Brookfield Asset Management Q2 2025 Earnings Report

Brookfield Asset Management EPS Results

• Actual EPS: $0.38
• Consensus EPS: $0.39
• Beat/Miss: Missed by -$0.01
• One Year Ago EPS: N/A

Brookfield Asset Management Revenue Results

• Actual Revenue: $1,107,960.00 billion
• Expected Revenue: $1.29 billion
• Beat/Miss: Beat by +$1,107,958.71 billion
• YoY Revenue Growth: N/A

Brookfield Asset Management Announcement Details

• Quarter: Q2 2025
• Date: 8/6/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 6, 2025
• Conference Call Time: 10:00AM ET

Brookfield Asset Management (NYSE:BAM) is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors. In addition, its private equity business offers industrial, infrastructure, and business services sectors; and real estate business, which includes housing, logistics, hospitality, science and innovation, office, and retail sectors. Further, it provides credit business; and insurance solution in the reinsurance, annuities, operating platform, and investment solutions sectors. Brookfield Asset Management Ltd. was incorporated in 2022 and is headquartered in Toronto, Canada.

Brookfield Asset Management Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Brookfield reported fee related earnings up 16% to $676 million and distributable earnings up 12% to $613 million, while raising $22 billion in the quarter (and $97 billion over the past 12 months).
• Positive Sentiment: The firm is doubling down on the three Ds—Digitalization (AI/data centers), Decarbonization (renewables and grid stability) and Deglobalization (reshoring logistics)—to capture large-scale investment opportunities.
• Positive Sentiment: Year to date, Brookfield deployed $85 billion into new investments and monetized over $55 billion of assets, marking multi-year highs and demonstrating strong demand for its high-quality portfolio.
• Positive Sentiment: Brookfield Wealth has raised over $30 billion this year to open retail retirement and private wealth channels, and its agreement to manage up to $36 billion of Just Group’s UK retirement assets boosts fee-bearing capital.
• Negative Sentiment: Interest expense rose following a $750 million bond issue, and interest income fell as cash was deployed into partner managers, partially offsetting the quarter’s strong earnings growth.

Presentation

[Operator]

Good day, and thank you for standing by. Welcome to the Brookfield Asset Management Second Quarter twenty twenty five Conference Call and Webcast. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone.

[Operator]

You will then hear an automated message advising your hand is raised. To withdraw your question, please press 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jason Fu, Managing Director of Investor Relations. Please go ahead.

[Jason Fooks, MD - IR at Brookfield Asset Management]

Thank you for joining us today for Brookfield Asset Management's earnings call for the 2025. On the call today, we have Bruce Lat, our Chief Executive Officer Connor Teske, our President and Hadley Peer Marshall, our Chief Financial Officer. Before we begin, I'd like to remind you that in today's comments, including responding to questions and in discussing new initiatives and our financial and operating performance, we make forward looking statements, including forward looking statements within the meaning of applicable Canadian and U. S. Securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks and future events and results may differ materially from such statements.

[Jason Fooks, MD - IR at Brookfield Asset Management]

For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and The US and the information available on our website. Let me quickly run through the agenda for today's call. Bruce will begin with an overview of the quarter, highlighting the strength of our platform and discuss how we're positioned for long term growth, particularly around our thematic investment strategies. Connor will discuss our accelerating pace of investment activity monetizations, both at multi year highs and the growing opportunity to reach individual investors through retirement and wealth channels. Finally, Hadley will walk through our financial results, balance sheet and some of our recent strategic initiatives.

[Jason Fooks, MD - IR at Brookfield Asset Management]

After our formal remarks, we'll open the line for questions. Before I hand things over, I'd like to take a moment to welcome the new analysts who have initiated coverage on Brookfield over the past few months. We're glad to have you with us. To ensure we can hear from as many participants as possible, we're asking everyone to please limit themselves to one question. If you have additional questions, please rejoin the queue and we'll be happy to take more questions if time permits. With that, I'll turn the call over to Bruce.

[Bruce Flatt, Chairman & CEO at Brookfield]

Thank you, Jason, and everyone joining us on this call. We delivered strong results this quarter with fee related earnings up 16% to $676,000,000 Distributable earnings were up 12% to $613,000,000 We raised $22,000,000,000 of capital in the quarter and over the past twelve months $97,000,000,000 helping drive fee bearing capital to $563,000,000,000 which was 10% up year over year. The broader market environment is very constructive. M and A is gaining traction and there's significant liquidity with well functioning capital markets. A much different environment than we saw even a few months ago when investors were waiting for signs of stability.

[Bruce Flatt, Chairman & CEO at Brookfield]

This shift plays directly to our strengths. We have always focused on long term mission critical investments related to the backbone of global economy and that continues to be our strategy. The businesses we own, critical infrastructure, renewable power, industrial and logistics assets, high quality real estate and essential service businesses provide stable inflation linked cash flows, which are sought after in a market where resiliency is valued. This opportunity set is large and compelling and is driven by three powerful themes, which we have discussed for years with you: digitalization, decarbonization, and deglobalization. These three Ds are more relevant today than ever before.

[Bruce Flatt, Chairman & CEO at Brookfield]

They have expanded and are converging in ways that are accelerating demand for capital at a global scale. First, deglobalization has evolved from a discussion around supply chain resiliency into a broader reordering of global trade. We are seeing increased reshoring and near shoring across manufacturing and significant investment in alternative and duplicate supply chains. That is driving a surge in demand for logistics hubs, advanced manufacturing facilities and modern industrial infrastructure. Decarbonization originally centered on net zero commitments now also reflects growing concern around energy security and more and increasingly grid stability.

[Bruce Flatt, Chairman & CEO at Brookfield]

The focus on new energy sources is no longer a long term policy goal, it is a near term economic imperative. The lowest cost, fastest to market scalable solution remains renewable power. Most importantly, increased solar penetration is driving soaring demand for the grid stabilizing benefits of hydro, nuclear and storage. Lastly, digitalization, which initially focused on cloud infrastructure, telecom towers and fiber has entered a new phase. Artificial intelligence is transforming how data is created, processed and consumed.

[Bruce Flatt, Chairman & CEO at Brookfield]

That transformation is driving exponential demand for computing power, data center capacity, and sovereign scale AI campuses. In fact, we believe the infrastructure build outs for AI will be one of the largest capital formation cycles of this generation. Conor will speak more about our positioning in AI, but the bottom line is this. We have scale, experience and integrated approach that few can match, and we are viewed as a partner of choice. We are developing next generation AI infrastructure around the world.

[Bruce Flatt, Chairman & CEO at Brookfield]

With having already built 2,000 megawatts of data center capacity and being one of the largest renewable providers in the world, we can deliver on large complex transactions integrated with energy, land entitlement and development under one roof. And that is exactly what the largest hyperscalers and governments are looking for in a partner. The convergence of these megatrends has created a powerful investment landscape. We are uniquely positioned to lead. We are investing at scale in these high growth sectors supported by multi decade structural tailwinds.

[Bruce Flatt, Chairman & CEO at Brookfield]

This year to date, we invested $85,000,000,000 We also harvested investments that have benefited from our operating value approach and sold over 55,000,000,000 of assets at very good returns. This represents our highest level of activity in years. Conor will discuss monetization more broadly in a little more depth, but these realizations demonstrate the quality of our portfolio and the value creation delivered by our operating teams. Current environment marked by secular tailwinds, improving sentiment and a premium uncertainty is suited to our strategy. Our focus remains the same.

[Bruce Flatt, Chairman & CEO at Brookfield]

Invest with discipline for value, protect downside, return client capital to clients at excellent returns. By doing so, we will continue to be rewarded with growing fee bearing capital and the ability to deliver on long term value to our shareholders. I'll now turn the call over to Conor to walk through how we are deploying capital, building strategic partnerships and monetizing assets across our global platform.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Thank you, Bruce, and good morning, everyone. As Bruce highlighted, the market environment is more constructive today and the structural drivers behind our business have been accelerating. With these themes converging to create an unprecedented demand for assets that make up the backbone of the global economy, Brookfield is uniquely positioned to meet that need. This is evident across our platform, where we are deploying capital into long term trends at greater rates and forming strategic partnerships that reinforce our leadership position. Let's start with partnerships.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

We recently entered into several large scale agreements that reflect the depth of our platform and the confidence that the world's largest governments, corporates and institutions place in Brookfield. The first is a $10,000,000,000 public private investment program to support the Swedish government in building out of next generation digital infrastructure to power the growth of AI and cloud computing within the country. This framework allows us to integrate our renewable, infrastructure and real estate capabilities to deliver a full suite solution at scale. The second is a renewable energy framework agreement with Google. Under this agreement, we will deliver up to 3,000 megawatts of hydroelectric capacity across The United States, starting with initial contracts valued at more than $3,000,000,000 These facilities provide stable, clean, baseload power, a critical input for AI and data operations.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

These transactions build on other strategic partnerships we've already formed with Microsoft, Barclays and the French government to deliver high value infrastructure. This is part of a broader shift. Sophisticated counterparties are increasingly turning to us for our ability to not only bring capital at scale, but to bring integrated solutions and most importantly, the experience and capabilities to execute with certainty. Turning now to investment activity. We are seeing transaction volumes increase, particularly around the same secular themes.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Nowhere is the impact of the three Ds more visible than in our infrastructure business. This year, we have committed to a number of major infrastructure transactions totaling over $30,000,000,000 in enterprise value. These include Colonial Pipeline, the largest refined products pipeline in The United States Wells Fargo Rail, the second largest railcar leasing platform in North America Hotwire Communications, a leading U. S. Fiber to the home provider and even yesterday, Duke Energy Florida, a vertically integrated electric utility serving 2,000,000 customers with 53,000 miles of transmission and distribution lines and over 13 gigawatts of installed generation capacity.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Each of these assets is mission critical, defensively positioned and underpinned by long duration cash flows. This pace of activity is only possible because of our global footprint and readiness to deploy at scale. We can move decisively, underwrite large and complex assets given our experience, and we will use our operating capabilities to drive value in these businesses under our ownership. Based on our advanced pipeline, this recent pace of activity is not expected to slow down. At the same time, we are seeing robust demand for high quality assets and businesses we invest in, as evidenced by a significant increase in monetization activity so far this year.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Year to date, we've announced asset sales valued at over $55,000,000,000 generating $33,000,000,000 of equity proceeds. These exits have achieved strong returns and reflect the operating value we've created over time. And we are seeing this across our franchise. In real estate, we've announced $15,000,000,000 of sales across senior housing, net lease, student housing and hospitality. We also completed the IPO of Leela Palaces in India at a record value for the sector.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

In infrastructure, we've announced the sale of nearly $13,000,000,000 of assets, including partial interest in Patrick terminals, our final stake in NGPL and stabilized data centers developed through our Data4 platform. We've also been active in renewable power, exiting wind and hydro assets and in private equity, where we've returned more than $10,000,000,000 to clients over the past two years. And while we're harvesting value today, we're equally focused on tomorrow's opportunities, none more important than AI infrastructure. Artificial intelligence is driving exponential demand for compute and requires an unprecedented build out in infrastructure. Data centers, power, fiber, liquid cooling, and semiconductor capacity are all essential and require trillions in capital investment.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

This is the next frontier for infrastructure investing and Brookfield is well positioned to lead. We already have strong capabilities in power and data center development globally, and we are scaling these platforms aggressively. But the infrastructure outside the box land, power, and buildings, essentially the racks and shelves is only part of the story. The infrastructure in the box the compute, chips and cooling systems have largely been funded by corporate balance sheets. We believe that will change.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

We see an emerging opportunity for long term private capital to help fund this next wave of AI build out. We're already seeing demand for GPU infrastructure as a service, long term compute capacity delivered off balance sheet and funded by third party private capital. We also see opportunities across the broader AI supply chain from liquid cooling and power distribution to fiber networks and chip fabrication capacity. Combined with the need for developers that can deliver turnkey AI campuses, as we are doing in Sweden and France, we believe this may ultimately support a dedicated strategy of its own. Our integrated platform spanning equity and credit allows us to deliver these solutions with speed, structure and scale.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

And our relationships with governments, hyperscalers and industrial leaders are generating proprietary deal flow across the new AI ecosystem. Alongside this transformation in infrastructure, we're also seeing a transformation in our client base. For decades, alternatives have been driven by institutional capital, particularly defined benefit pensions and sovereign wealth funds. That remains our core base and it continues to grow rapidly. But a new major growth engine is now emerging, the rise of individual access to alternative investments.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Defined contribution plans, insurance based savings and private wealth are quickly becoming the next frontier. In The U. S. Alone, four zero one plans and retail annuities now represent over $10,000,000,000,000 in assets, on par with institutional pools. And private wealth clients represent another $10,000,000,000,000 opportunity.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

A recent executive order from the U. S. Administration could accelerate this shift by laying the groundwork for greater access to private strategies through workplace retirement plans. Even a modest reallocation could result in hundreds of billions to trillions of net new flows into alternatives over time. We are well prepared for this evolution.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

In this evolving landscape, distribution will matter, but it is the quality and durability of the products that will ultimately determine success. Our business is centered around real assets and essential business services that offer income, capital stability and inflation protection that long term retirement and wealth portfolios require. We've made significant investments across our platform to meet the needs of retail investors through the build out of our private wealth and retirement platform, Brookfield Wealth, which is on track to raise over $30,000,000,000 of capital this year from private wealth and insurance annuity channels. This year, we're launching two new offerings focused on private equity and asset based finance. And at the same time, we are expanding our dedicated teams for both private wealth and defined contribution channels.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

At the same time, we manage approximately $100,000,000,000 and growing portfolio of annuities on behalf of Brookfield Wealth Solutions, which is designed to generate stable, attractive returns for retirement accounts. And that platform continues to expand globally. Last week, Brookfield entered into an agreement to acquire Just Group, a leading provider of retirement services in The UK individual retirement market. While Brookfield Asset Management is not contributing capital to the transaction or taking on insurance liabilities, Upon closing, we could become the investment manager for a significant portion of JustGroup's $36,000,000,000 portfolio on terms consistent with our existing arrangement with Brookfield's Insurance Group, Brookfield Wealth Solutions. This will immediately add stable incremental fee related revenue for our business with significant upside as JustGroup's origination capabilities support further growth in retirement savings.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

This transaction demonstrates the significant opportunity for us to service BWS' growing global platform, a feature that remains underappreciated upside for our business. While such transactions are discrete in nature, they continue to be a meaningful and highly accretive source of growth for us as part of Brookfield's ecosystem. In summary, our global scale, real asset focus and track record of delivering income, stability and downside protection make us well suited to serve this new cohort of investors. And as capital flows expand from institutions to individuals, we are well positioned to lead. To close, across our business, we are seeing an acceleration of the most important drivers of our growth.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Capital markets are robust, partnerships are expanding and the pipeline of opportunities continues to grow. We are investing behind long term themes, monetizing into strong demand and leaning into sectors where we have a competitive edge. With a strong balance sheet, global platform and long term orientation, we are well positioned in today's market and excited about what lies ahead. With that, we'll turn the call over to Hadley.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

Thank you, Connor. Today, I'll provide an overview of our second quarter financial results, which demonstrated the advantage of our stable and predictable business model. I'll also discuss our strong fundraising performance and our balance sheet positioning. We delivered strong financial performance in the second quarter. Fee bearing capital increased to $563,000,000,000 up 10% year over year.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

Over the last twelve months, fee bearing capital inflows totaled 85,000,000,000 of which $60,000,000,000 came from fundraising and $25,000,000,000 came from deployment of uncalled commitments. We saw contributions from scaling our partner manager platforms and growth of our listed affiliates market caps. The strong growth in our capital base continues to drive the strong growth in our earnings. One of the most unique features of our model is that fee related earnings comprise nearly all of our distributable earnings, making our earnings highly stable and predictable, which is particularly valuable in today's environment. Fee related earnings were $676,000,000 or $0.42 per share, and DE was $613,000,000 or $0.38 per share.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

That translates into 1612% growth from the same period last year, respectively, with earnings partially offset by higher interest expense paid on our $750,000,000 bond deal issued in the quarter and lower interest income as we've deployed our cash to acquire partner managers, which will pay off over the long term. Overall, growth has grown by strong fundraising $97,000,000,000 over the last twelve months and robust deployments. Notably, year to date, we've deployed over $85,000,000,000 of capital into investments, including over $50,000,000,000 of equity value. This has been a huge catalyst for our business and we will continue to be active on the deployment front given our robust pipeline. The simplicity and consistency of our earnings angered almost entirely in reoccurring fees gives us a strong foundation to continue to build from, especially as we grow further our capital base and launch new strategies.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

Lastly, on financials, our margin expanded 56%, up 1% from the prior year quarter. Let me spend a minute discussing some of our quarterly fundraising highlights. In total, we raised $22,000,000,000 of capital, bringing the twelve month fundraising total to $97,000,000,000 Notably, almost three quarters of our fundraising for the quarter came from complementary strategies, demonstrating the growing diversity and strength of our product suite, which now provide consistent and increasing fundraising regardless of whether our flagships are in the market. Within renewable power and transition, we raised $1,500,000,000 including over $800,000,000 for the second vintage of our global transition flagship, bringing total capital raised to over $15,000,000,000 This is already the world's largest energy transition strategy, and we will raise a significantly more capital before our final close later this quarter. Infrastructure fundraising totaled $1,700,000,000 including over $1,000,000,000 raised for our Super Core infrastructure strategy, the fund's largest quarter in over three years, and over $800,000,000 raised for our private wealth infrastructure vehicle, which is the strongest quarter ever.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

In addition, we raised $1,300,000,000 across private equity strategies and $1,800,000,000 across real estate strategies, including $500,000,000 for the fifth vintage of our flagship real estate strategy. The scale and diversity of our fundraising, especially across our complementary funds, continues to show its strength. And we will have strong fundraising tailwinds in the coming months, with two of our flagships currently in the market expecting final closes shortly. Turning now to private credit, where our platform continues to grow in both scale and capability. During the quarter, we raised $16,000,000,000 across our credit strategies.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

Our partner managers brought in over $10,000,000,000 and we raised more than $4,000,000,000 from insurance accounts. We also raised over $800,000,000 for the fourth vintage of our infrastructure mezzanine debt strategy, which will hold its first close shortly, bringing total capital raised to $4,000,000,000 With more than $250,000,000,000 of fee bearing credit capital, we manage one of the largest private credit franchises globally. Importantly, we have meaningful origination capabilities having deployed and committed over $10,000,000,000 during the quarter and over $30,000,000,000 over the past year. Our platform is highly diversified across credit strategies, including asset backed finance, opportunistic credit, and real asset lending. This diversity is key as it gives us the ability to remain disciplined when certain markets become commoditized or when risk adjusted returns are less compelling, and to focus instead on areas where we see more attractive opportunities.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

Today we continue to see strong demand in asset backed finance and real assets, two areas that align closely with our strength: deploying large scale capital with specialized underwriting capabilities or in sectors where we have deep domain expertise like infrastructure, power, and real estate. These capabilities have also guided our partnership with managers who share our focus and can help expand our platform. In the quarter, we invested approximately $350,000,000 towards buying and growing our partner managers, including an additional 9% stake in Primary Waste, our leading platform for music royalties, participating in the Castlelake led acquisition of Concur, a specialty consumer credit manager and origination platform, and increasing our ownership in Oaktree. Additionally, we expect to finalize our acquisition of a 50% stake in Angel Oak, a leader in non qualified mortgage origination, later this quarter. These are high quality, scalable platforms that enhance our credit capabilities and position us to continue delivering strong risk adjusted returns.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

As for our balance sheet, at quarter end we had $1,500,000,000 in liquidity. We continue to use our asset light balance sheet to seed new products and support strategic partnerships, including the up and coming Angelo closing, with the goal of generating long term high quality revenue streams. We were also pleased to be added to the Russell one thousand Index in June, a first step in our broader goal of achieving broader inclusion in The U. S. Equity indices.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

We are prioritizing this initiative and we believe we are well positioned to continue making progress. And lastly, we declared a quarterly dividend of 43.75¢ per share payable to shareholders of record as of August 29. To close, we remain firmly on track with our long term growth objectives. Our diversified platform, operational depth, and global reach continue to give us a competitive edge in today's environment. Our strategy is anchored in the megatrends of digitalization, decarbonization, and deglobalization, and we're scaling into the areas where these trends intersect, particularly AI infrastructure, energy transition, and critical real assets and essential businesses.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

We look forward to sharing more of these themes at our Investor Day on September 10 here in New York. Thank you for your continued support. Operator, we can open up to questions now.

[Operator]

Thank you. And our first question will come from Michael Cyprys from Morgan Stanley. Your line is open.

[Barron Thomas, Equity Research Associate at Morgan Stanley]

Hi, good morning. Thanks for taking the question. This is Baron Thomas on for Mike. Wanted to ask about the fundraising backdrop, how you see that progressing into the second half of this year and into 2026? And what you see as some of the key contributors there?

[Barron Thomas, Equity Research Associate at Morgan Stanley]

Also more broadly, how's the overall environment for raising capital evolving given industry challenges around DPI? Thanks.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Good morning. Thank you for the question. We would characterize the fundraising environment as incredibly robust. To put it simply, we're raising more money in more places across more products than at any point in our history and that's both by geography and by asset class and product. As an example, year to date, we've raised twice as much capital in Europe as we did versus last year, but perhaps even more important and really characterized by this quarter is just the growth in terms of our complementary strategies.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

This quarter approximately three quarters of our fundraising came from complementary strategies showing the increasing diversity of our business and how these products are becoming a very critical and meaningful growth driver for our business. Flagships are going continue to drive step changes in our growth and our profitability, but the growing number and growing size of our complementary products are providing greater stability and ongoing growth to our business. So where we sit today, we very much expect fundraising this year to be bigger than last year.

[Barron Thomas, Equity Research Associate at Morgan Stanley]

Thank you.

[Operator]

Thank you. And our next question will come from Cherilyn Radbourne from TD Cowen. Your line is open.

[Cherilyn Radbourne, MD - Equity Research at TD Securities]

Thanks very much and good morning. Connor, I wanted to pick up on the prospect for alternatives to gain access to the broader retirement market.

[Cherilyn Radbourne, MD - Equity Research at TD Securities]

I think there's been a lot of emphasis placed on distribution and shelf space thus far. But in the letter, you comment that ultimately you think the product offering will be the key determinant of success. Can you elaborate on that a bit more and comment on timing as well?

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Perfect, thank you for the question. You are absolutely correct. This is a major and significant growth opportunity for our business. We feel it will grow incrementally over the next several years and decades, but you're right, there's two things of note. One, success in this space is going to be driven by those with the brand, the scale and the track record and in this regard, we feel we're second to none.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

And then secondly, we feel the winners are going to be determined by who has the right products to meet the needs of these investors and these new pools of capital. And here, our leadership in the right asset classes, notably real assets across infrastructure, power, real estate, in asset classes that have long duration inflation protected cash flows, which within the alternative space absolutely make the most sense for retirement products. So at this point, our focus is utilizing our leadership in these key sectors to provide the right products across the right asset classes as this opportunity evolves and we have every intention to be a leader in the space as the opportunity grows.

[Operator]

Thank you. And our next question will come from Alex Blostein from Goldman Sachs. Your line is open.

[Alexander Blostein, Managing Director at Goldman Sachs]

Hey, guys. Hi, good morning. I was hoping we can spend a couple of minutes on insurance, obviously an important growth area for the firm. Two part question there. Guess number one, we've seen generally increased competition and tighter credit spreads in The U.

[Alexander Blostein, Managing Director at Goldman Sachs]

S. Retail channel. How are you guys thinking about both growth in The U. S. Retail with respect to kind of that $20 ish billion target you've talked about in the past and the ability to ultimately pivot and rotate more assets into Brookfield strategies.

[Alexander Blostein, Managing Director at Goldman Sachs]

And then secondly, I was hoping you could also hit on the Just acquisition and just kind of thinking what kind of footprint and the ambitions you might have in The UK market on the back of that deal.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Thanks, Alex. Maybe taking that all together, in terms of the Just Group transaction, for everyone's benefit, Brookfield Wealth Solutions last week announced an agreement to acquire Just Group, a leader in provider of UK retirement products. If this transaction is successful in closing, we could expect to manage a significant portion of just $35,000,000,000 plus portfolio under our existing IMA with BWS and this would add immediate high quality stable fee bearing capital under our platform. Perhaps most important is we feel this transaction again highlights an underappreciated benefit of and an underappreciated upside for Brookfield Asset Management, which is as BWS continues to scale, we get to partner with them on that growth and scale our asset management activities to support their business and we get to do so without the need to invest capital or take on insurance liabilities and while these transactions are somewhat discreet, that is absolutely a growth platform. It grew first in The US, now it's growing in The UK and there's the potential that it will grow in other markets around the world and we certainly will look to benefit and prosper and grow alongside that business.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

In terms of what we're seeing in The United States and the ability for that business to grow, we very much feel it's consistent with what we've said in the past. Yes, there are other market participants in the space, but the underlying fundamentals are incredibly robust. There is more demand for these types of products today than ever before. There will be more demand next year than there is this year and by having leading platforms, we are well positioned to capture our portion or more of that long term growth trend.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

And maybe I'll just add to Conor's remarks and talk a little bit about what we're seeing in credit specifically and deploying that capital because obviously credit is a big area for us. We manage over 300,000,000,000 a major player, and we see significant growth, especially around our core competencies. That's around asset backed finance, real assets and opportunistic credit. And these are areas where we've had a long history of investing, competitive advantages around the origination side and of course the deep expertise that we bring plus the ability to structure complex investment opportunities with appropriate downside protection. We maintain a disciplined approach and these areas are less commoditized and less exposed to spread compression.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

When you look at, as an example, the ABS market, which about 10% is made up of private credit, and that's a growing area, infrastructure is really feeling the deployment on the credit side related to the three Ds as well, the megatrends that we've been seeing. Real estate and opportunistic are also finding opportunities with bad capital structures and a growing need for tailored financing, which is a big driver. So overall, we feel very good about deploying these opportunities with very strong discipline and attractive risk adjusted returns where we're not getting caught up in spread compression, which is valuable for all types of our investors, including the institutional and retail market.

[Alexander Blostein, Managing Director at Goldman Sachs]

Very helpful. Thank you.

[Operator]

Thank you. And our next question will come from Bart Dzarski from RBC Capital Markets. Your line is open.

[Bart Dziarski, Diversified Financials Analyst at RBC Capital Markets]

Hi, good morning. Thanks for taking the question. Wanted to follow-up on the fundraising commentary, just specifically diving into the evergreen private equity strategy. So given your position within retail channel and the strength you called out there, how are you thinking about if we see success on the PE Evergreen Fundraise, what that could mean for BBU in terms of maybe going into an Evergreen structure? Thanks.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

There is no doubt that we view the semi liquid private evergreen PE strategy as complementary and additive to our product suite within private equity. We were able to leverage our existing positions in order to see that strategy. We think that will put it in a position to launch with success and grow faster but the reality is having more products that can meet more different investment types and investor needs will allow us to do more transactions in the space. The other point that we would highlight is our approach to private equity, which is very much focused on high quality industrial and services business, strong cash generation, less focused on growth or significantly leveraged private equity strategies, we feel is incredibly well suited to the current point in the market and also incredibly well suited for the growing number of investors that are looking to get access to private equity exposure, whether that be retail investors or potentially in the future things like four zero one ks accounts.

[Bart Dziarski, Diversified Financials Analyst at RBC Capital Markets]

Thank you.

[Operator]

Thank you. Our next question will come from Kenneth Worthington from JPMorgan. Your line is open.

[Ken Worthington, Financial Analyst at JP Morgan]

Hi, good morning. I wanted to follow-up on Cherilyn's retirement question. You highlighted the four zero one opportunity specifically in your shareholder letter and the prepared remarks as part of that retirement opportunity. Is the four zero one channel something specifically that Brookfield wants to pursue? And if so, what is your approach to pursuing this?

[Ken Worthington, Financial Analyst at JP Morgan]

There seems to be a lot of different angles that one could take, whether it's target date funds, advisor managed accounts, record keepers. So how are you thinking about it if in fact you are going to go after that channel? And if so, is partnership something that you feel is important to success here?

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

We'll be clear, we absolutely expect to go after this opportunity and at this point we would look to do so across all channels. Piggybacking on the previous question and our comments in the script and on the letter, we believe the most important thing for success here is having the right products and that is where we are focused and right now the environment and the objectives of what people are trying to meet continues to remain fluid and our view is given our leadership and the right types of alternatives to put into these new accounts as well as the products that we can create given the breadth and depth of our platform, we should be extremely well positioned. There have been some partnerships announced in the space and that's great. It shows a very constructive direction of travel for more alternatives going into these pools of capital, but we feel that this is going to be an opportunity that is created over an extended period of time, several years and decades and none of those partnerships to the best of our knowledge are exclusive and we feel if we have the best products in the right leadership position, we'll be well positioned to capture this opportunity in the years to come.

[Ken Worthington, Financial Analyst at JP Morgan]

Okay, great. That makes sense. Thank you.

[Operator]

Thank you. Our next question will come from Crispin Love from Piper Sandler. Your line is open.

[Crispin Love, Director - Equity Research at Piper Sandler Companies]

Thank you. Good morning. Appreciate taking the questions. Can you share your latest thoughts in real estate? Been a tougher area for recent in recent years, but seems to be getting better.

[Crispin Love, Director - Equity Research at Piper Sandler Companies]

So curious what you're seeing with regards to investor appetite, deployment and then also realization opportunities and what areas you're most interested in today across real estate?

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Chris, welcome to the call. Thanks for joining. Maybe just to start with some stats around what we're seeing in our real estate platform and then when we talk about the strength we're seeing it's backed by a bit of data. Deployment in real estate year to date is up 2x versus last year. Monetization year to date are up 4x versus last year.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Across our office portfolio, in recent months, we've signed our highest leases ever, not this year, highest leases ever in both New York and London and I think that stat would probably pertain to almost every other major market around the world. And the last thing we would highlight is perhaps the most important that the capital markets that support real estate are now increasingly liquid and very robust. We're seeing some of the financings we've done in certain asset classes come in, the numbers are quite staggering anywhere between three hundred and four fifty basis points versus financings that we were doing as recently as eighteen to twenty four months ago. So in terms of the momentum of our real estate business, we are seeing an incredibly robust recovery. Maybe to put some context around that, when we talk about the monetization activity we're seeing in real estate, the way we would frame it is the ability to exit is expanding very rapidly but it's still a very discerning market.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Investors are willing to pay full value for high quality platforms that can drive growth in years to come as this market recovers. The read through to the broader industry is we are still in the early stages of a very robust recovery but we feel it's perfect for our business model. We can still find some very attractive opportunities to deploy capital. We feel the timing of our most recent flagship fundraise, which is just wrapping up now is perfect and we can use our capabilities to buy and step into the tail of opportunities that still exist while at the same time monetize more pristine cash flowing assets into an increasingly robust and high demand market. The recovery is absolutely underway and very robust but we think it's got a long way to run and we expect to continue to see strength out of our platform.

[Crispin Love, Director - Equity Research at Piper Sandler Companies]

Great. Thank you. I appreciate all that color.

[Operator]

Thank you. Our next question will come from Brian Bedell from Deutsche Bank. Your line is now open.

[Brian Bedell, Director at Deutsche Bank Securities]

Great. Thanks for taking my question. Maybe one for Hadley. Just switch gears a little bit to the expense outlook. Good to see the expense control and margin improving.

[Brian Bedell, Director at Deutsche Bank Securities]

If you can comment on whether you think this I think we're about up 10% year over year expense growth pace, if that's if you also see that continuing in the back half of the year. And then how you see the FRE margin expanding into next year, whether we can get to a 60% level at some point? I know that might be a little bit futuristic. And then also on the acquiring the additional stakes in the partnerships, I think that was about a $250,000,000 FRE upside potential that you outlined in the Investor Day last year. Where are we on that path?

[Brian Bedell, Director at Deutsche Bank Securities]

And I think Angel Oak is incremental to that $250,000,000 if you can confirm that.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

These are good questions. On the margin front and on our cost, that 10%, it does include a little bit of build. As you know, we've been in building mode around different areas, accessing the retail channel as an example on the fundraising front, our credit platform as we grow our renewable strategy, and so you're seeing that operating leverage that's built into the business pay off on the margin front. So we are up 1%, and so that does make a difference. The margins are also impacted by the mix of our businesses.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

So as an example, when we acquire more of our partner managers at very attractive levels, but when we do acquire them, they generally come at low margins. And we're also in a cycle where our opportunistic business is returning on a relative basis a significant amount of capital while they build into their deployment. So when getting to your question around the rest of the year and just kind of overall long term, we see expenses around that 10% level as we continue to do a little bit of the building, but a steady state as we move forward and meeting our long term goals from that perspective. That's critical for the business as we look out over the five years. On your second question related to the $250,000,000 attached to the FRE that we have options against with our partner managers, you're right, Angelo did not exist at that time, so that was not included in that, and we're just really in the early part of that because we bought a small portion of Oaktree 1.5%, we bought a little bit more primary wave that takes us to about 44%, so there's a lot more attached to that that can generate additional FRE growth, again at very attractive multiples.

[Brian Bedell, Director at Deutsche Bank Securities]

Great, thank you.

[Operator]

Thank you. Our next question will come from Dan Fannon from Jefferies. Your line is open.

[Ritwik Roy, Senior Equity Research Associate at Jefferies]

Good morning. This is Rick Roy on for Dan Fannon. If I could start with maybe a housekeeping item and fundraising first and then ask a follow-up for the wealth channel. So you noted that you expect to launch your flagship PE and infrastructure fundraisers shortly after the AI infrastructure rollout. And I believe last quarter you mentioned that the upcoming PE flagship was still on track for 2025.

[Ritwik Roy, Senior Equity Research Associate at Jefferies]

Given kind of the new developments and new strategies that have been announced, should we think about a slight push out of this BCP flagship into 2026 or are you still, I guess, accounting for a second half story there?

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

So, both of our next iterations of our flagship PE and infra. PE, we absolutely expect to launch this year. Infra, either late this year or early part of next year with large meaningful first closes in 2026.

[Ritwik Roy, Senior Equity Research Associate at Jefferies]

Understood. And then more on the wealth channel, the outlots have been talked about by my peers, but given the recent exceeding of the PE vehicle, are you able to size your expectations for demand for that and the asset backed finance product relative to the $30,000,000,000 range from BWS this year? And then maybe expanding upon the expense and margin discussion from earlier and your previous comments on investing in defined contribution. Where are you in your investment cycle for the wealth channel? And thinking about 2023 as an era of spend and depressed margins in that context, how should we think about where you are in that cycle and how that might impact margins a little bit more near term? Thank you.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

So I'll perhaps try and wrap all of that into three points. We have now launched our semi liquid PE strategy. It's now in the market, we expect to have our first closes in the latter part of this year.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

In terms of total capital raised, if we break the 30,000,000,000 out and we focus just on what we generate through retail or Brookfield Oaktree Wealth Solutions, we very much expect to hit our target of 10,000,000,000 for the year. We're seeing incredible strength in that channel and then the last point to tie it all together, when Hadley talks about expense and investing for the future, unequivocally the place where we are putting the most investment through expense is to target this retail and individual investor channel over the long term.

[Ritwik Roy, Senior Equity Research Associate at Jefferies]

Thank you.

[Operator]

You. Our next question will come from Mario Saric from Scotiabank. Your line is open.

[Mario Saric, Analyst at Scotiobank]

Hi. Good morning, and thank you for taking the question. I did want to come back to the individual allocation fee in the amortization of alternatives that you put it. How do you see the ramp up in that demand relative to the ramp up that you saw with respect to institutional allocations rising to alts over the past, you know, five, ten, fifteen years in terms of timing? And then the second part of the question would be how much of this opportunity would you say is already embedded in your five year Investor Day forecast as it pertains to the 16% to 17% fee bearing capital and fee related revenue CAGR that you laid out last time?

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Thanks Mario. The opportunity for increased allocation to alternatives from what we will call individual investors, Again, we will reiterate, we view it as incredibly significant, perhaps matching and exceeding in size over the long term what is available from institutional investors, but it will take time. This will grow incrementally over years decades to come. The actual process of including these still needs to, the regulation needs to be adjusted, the products need to be formed. It is a very large opportunity, but it is an incremental one in the early years that expands into a very significant one in later years.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

The other point in context of your question is, it's important to recognize that institutional allocations to alternatives are still going up and we do not see that slowing down anytime soon at any point in kind of our short or medium term plans. So in terms of comparing the individual to the institutional, it's tough to do those at this point, but only to say we see the retail growing incrementally at first and then scaling very rapidly in the future And then on the institutional side, we still see increasing demand there.

[Mario Saric, Analyst at Scotiobank]

Okay, thank you.

[Operator]

Thank you. Our next question will come from Jamie Goin from NBF. Your line is open.

[Jaeme Gloyn, Analyst - Equity Research & Diversified Financials at National Bank]

Yes, thanks. Good morning. Just wanted to get a sense with the Just acquisition and more broadly, what are the requirements and then timelines to be able to shift some of these lower fee rate assets that are managed currently in house by Just or others into the BAM private funds to enhance yields above the standard IMA fee rates?

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

Thanks, Jamie, and to you as well, welcome to the call. Whenever BWS does a transaction such as Just Group, obviously the transaction needs to be closed, it needs regulatory approval and then such shifts need to be agreed and approved by a regulator and that is no different in the situation of just as any of the other similar transactions we've done in the past. So we would expect that process to take place at some point in 2026. In terms of the opportunity to then increase allocation to private funds, If that is indeed approved by the regulator as we are seeing in our other insurance portfolios, at that point, it becomes an incremental process over time. We have a little bit of a denominator effect in trying to measure that because the base of assets keeps growing up.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

The amount that we've been transferring into our private funds continues to be at a low percentage, but we are seeing that increase and I would say anytime we acquire a new portfolio, it's generally a period of somewhere between two to five years to make that shift.

[Operator]

Thank you. And our next question will come from Dean Wilkinson from CIBC. Your line is now open.

[Dean Wilkinson, Equity Analyst at CIBC Capital Markets]

Thank you and good morning. Just a quick question around the base shelf that was filed last night. Given your current financial positioning and liquidity, could we perhaps read into that document that there are acquisition opportunities that may come to the forefront over the next twelve months or so that could be additive to your fee bearing capital that perhaps we haven't considered at this point?

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

I would say that our focus really is around making sure we can generate the liquidity in order to support the business. So we've got $1,500,000,000 as of the quarter end, and so we're in a very strong position, but we'll continue accessing the bond market in order to support the growth of our business because we still have a lot of opportunities on the partner managers, which we talked about, the $250,000,000 of FRE, and of course, seeding additional strategies. We've had such strong success with our complementary strategies and we see a lot more on the product launch side as well as just newer initiatives that we're looking at. From that standpoint, that is what you're really seeing in that shelf. In terms of acquisitions, but there's nothing that we need to do.

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

And so it really is just an opportunistic play from that perspective.

[Dean Wilkinson, Equity Analyst at CIBC Capital Markets]

Great. Thanks, Hadley.

[Operator]

Thank you. And our next question will come from Vikram Gandhi from HSBC. Your Your line is open.

[Vikram Gandhi, Equity Research Analyst at HSBC]

Hi. Good morning, everybody. Hope you can hear me all right. I've got a two part of it. Perhaps starting with the changes incorporated in the big beautiful bill.

[Vikram Gandhi, Equity Research Analyst at HSBC]

I wondered if you could share your thoughts on how these changes around tax breaks for renewable projects could possibly impact your deployment and exits in that area.

[Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners]

So in terms of our renewable business, there's three points that we would make. One, our renewable strategy, at this point, we are confident that we can safe harbor or secure the legacy tax credit treatment for the entirety of our advanced stage US renewables pipeline, that would be point one. Two, well, changes in the one big beautiful bill did lead to an accelerated retirement of those tax credits. It does leave a window for those products that are already either under construction or start construction in the next twelve months to receive the legacy tax treatment and we feel that opportunity lends itself best to the largest platforms that have access to capital and centralized procurement programs to get those advanced stage projects started and we're certainly the leader in the space. And then the third thing I would say beyond our renewables business, we do receive tax credits across a number of investments we have at Brookfield, but some of our advanced manufacturing, nuclear, hydro, all of that was well protected under the bill and therefore we are certainly one of the biggest beneficiaries.

[Vikram Gandhi, Equity Research Analyst at HSBC]

Okay. That's that's very helpful. The the the other one, if I may, was on a comment made, at the Financial Times Global Insurance Summit by the BWS CEO, suggesting the private credit trade was kind of overcrowded. Just curious if you could provide some context around that comment and where do BAM and BWS where are the two companies thinking about the asset allocation on incremental AUM, especially once the Just Group deal is concluded?

[Hadley Peer Marshall, CFO & Managing Partner of Infrastructure at Brookfield Asset Management]

So I'll add some clarification around that. When we think again about our core competencies in credit, it is around real asset backed finance and opportunistic. These are the markets that we play and we have a competitive advantage. Where we are less inclined to spend a lot of our time is around the sponsored direct lending, and so that's what that article is referring to because it's more commoditized, a lot of spread compression, and we're seeing better risk adjusted returns from the core competencies that I laid out. So we are very active in that space, we're growing, we're doing a lot of investments in those areas and we'll continue given the pipeline of opportunities that I mentioned earlier.

[Vikram Gandhi, Equity Research Analyst at HSBC]

That's great. Thank you very much.

[Operator]

Thank you. And I am showing no further questions from our phone lines. I'd now like to turn the conference back over to Jason Fuchs for any further closing remarks.

[Jason Fooks, MD - IR at Brookfield Asset Management]

Okay, great. Thanks for everyone's participation. If you should have any additional questions on today's release, please feel free to contact me directly. Thank you, everyone, and have a good day.

[Operator]

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.

Participants

Executives

• Jason Fooks, MD - IR
• Hadley Peer Marshall, CFO & Managing Partner of Infrastructure

Analysts

• Bruce Flatt, Chairman & CEO at Brookfield
• Connor Teskey, CEO of Renewable Power & Transition & President of Brookfield Asset Management at Brookfield Renewable Partners
• Barron Thomas, Equity Research Associate at Morgan Stanley
• Cherilyn Radbourne, MD - Equity Research at TD Securities
• Alexander Blostein, Managing Director at Goldman Sachs
• Bart Dziarski, Diversified Financials Analyst at RBC Capital Markets
• Ken Worthington, Financial Analyst at JP Morgan
• Crispin Love, Director - Equity Research at Piper Sandler Companies
• Brian Bedell, Director at Deutsche Bank Securities
• Ritwik Roy, Senior Equity Research Associate at Jefferies
• Mario Saric, Analyst at Scotiobank
• Jaeme Gloyn, Analyst - Equity Research & Diversified Financials at National Bank
• Dean Wilkinson, Equity Analyst at CIBC Capital Markets
• Vikram Gandhi, Equity Research Analyst at HSBC