Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 1/6 · 23/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité66
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 13.99
- Positive FCF years (%)
- 40.00
- FCF margin volatility (pp)
- 2.74
Solidité financière—
Missing required inputs: interestCoverageGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 100.00
Allocation du capital—
Missing required inputs: operatingReturn, sbcRevenue. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -1.49
- cashConversionGrade
- 0.00
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
Brookfield Corporation - 2025 Annual Information Form 5 2025 Activity Asset Management In 2025, our asset management business benefited from strong fundraising across our flagship and complementary funds, with total fundraising of over $110 billion.
2025 Activity / Asset Management · Dépôt 18/03/2026
In 2023, our asset management business benefited from strong fundraising across our flagship and complementary fund offerings, with total capital raised of $83 billion.
2023 Activity / Asset Management · Dépôt 24/03/2025
The successful fundraising across our various flagship series included the final close of our fifth infrastructure flagship fund and our sixth private equity flagship fund, bringing the total capital raised in these strategies to $30 billion and $12 billion, respectively.
2023 Activity / flagship fund closes · Dépôt 24/03/2025
Our business relationships and reputation could be negatively impacted by a number of factors including poor performance; actual, potential or perceived conflicts of interest that are not adequately addressed; misconduct or alleged misconduct by employees; rumors or innuendos; or failed or ineffective implementation of new investments or strategies.
Business Environment and Risks / Reputation · Dépôt 18/03/2026
Investors may decline to invest in current and future managed entities and may withdraw their investments from managed entities as a result of poor performance in the entity in which they are 108 BROOKFIELD CORPORATION invested, and investors in private funds may demand lower fees for new or existing funds, all of which would decrease our revenue.
Business Environment and Risks / investor withdrawals and fee pressure · Dépôt 18/03/2026
1.Diversified and long-term base management fees on capital that is typically committed for 10 years with two one-year extension options.
Asset Management / long-term base management fees · Dépôt 18/03/2026
Perpetual Strategies – $241 billion fee-bearing capital
Asset Management / perpetual strategies fee-bearing capital · Dépôt 18/03/2026
1.Long-term perpetual base management fees, which are based on total capitalization or net asset value (“NAV”) of our perpetual affiliates and the NAV of its perpetual private funds.
Asset Management / perpetual base management fee terms · Dépôt 18/03/2026
Perpetual Strategies – $208.6 billion fee-bearing capital
Asset Management / 2024 perpetual strategies fee-bearing capital · Dépôt 24/03/2025
A significant portion of our asset management revenue is intercompany in nature and thus eliminated on consolidation; that which survives is recorded as revenue in the Consolidated Statements of Operations.
Revenue recognition / intercompany asset management revenue · Dépôt 18/03/2026
In our Brazilian water and wastewater operation business, our long-term, inflation-adjusted concession service contracts with various municipalities have an average remaining contract duration of 23 years as at December 31, 2025 (2024 – 22 years), and the remaining performance obligations were approximately $8.9 billion (2024 – $8.3 billion).
Revenue / Brazilian water and wastewater concession obligations · Dépôt 18/03/2026
•Concession arrangements of $3.0 billion (2022 – $2.8 billion) at our Brazilian regulated transmission operation that provide the right to charge a tariff over the terms of the agreements.
Intangible assets / Brazilian transmission concession tariff rights · Dépôt 19/03/2024
•Customer relationships and shipping agreements of $2.1 billion (2022 – $2.2 billion) at our Canadian diversified midstream operation, relating to long-term take-or-pay and fee-for-service contractual arrangements.
Intangible assets / Canadian midstream contractual arrangements · Dépôt 19/03/2024
FFO of $757 million increased by $190 million from the prior year, primarily due to inflation indexation on contracts, volume growth in our utilities, midstream and data businesses, and disposition gains from the sale of our Australian container terminal operations, as well as commissioning of capital projects across our businesses.
Infrastructure / 2025 FFO drivers · Dépôt 18/03/2026
If any of the respective regulators in the jurisdictions in which we operate decides to change the tolls or rates we are allowed to charge, or the amounts of the provisions we are allowed to collect, we may not be able to earn the rate of return on our investments that we had planned, or we may not be able to recover our initial cost.
Infrastructure risks / regulated tolls and rates · Dépôt 19/03/2024
This was partially offset by net disposition activity, increased interest expense related to additional borrowings to finance ongoing investments, the impact of foreign exchange, and higher management fees from the increased market capitalization at BIP.
Infrastructure / financing and other offsets · Dépôt 18/03/2026
As a result, we recognized an FFO deficit of $28 million due to higher generation and lower market pricing.
Renewable Power and Transition / 2024 energy contract FFO deficit · Dépôt 24/03/2025
ii.Energy Contracts During the year, we purchased 2,809 GWh (2024 – 3,442 GWh) from BEP at $72 per MWh (2024 – $74 per MWh) and sold the purchased generation at an average selling price of $83 per MWh (2024 – $65 per MWh).
Renewable Power and Transition / realized power purchase and selling prices · Dépôt 18/03/2026
Excluding the impact of realized disposition gains, operating FFO increased by $27 million primarily due to organic growth across our businesses from inflation indexation, commissioning of capital projects, rate base increases, and net acquisition activity, partially offset by increased interest expense related to additional borrowings to finance ongoing capital projects, as well as the impact of foreign exchange.
Infrastructure / 2024 operating FFO growth excluding disposition gains · Dépôt 24/03/2025
Our dealer software and technology services operation had remaining performance obligations related to its long-term software and maintenance and support contracts of approximately $3.3 billion (2024 – $3.0 billion).
Revenue / dealer software contractual performance obligations · Dépôt 18/03/2026
Fees are typically equal to a percentage of fee-bearing capital within the respective fund or entity and are accrued quarterly.
Revenue recognition / management fee calculation · Dépôt 18/03/2026
Revenue is recorded based on the output delivered and capacity provided at rates specified under contract terms or at prevailing market rates if the sale is uncontracted.
Revenue recognition / contracted and market power rates · Dépôt 18/03/2026
Under the bid, which commenced on May 27, 2025 and is set to expire on May 26, 2026, BN has, as of March 10, 2026, purchased 9,294,073 Class A Shares at an average price of $43.07.
Corporate / completed Class A share repurchases · Dépôt 18/03/2026
As at December 31, 2025, only $14 billion of long-term debt has recourse to the Corporation.
Capitalization / corporate recourse debt · Dépôt 18/03/2026
We maintain significant liquidity ($5.9 billion in the form of corporate cash and financial assets and undrawn credit facilities) at the corporate level to further enable growth across business cycles.
Liquidity / corporate cash, financial assets and facilities · Dépôt 18/03/2026
31 (MILLIONS) 2025 2024 Management fees earned $ 350 $ 304 The company provided BWS with an equity commitment in the amount of $2.0 billion to fund future growth, which BWS may draw on from time to time.
Related party transactions / BWS equity commitment · Dépôt 18/03/2026
As of December 31, 2025, there was no amount drawn under this equity commitment (2024 – $nil).
Related party transactions / undrawn BWS commitment · Dépôt 18/03/2026
Excluding the impact of realized disposition gains, operating FFO decreased by $366 million compared to the prior year as same-store growth from commercial execution and business optimization initiatives were more than offset by net disposition activity, performance fees incurred in the quarter, and our reduced direct ownership in BBU.
2025 Activity / private equity operating FFO decline and drivers · Dépôt 18/03/2026
The members of the audit committee are: Satish Rai, Janice Fukakusa and Rafael Miranda, each of whom is “independent” (as such term is defined in the rules of the NYSE).
Audit Committee / current member independence · Dépôt 18/03/2026
The TSX threshold for shareholder approval of private issuances of common shares is generally 25%, subject to additional shareholder approval requirements in the case of certain issuances to insiders, and accordingly, the registrant will be permitted to rely on shareholder approval rules that may be less favorable to shareholders than for U.S.
Corporate governance / private issuance shareholder approval threshold · Dépôt 18/03/2026
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Corporation’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 17, 2026, expressed an unqualified opinion on the Corporation’s internal control over financial reporting.
Independent auditor report / internal control opinion · Dépôt 18/03/2026
The fair value of each DSU is equal to the traded price of the company’s common shares.
Share-based compensation / DSU valuation · Dépôt 24/03/2025
During the year ended December 31, 2024, the RSU plan was terminated and all participants received cash or other financial instruments equivalent to the fair value at the date of settlement.
Share-based compensation / RSU plan termination and settlement · Dépôt 24/03/2025
We also raised approximately $68 billion of capital this year across more than a dozen credit strategies and under our mandate with Brookfield Wealth Solutions.
2025 Activity / credit strategies and wealth-solutions fundraising · Dépôt 18/03/2026
The Board has delegated responsibility for oversight of specific risks to the following board committees: •Risk Management Committee – oversees the management of Brookfield’s significant financial and non-financial risk exposures, including review of risk assessment and risk management practices, and confirms that the company has an appropriate risk-taking philosophy and suitable risk capacity •Audit Committee – oversees the management of risks related to Brookfield’s financial reporting systems and procedures, as well as for associated internal and external audit processes •Management Resources and Compensation Committee – oversees risks related to Brookfield’s management resource planning, including succession planning, executive compensation and senior executives’ performance •Governance and Nominating Committee – oversees risks related to Brookfield’s governance structure, including the effectiveness of board and committee activities, potential conflicts of interest, and governance of sustainability initiatives SHARED EXECUTION Given the diversified and decentralized nature of our operations, we seek to ensure that risk is managed as close to its source as possible and by management teams that have the most knowledge and expertise in the specific business or risk area.
MD&A, board committee risk oversight · Dépôt 18/03/2026
Furthermore, an Independent Director for the purposes of the Management Resources and Compensation Committee, specifically may not: (x) have a relationship with senior management that would impair the director’s ability to make independent judgments about the Corporation’s executive compensation.
Committee charter definitions, compensation committee independence · Dépôt 18/03/2026
securities regulators. Our Board of Directors believes that communication with shareholders is a critical element of good governance and the Board encourages all shareholders to express their views, including by way of an advisory shareholder resolution on executive compensation which is voted on annually by holders of Class A Shares.
Corporate governance, annual advisory executive compensation vote · Dépôt 18/03/2026
securities regulators. Our Board of Directors believes that communication with shareholders is a critical element of good governance and the Board encourages all shareholders to express their views, including by way of an advisory shareholder resolution on executive compensation which is voted on annually by holders of Class A Shares.
2025 Annual Information Form, Corporate Governance Practices · Dépôt 18/03/2026
Furthermore, an Independent Director for the purposes of the Management Resources and Compensation Committee, specifically may not: (x) have a relationship with senior management that would impair the director’s ability to make independent judgments about the Corporation’s executive compensation.
2025 Annual Information Form, director independence requirements for the Management Resources and Compensation Committee · Dépôt 18/03/2026
The company previously established an Escrowed Stock Plan (“ESP”) whereby a private company is capitalized with preferred shares issued to Brookfield for cash proceeds and common shares (the “escrowed shares”) that are granted to executives.
Share-Based Compensation — Escrowed Stock Plan · Dépôt 17/08/2026
Under the fair value method, compensation expense for stock options that are direct awards of stock is measured at fair value at the grant date using an option pricing model and recognized over the vesting period.
Share-Based Compensation — stock-option accounting and vesting · Dépôt 17/08/2026
· Pay mix heavily weighted to long-term incentives
2026 Management Information Circular, compensation highlights: pay mix · Dépôt 05/06/2026
· Five-year vesting period for all long-term incentive awards and mandatory hold period upon vest for executive officers
2026 Management Information Circular, compensation highlights: vesting and mandatory holding period · Dépôt 05/06/2026
· Minimum share ownership requirements for executive officers
2026 Management Information Circular, executive share ownership requirements · Dépôt 05/06/2026
Management, executive officers and directors of BN and its affiliates hold direct, indirect and economic interests representing approximately 460 million Class A Shares and share equivalents of BN.
2026 Management Information Circular, aggregate management, executive and director economic interests · Dépôt 05/06/2026
· Executives’ incentive awards/equity compensation subject to clawback
2026 Management Information Circular, executive incentive and equity compensation clawback · Dépôt 05/06/2026
