Brookfield Investor Day 2026

Afternoon, everyone, and welcome to Brookfield Corporation's 2026 Investor Day. Thank you for joining us this afternoon. Whether you are here with us in person or participating virtually, we really appreciate your interest in Brookfield and are excited to spend the afternoon with you. We have a great lineup planned. We will begin with opening remarks from our CEO, Bruce Flatt. Then Nicholas Goodman, our President, will provide an overview and the financial outlook for the Corporation. From there, we will hear perspectives across our real estate business in a panel moderated by Brian Kingston, Executive Chair, joined by Ben Brown, Co-President, and Kevin McCreight, Managing Partner in our Real Estate Group. We will then hear from Sachin Shah, CEO of Brookfield Wealth Solutions, who will take us through the continued growth and evolution of that business. Finally, we will wrap it up by opening up the floor for Q&A.

When we get to the Q&A, if you are here in the room, microphones will be available. We ask if you please wait until the microphone reaches you before asking your questions so everyone can hear you clearly. Following the Q&A session, we will display a QR code. We kindly ask you to take a moment and scan the screen and complete our short survey. Your feedback is important and helps us improve future events. As always, I would like to remind you throughout today's discussion, we may make forward-looking statements, which are predictions about future events and trends and are subject to risks and uncertainties, and actual results may differ materially. For further details, please refer to our filings with the security regulators and the cautionary statement in our presentation, all available on our website. With that, please join me in welcoming to the stage our CEO, Bruce Flatt.

Hello. You get me back. The presentation that I have is really about what we are intending to do with the next chapter of Brookfield. I just go back. The last 5 years, we have spent significant effort to reposition BAM as a leading global investor in wealth for institutions and individuals. That took many steps along the road, both creating the insurance company that exists today, and Sachin will talk about repositioning the balance sheet, spinning off the asset management business, and directing a number of our efforts across the board. On top of that, we have had decades of work creating the businesses that we have between infrastructure, renewables, asset management, and turning them into powerful compounding annuities.

Even the carry that we now have in BAM is a royalty on the performance of the asset management business, which 25 years from now will be incredibly valuable asset. Over that period of time, over the last 30 years, we have compounded from $200 million of earnings to $6.2 billion of distributor earnings, which is a 13% compound rate of earnings growth that enabled us to compound at 19% in the stock markets against a 3.11% S&P 500, which amazing compound earnings over time is a 10x what you would have done within the S&P 500. It has also enabled us to now have a very large discretionary pool of capital that we can invest with our clients and otherwise into opportunities for Brookfield Corporation. The balance sheet combined is about $345 billion today, and the total assets within the franchise are about $1.3 trillion.

Despite all of that change over the 5 years, and thank you for enduring with us while we did it, because when we started, many of you said, "That seems confusing. What are you doing?" But what you did is trusted us that we would get here. What I can report to you is that we are here, but the objective we have is really simple and is still unchanged. We want to build long-term returns and wealth for institutions and individuals. By doing that, we want to compound at 15% over a very long period of time. If you do that, the same miracle will happen that happened over the last 30 years. If you reflect on the environment today and the conditions we have versus the last period, there is no doubt the world is evolving faster today than it has ever evolved before.

I would say as a personal statement, I would say it has always been evolving, and it is faster, but one just has to pay attention and change with what is going on. We are though, and hopefully this came through for those that were in the Brookfield Asset Management presentation. We are though, in the very early innings. Many of you think, where are we? There is all this money going out, and there is going to be a problem. But we are in the very early innings of an investment cycle in technology, energy, industrials, and real assets, which I think has 15 years to run as we really rewire the economy in every single country for the future that is going to be different than what it was before. It is like building the railways and the roads and the infrastructure of yesteryear.

What is going on now is the rewiring of really the whole economy as we look out. This opportunity, it is tens of trillions. I know that sounds really large. I do not make light of the fact that it is really large, but it is tens of trillions of dollars. On AI build-out, it is $3 trillion, $4 trillion, $5 trillion. It is being led by the largest, most sophisticated, highest credit quality companies on the planet and countries which are not as high quality credit as them, those companies. But it is led by companies that are like countries and countries. That is the difference. It is led by countries and companies that are like countries. That is really, really important.

The power needed to do all this, both for electrification of, I will not say everything, but many, many things, and the computing power stacked on top of that is what is going on is an unprecedented build-out of power that we are starting to see and should and will last probably for 10 to 15 years. It is hard to build this stuff. You need skills to do it. But it is very large. This is reinforcing grids, it is putting batteries in to stabilize, it is building more power, and it is a whole enormous build-out of the electricity grid. Which contributes to very significant rewiring also of all of the things around AI and power. Lowell Baron, at the BAM presentation, talked about industrial warehouses. Those are being reutilized, but also reformed where they are, what they do, what you do in them.

That all takes enormous amounts of capital and new investment into the future. This is creating, on top of the equity investments, very significant credit opportunities because the banks do not have the capacity to be able to deal with this size of credit, and that is what private credit is. Remember, what private credit really is outside of the banking system, we access sovereign funds and pension funds. They can buy bonds on a public basis, or they can put money on a direct basis into private credit into these opportunities. To do that, many of them need sponsors like us to create products for them so that they can invest into them.

As simple as it is, that is what private credit is, and the situation that is developing needs an enormous amount of that because the banking system does not have enough capital to be able to deal with this. The good news is that at the same time, we need an unprecedented amount of capital in the world to deliver these investments. The opportunity is expanding because the savings in the world in sovereign plans, pension funds, and individuals is growing. The aging populations with retirement savings are growing dramatically. They are $7 trillion. There are new pathways opening specifically in the U.S., and then it will go elsewhere for a lot of these products to fit into U.S. defined contribution market. That $14 trillion that is there is zero penetration in these type of products.

The products that we have are ideally suited to be able to fit into those, and earn return over long periods of time. So this market is opening up and will become very significant investor into these products over time, and it will go all over the world, and this money continues to compound. Capital alone does not get the job done. Capital combined with the skills of execution are required. To emphasize the point, it is not easy to run electricity grids, install batteries, build nuclear plants, operate industrial facilities. These take sophisticated, large-scale individuals and people to be able to do them. So it is a combination of capital and operating skills which will win in this environment.

In addition to that, the relationships that we have with many of the very large institutional investors in the world allow us to source the capital, and the relationships we have with many of the great corporations in the world that are leading this next chapter in investment are very valuable for us to be involved in this. Over the last five years, we have accelerated the depth and scale of our competitive advantages, our access to capital, our operating capabilities, and the relationships. Each one of those is incredibly important to the value. We expanded our access to capital. We spun out, as you know, Brookfield Asset Management. We scaled the institutional capital business. We built a long-duration insurance float that is heading towards $200 billion. We enhanced our access to retail capital in a very methodical basis. We are raising $8 billion a year today.

It could be more if we so choose, but we go slow because we want to get it right. We've created a very diversified, flexible, and growing capital base, which almost no other sponsor, between all the things that I showed you, has what we have. Some are better in some things, some are worse in some things. We're different, but not many have the scale that we have. This has enabled us to pursue a much broader set of opportunities, equity strategies, preferred structured mezzanine, senior debt, across all the different sectors across the world, and with clients where we have extremely broad relationships between some of the sovereign funds, helping them deploy infrastructure within their countries, running mandates across all of our strategies, helping their people grow. These are very long-term, multifaceted relationships. We've also broadened our capabilities, and we've tried to learn.

We've tried to get better. We've tried to evolve. Three things we've done. AI infrastructure didn't exist four years ago, and we've tried to be at the leading edge of that and understand everything that's going on. On energy, we're dominant. But we continue to, as I mentioned earlier, when some of you would have heard this, we continue to move into areas that didn't exist before. Batteries did not exist before. They weren't relevant because they cost so much. Today, they're very relevant because the costs have come down dramatically. Private credit did not exist 10 years ago. We're a leader today. All of those things have broadened our capabilities.