarter included a bargain purchase gain on the acquisition of our North American retail colocation data center business within our Infrastructure segment.

‌Part 3

Operating Segment Results

‌BASIS OF PRESENTATION

HOW WE MEASURE AND REPORT OUR OPERATING SEGMENTS

Our operations are organized into our Asset Management business, our Wealth Solutions business, our four Operating Businesses and our Corporate Activities, which collectively represent seven operating segments for internal and external reporting purposes.

For our Asset Management and Wealth Solutions segments, we measure operating performance using distributable earnings ("DE")1. To further assess operating performance for the Asset Management segment, we also provide unrealized carried interest1 which represents carried interest generated on unrealized changes in the fair value of our private funds, net of realized carried interest1. Net operating income ("NOI")1 is the key performance metric for our Real Estate segment, and Funds from Operations ("FFO")1 is used for our other operating segments. We also monitor the amount of capital invested by the Corporation in each segment using common equity. Common equity relates to invested capital1 allocated to a particular business segment, which we use interchangeably with segment common equity.

Our operating segments are global in scope and are as follows:

The Asset Management business includes managing long-term private funds, perpetual strategies and liquid strategies on behalf of our investors and ourselves. We generate contractual base management fees for these activities as well as incentive distributions1 and performance income, including performance fees1, transaction fees and carried interest1. The Asset Management business also includes our direct investments into and alongside private funds managed by BAM.

The Wealth Solutions business includes our equity accounted interest in BWS, an investment-led insurance organization focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions.

Operating Businesses

The Infrastructure business includes the ownership, operation and development of utilities, transport, midstream, and data assets.

The Energy business includes the ownership, operation and development of hydroelectric, wind, utility-scale solar power generating assets, distributed energy and sustainable solutions.

The Private Equity business includes a broad range of industries, and is mostly focused on ownership and operations in the business services and industrials sectors.

The Real Estate business includes the ownership, operation and development of super core, core plus, value add, and North American Residential assets.

Corporate Activities include the investment of cash and financial assets, as well as the management of our corporate leverage, including corporate borrowings and preferred equity, which fund a portion of the capital invested in our other operations. Certain corporate costs such as technology and operations are allocated to each operating segment based on an internal pricing framework.

1 See definition in Glossary of Terms beginning on page 57.

In assessing operating performance and capital allocation, we separately identify the portion of DE, NOI, or FFO and common equity that relate to each segment, where applicable. We believe that identifying the key operating metrics attributable to each segment enables investors to understand how the results of these entities are integrated into our financial results and is helpful in analyzing variances between reporting periods. Additional information with respect to our listed affiliates (BAM, BIP, BEP, BBUC) is available in their public filings. We also separately identify the components of realized carried interest, net1, and realized disposition gains1 included within the DE and FFO of each segment in order to facilitate analysis of variances between reporting periods.

‌SUMMARY OF RESULTS BY OPERATING SEGMENT

The following table presents DE, FFO, NOI and common equity by segment, where applicable, on a period-over-period basis for comparative purposes:

AS AT MAR. 31, 2026 AND DEC. 31, 2025 AND FOR THE THREE MONTHS ENDED

DE1,2 FFO1,2 / NOI1,2 Common Equity

MAR. 31

(MILLIONS)

2026

2025

Change

2026

2025

Change

2026

2025

Change

Asset Management .....................

$ 922

$ 880

$ 42

$15,333

$ 15,511

$ (178)

Wealth Solutions3 ........................

430

12,315

12,742

(427)

Operating Businesses.................

Infrastructure..............................

163

183

(20)

2,215

2,311

(96)

Energy.........................................

170

141

4,651

4,860

(209)

Private Equity.............................

119

142

(23)

1,912

1,890

Real Estate.................................

721

792

(71)

25,542

25,141

401

Corporate Activities .....................

(146)

(170)

(19,271)

(18,659)

(612)

Total ............................................... $ 1,550 $ 1,549 $ 1$42,697 $ 43,796 $ (1,099)

DE is the key performance metric for our Asset Management and Wealth Solutions segments. NOI is the key performance metric for the Real Estate segment only. FFO is the key performance metric for the Infrastructure, Energy, Private Equity, and Corporate Activities segments.

See definition in Glossary of Terms beginning on page 57.

Our common equity in our Wealth Solutions business includes $4.6 billion of distributable earnings retained in this business, mark-to-market movements on our investment portfolio and reserves and other adjustments required under IFRS.

During the quarter, we generated strong results with DE of $1.6 billion, consistent with the prior year quarter. Results benefitted from strong growth in our Asset Management business, the continued scaling of our Wealth Solutions business, and the stable cash flows of our Operating Businesses.

Our Asset Management business DE was $922 million in the current quarter, an increase of $42 million or 5% over the prior year quarter. BAM benefited from strong fundraising momentum, driven by our complementary strategies. Fee-bearing capital1 increased by $65 billion or 12% over the prior year quarter, supporting growth in fee-related earnings1. Asset Management DE includes distributions from our direct investments of $266 million in the current quarter.

DE from our Wealth Solutions business was $430 million, supported by strong investment performance and continued expansion of the insurance asset base, offset by non-recurring investment gains in the prior year, higher interest expense to support future growth, and lower earnings from our life business following a strategic decision to discontinue its operations. During the quarter, we originated $4 billion of retail and institutional annuities bringing our insurance assets to

$144 billion as at March 31, 2026. Subsequent to the quarter end, we announced the completion of the acquisition of Just Group increasing our insurance assets to $180 billion.

Infrastructure's FFO was $163 million in the quarter. Excluding the impact of realized disposition gains in the prior year quarter, FFO increased by $15 million primarily driven by inflation indexation on contracts, capital projects commissioned across our utilities and data businesses, volume growth in our utilities, midstream and data businesses, as well as the favorable impact of foreign exchange, and net acquisition activity. This was partially offset by higher management fees from the increased market capitalization at BIP, and increased interest expense due to additional borrowings to finance ongoing capital projects.

1 See definition in Glossary of Terms beginning on page 57.

Energy's FFO was $170 million in the quarter, an increase of $29 million over the prior year quarter primarily due to growth from the commissioning of development assets across our portfolio, gains on sales from our recurring and scaling capital recycling activities, as well as higher contributions from our global nuclear services business, and favorable results on our energy contracts. This was partially offset by increased interest expense due to additional borrowings to finance ongoing capital projects, and higher management fees from the increased market capitalization at BEP.

Private Equity's FFO was $119 million in the current quarter. Excluding the impact of realized disposition gains in the current and prior period, and one-time withholding taxes associated with a special distribution in our advanced energy storage operation in the first quarter of 2025, FFO was in line with the prior year quarter. This was primarily as same-store growth across our businesses and increased demand for higher margin advanced batteries at our advanced energy storage operation were offset by net disposition activity in our infrastructure services operations, and higher management fees from increased market capitalization at BBUC.

Our real estate business continues to build momentum amid a broad-based global real estate recovery. Operating fundamentals remain strong across our portfolio, with same-store core NOI growth of 2% over the prior year quarter, and occupancy rates remaining high at 96% and 95% in our super core and core plus portfolios, respectively. NOI for the quarter was $721 million compared to $792 million in the prior year quarter as same-store core NOI growth was more than offset by net disposition activity and lower lot sales at our North American residential business.

Common equity decreased by $1.1 billion to $42.7 billion in the quarter ended March 31, 2026, primarily as net income was more than offset by other comprehensive losses, share repurchases, net of issuances, distributions to common and preferred shareholders, and ownership changes. Refer to Part 2 - Review of Consolidated Financial Results for details.

‌ASSET MANAGEMENT

Our Asset Management business includes our 74% ownership interest in BAM1,2, a leading global alternative asset manager, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate and credit. We also include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within the results of our Asset Management business.

The following table disaggregates our share of DE and common equity of entities in our Asset Management segment. We have provided additional detail, where referenced, to explain significant variances in our operating results from the prior period.

AS AT MAR. 31, 2026 AND DEC. 31, 2025

DE Common Equity

AND FOR THE THREE MONTHS ENDED MAR. 31

(MILLIONS)

Ref.

2026

2025

2026

2025

BAM.......................................................................................................................

$ 499

$ 460

$ 4,517

$ 4,635

Realized carried interest ....................................................................................

157

189

Direct investments...............................................................................................

iii

266

224

10,816

10,876

Realized disposition gains .................................................................................

$ 922 $ 880 $ 15,333 $ 15,511

Generated carried interest Generated in period .......................................................................................... $ 606 $ 371

Foreign exchange.............................................................................................. 7 129

Less: direct costs................................................................................................. (222) (158)

Generated carried interest, net ......................................................................... iv $ 391 $ 342

FEE-BEARING CAPITAL

The following table summarizes fee-bearing capital:

AS AT MAR. 31, 2026 AND DEC. 31, 2025 (MILLIONS)

Long-Term Private Funds

Perpetual Strategies

Liquid

Strategies Total 2026 Total 2025

Infrastructure........................................... $ 49,243 $ 59,944 $ - $ 109,187 $ 106,398

Energy......................................................

39,454

32,706

72,160

67,245

Private Equity..........................................

38,637

9,392

48,029

48,006

Real Estate..............................................

72,217

30,629

102,846

101,682

Credit........................................................ 87,190 115,429 78,946 281,565 279,383

December 31, 2025 ............................... $ 284,814 $ 240,512 $ 77,388 n/a $ 602,714

We have approximately $67 billion of uncalled fund commitments that do not currently earn fees but will generate approximately $670 million in annual fees once deployed.

1 See definition in Glossary of Terms beginning on page 57.

2 In June 2025, we transferred a direct interest in BAM to our Wealth Solutions business. On a combined basis with our Wealth Solutions business, we hold a 74% ownership interest in BAM, of which 70% is held directly and 4% is held through BWS.

Fee-bearing capital increased by $11.1 billion during the quarter. The changes are set out in the following table:

AS AT AND FOR THE THREE

MONTHS ENDED MAR. 31, 2026

(MILLIONS)

Infrastructure

Energy

Private Equity

Real Estate

Credit

Total

Balance,

December 31, 2025 .........

$ 106,398

$ 67,245

$ 48,006

$ 101,682

$ 279,383

$ 602,714

Inflows................................

3,755

2,075

531

1,420

11,362

19,143

Outflows.............................

(6,421)

Distributions ......................

(1,077)

(718)

(334)

(979)

(3,381)

(6,489)

Market valuation...............

143

2,927

(177)

(110)

1,441

4,224

Other ..................................

(32)

631

833

(819)

616

Change ..............................

2,789

4,915

1,164

2,182

11,073

Balance,

March 31, 2026................

$ 109,187

$ 72,160

$ 48,029

$ 102,846

$ 281,565

$ 613,787

Infrastructure fee-bearing capital increased by $2.8 billion, due to:

inflows from capital raised across our long-term private funds and perpetual strategies; partially offset by

distributions paid to BIP's unitholders and capital returned to investors across our long-term private funds and perpetual strategies.

Energy fee-bearing capital increased by $4.9 billion, due to:

inflows from capital raised across our long-term private funds and perpetual strategies; and

increase in market valuations as a result of higher market capitalization of BEP; partially offset by

distributions paid to BEP's unitholders and capital returned to investors across our long-term private funds and perpetual strategies.

Private equity fee-bearing capital increased by $23 million, due to:

inflows from capital raised across our long-term private funds and perpetual strategies; partially offset by

distributions paid to BBUC shareholders and distributions from our long-term private funds.

Real estate fee-bearing capital increased by $1.2 billion, due to:

inflows from capital raised across our long-term private funds; partially offset by

distributions from our long-term private funds and perpetual strategies.

Credit fee-bearing capital increased by $2.2 billion, due to:

inflows from our Wealth Solutions business and contributions from our partner managers;

higher market valuations across our liquid strategies; and

capital deployed across our perpetual strategies and long-term private funds; partially offset by

outflows and redemptions from our liquid and perpetual strategies, long-term private funds and partner managers.

CARRY ELIGIBLE CAPITAL

Carry eligible capital1 increased by $10.0 billion during the quarter to $272.7 billion as at March 31, 2026 (December 31, 2025 - $262.7 billion), primarily related to our acquisition of Angel Oak and capital raised in our closed-end credit funds.

As at March 31, 2026, $184.5 billion of carry eligible capital was deployed (December 31, 2025 - $176.7 billion). This capital is either currently earning carried interest or will begin earning carried interest once its related funds have reached their preferred return threshold. There is currently $88.3 billion of uncalled fund commitments that will begin to generate carried interest once the capital is deployed and fund preferred returns are met (December 31, 2025 - $85.9 billion).

OPERATING RESULTS

DE from our Asset Management business includes fee-related earnings, net of corporate costs, excluding equity-based compensation costs, and realized carried interest earned by us in respect of capital managed for our investors. DE from our Asset Management business also includes return on capital from cash distributions received from our direct investments. We also analyze unrealized carried interest, net, to provide insight into the value our investments have created in the period.

Distributable earnings from BAM

FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS)

2026

2025

Fee revenues1

Base management fees....................................................................................................................................

$ 1,268

$ 1,182

Incentive distributions........................................................................................................................................

130

117

Performance fees...............................................................................................................................................

Transaction and advisory fees.........................................................................................................................

1,426

1,300

Less: direct costs .................................................................................................................................................

(632)

(583)

794

717

Less: fee-related earnings not attributable to the Corporation .....................................................................

(22)

(19)

Fee-related earnings ...........................................................................................................................................

772

698

Cash taxes ............................................................................................................................................................

(95)

(91)

Add back of equity-based compensation costs and investment and other income ..................................

BAM distributable earnings ................................................................................................................................

702

654

Amounts not attributable to the Corporation....................................................................................................

(185)

(177)

Distributable earnings from BAM at our share ................................................................................................

517

477

Non-recourse borrowings expense2..................................................................................................................

(18)

(17)

Distributable earnings from BAM....................................................................................................................... $ 499 $ 460

Fee-related earnings increased to $772 million, mainly due to higher base management fees driven by increased fee-bearing capital, incremental fee revenue from our listed affiliates as a result of higher market capitalization of BIP, BEP and BBUC and capital raised within our partner managers. The increase was partially offset by higher direct costs as we continue to scale our Asset Management business.

1 See definition in Glossary of Terms beginning on page 57.

2 Non-recourse borrowings expense relates to interest paid on a $1 billion non-recourse loan issued to a large institutional partner in December 2024.

Base management fees increased by $86 million or 7% from the prior year quarter as a result of the following activity:

$68 million increase from our credit business due to contributions from our partner managers and inflows from our Wealth Solutions business;

$38 million increase from our energy business due to higher market capitalization of BEP as well as capital raised, including related catch-up fees, from the final institutional close of our second global transition strategy;

$27 million increase from our infrastructure business due to inflows from our perpetual strategies and higher capitalization of BIP; and

$18 million increase from our private equity business due to inflows from our long-term private funds and higher capitalization of BBUC; partially offset by

$65 million decrease from our real estate business due to the absence of catch-up fees earned in the prior year quarter from the fifth vintage of our flagship opportunistic real estate strategy.

Revenues from incentive distributions increased by $13 million compared to the prior year quarter, reflecting increased distribution levels at BIP and BEP.

Transaction and advisory fees increased by $25 million compared to the prior year quarter, due to the co-invest fees earned by our infrastructure business.

The margin on our fee-related earnings was 57% in the current period (2025 - 57%), in line with the prior year quarter.

Direct costs consist primarily of employee expenses and professional fees, as well as business related technology costs and other shared services. Direct costs increased by $49 million from the prior year quarter as we continue to scale our asset management franchise, including enhancing our fundraising and client service capabilities and developing new complementary strategies.

Amounts not attributable to the Corporation relate to non-controlling interest ("NCI") of our asset management business.

Realized Carried Interest

We realize carried interest when a fund's cumulative returns are in excess of preferred returns and are no longer subject to future investment performance (e.g., subject to "clawback"). During the quarter, we realized $157 million of carried interest, net of direct costs (2025 - $189 million), primarily due to realizations from our credit and private equity funds.

We provide supplemental information and analysis below on the estimated amount of unrealized carried interest (see section iv) that has accumulated based on fund performance up to the date of the consolidated financial statements.

Direct investments

DE before realizations from our direct investments of $266 million was $42 million higher than the prior year quarter. The increase is mainly attributable to higher distributions from our real estate LP investments driven by the disposition of an Indian office asset as well as other directly held investments related to the partial sale of our interest in a vertically integrated launch and space infrastructure company.

Unrealized Carried Interest

The amounts of accumulated unrealized carried interest1 and associated costs are not included in our Consolidated Balance Sheets or Consolidated Statements of Operations as they have not met the revenue recognition criteria under IFRS. These amounts are reflected in the following table:

FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS)

Carried Interest

Direct Costs

Net

Carried Interest

Direct Costs

Net

Accumulated unrealized, beginning of period..

11,596

(3,884)

$ 7,712

11,483

(3,675)

$ 7,808

In-period change

Generated in period...........................................

606

(221)

385

371

(121)

250

Foreign currency revaluation ...........................

(1)

129

(37)

613

(222)

391

500

(158)

342

Less: realized .....................................................

(429)

209

(220)

(428)

198

(230)

184

(13)

171

112

Accumulated unrealized, end of period.............

11,780

(3,897)

7,883

11,555

(3,635)

7,920

Carried interest not attributable to the Corporation............................................................

(2,394)

931

(1,463)

(1,498)

637

(861)

Unrealized carried interest increased by $606 million, before foreign exchange and direct costs, primarily driven by higher valuations within our credit, infrastructure, private equity, and energy funds.

Accumulated unrealized carried interest, at our share1, totaled $9.4 billion as at March 31, 2026. We estimate approximately $3.0 billion in associated costs related to the future realization of the amounts accumulated to date, predominantly related to employee long-term incentive plans and taxes that will be incurred. $6 billion of carried interest, net of costs, is expected to be realized within the next three years.

1 See definition in Glossary of Terms beginning on page 57.

‌WEALTH SOLUTIONS

Our capital invested in our Wealth Solutions business is held via our equity accounted investment in BWS1.

BWS is an investment-led insurance organization focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Through its operating subsidiaries, the business offers a broad range of insurance products and services, including annuities, personal and commercial property and casualty insurance and life insurance. BWS seeks to generate a 15%+ annual return on equity over the long term by investing in a balanced investment portfolio, including liquid fixed credit and real assets, to earn an investment return that exceeds its cost of liabilities.

The business may seek to add duration and diversification to its investment portfolio by acquiring public and private assets across many asset classes, including, but not limited to, real estate, royalties, public securities, and private credit. These investments could be made in the open market or from the Corporation and its related party affiliate entities.

SUMMARY OF OPERATING RESULTS

The following table disaggregates our Wealth Solutions segment's DE to facilitate analysis of the period-over-period variances:

FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS)

2026

2025

Net investment income............................................................................................................................

$ 1,492

$ 1,327

Realized and unrealized gains on real asset strategies.....................................................................

194

219

Cost of funds.............................................................................................................................................

(1,028)

(904)

Net investment earnings .........................................................................................................................

658

642

Interest expense.......................................................................................................................................

(92)

(80)

Operating expenses and other...............................................................................................................

(128)

(125)

Distributable earnings, gross..................................................................................................................

438

437

Less: Amounts not attributable to the Corporation..............................................................................

(8)

(7)

Distributable earnings, net......................................................................................................................

$ 430

Average invested insurance assets....................................................................................................... $ 119,668 $ 106,694

DE from our Wealth Solutions business was $430 million in the quarter, in line with the prior year quarter, supported by strong investment performance and continued expansion of the insurance asset base, offset by non-recurring investment gains in the prior year, higher interest expense to support future growth, and lower earnings from our life business following a strategic decision to discontinue its operations.

Invested insurance assets are $120 billion supported by the origination of $4 billion from retail and institutional annuity sales, and premiums collected from our property and casualty business. Subsequent to the quarter end, we announced the completion of the acquisition of Just Group increasing insurance assets to $180 billion.

COMMON EQUITY

Common equity in our Wealth Solutions segment was $12.3 billion2 as at March 31, 2026 (December 31, 2025 -

$12.7 billion), as the reinvestment of DE to support the continued growth of this business was more than offset by mark-to-market movements on our investment portfolio and reserves and other adjustments required under IFRS.

1 We refer to BWS as a "paired entity" to the Corporation. Each BWS Class A exchangeable share has been structured with the intention of providing an economic return equivalent to one Brookfield Class A Share due to each exchangeable share (i) being exchangeable at the option of the holder for one Brookfield Class A Share or its cash equivalent (the form of payment to be determined at the election of the Corporation), subject to certain limitations, and

(ii) receiving distributions at the same time and in the same amounts as dividends on the Brookfield Class A Shares. The Corporation owns 100% of the BWS Class C shares, which entitles the Corporation to the residual economic interest in BWS after distributions have been made to BWS Class A and B shareholders.

2 Our common equity in our Wealth Solutions business includes $4.6 billion of DE retained in this business, mark-to-market movements on our investment portfolio and reserves and other adjustments required under IFRS. In the second quarter of 2025, we transferred a 4% direct interest in BAM to our wealth solutions business, increasing our stake in BWS. On a combined basis with BWS, we hold a 74% ownership interest in BAM.

Disclaimer

Brookfield Corporation published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 22:08 UTC.