
AS AT JUN. 30, 2025 (MILLIONS)	Private Equity		Renewable Power and Transition		Infrastructure		Real Estate and other		Total
Cash and cash equivalents	$	74	$	84	$	91	$	3	$	252
Accounts receivable and other	244		647		57		1		949
Other financial assets	—		112		34		2		148

Inventory	213		—		5		—		218
Equity accounted investments	—		929		—		—		929

Property, plant and equipment	209		502		124		118		953
Intangible assets	1,637		—		1,381		—		3,018
Goodwill	1,097		73		146		—		1,316
Deferred income tax assets	3		—		—		—		3
Total assets	3,477		2,347		1,838		124		7,786
Less:
Accounts payable and other	(244)		(277)		(235)		(3)		(759)

Non-recourse borrowings	—		(652)		(638)		—		(1,290)
Deferred income tax liabilities	(119)		—		(213)		—		(332)
Non-controlling interests1	—		—		(33)		(3)		(36)

	(363)		(929)		(1,119)		(6)		(2,417)
Net assets acquired1	$	3,114	$	1,418	$	719	$	118	$	5,369

1.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors.

During the six months ended June 30, 2025, the Corporation acquired $7.8 billion of total assets and assumed $2.4 billion of total liabilities through business combinations. Total consideration transferred for the business combinations was $5.4 billion. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. The Corporation is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions.

On January 30, 2025, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 100% economic interest in Chemelex, a manufacturer of electric heat tracing systems in the U.S. The Corporation has control of Chemelex through voting rights and, as such, has presented the business on a consolidated basis. Total consideration paid for the business was $1.7 billion. Goodwill of $654 million was recognized and represents the embedded value expected to be realized from the integration of the operations. The goodwill recognized is not deductible for income tax purposes.

Total revenues of $302 million and net loss of $51 million would have been recorded if the transaction had occurred at the beginning of the year for the six months ended June 30, 2025.

On May 27, 2025, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 26% economic interest in Antylia Scientific (“Antylia”), a leading specialty consumables and equipment manufacturer. The Corporation has control of Antylia through voting rights and, as such, has presented the business on a consolidated basis. Total consideration paid for the business was $1.3 billion. Goodwill of $395 million was recognized and represents the embedded value expected to be realized from the integration of the operations. The goodwill recognized is not deductible for income tax purposes.

Total revenues of $197 million and net loss of $94 million would have been recorded if the transaction had occurred at the beginning of the year for the six months ended June 30, 2025.

On May 29, 2025, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 100% economic interest in a fully integrated developer and operator of renewable power assets in the United States. Total consideration paid for the business was $1.4 billion. Goodwill of $73 million was recognized and represents the embedded value expected to be realized from the integration of the operations. The goodwill recognized is not deductible for income tax purposes.

Total revenues of $10 million and net loss of $24 million would have been recorded if the transaction had occurred at the beginning of the year for the six months ended June 30, 2025.

In December 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 53% economic interest in Neoen S.A. (“Neoen”), a leading global renewables developer in France. In the first quarter of 2025, the subsidiary, alongside institutional partners, closed a mandatory cash tender offer to acquire additional interests in Neoen for total consideration of $3.3 billion, and held an approximate 100% effective interest as at June 30, 2025. The acquisition of additional interests have been reflected within investing activities in the consolidated statements of cash flows.

For additional details on the December 2024 acquisition of an interest in Neoen, refer to the discussion of business combinations that occurred in the year ended December 31, 2024 on the following page.

On April 2025, a subsidiary of the company, alongside institutional partners, exercised its option to acquire the remaining interest in Mantiqueira Transmissora de Energia S.A. (“Mantiqueira”), a Brazilian electricity transmission operation. Following the transaction, the Corporation holds a 100% effective interest in Mantiqueira. The Corporation has control of Mantiqueira through voting rights and, as such, has presented the business on a consolidated basis. Total consideration paid for the business was $584 million. Goodwill of $54 million was recognized and represents the embedded value expected to be realized from the integration of the operations. The goodwill recognized is not deductible for income tax purposes.

Total revenues of $67 million and net income of $21 million would have been recorded if the transaction had occurred at the beginning of the year for the six months ended June 30, 2025.

The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2024. No material changes were made to those allocations disclosed in the consolidated financial statements for the year ended December 31, 2024.


AS AT DEC. 31, 2024 (MILLIONS)	Renewable Power and Transition		Infrastructure		Private Equity and Other		Total
Cash and cash equivalents	$	553	$	393	$	4	$	950
Accounts receivable and other	443		283		50		776
Other financial assets	345		294		10		649

Assets classified as held for sale	861		270		—		1,131


Property, plant and equipment	7,439		4,141		77		11,657
Intangible assets	—		1,580		52		1,632
Goodwill	3,556		294		49		3,899
Deferred income tax assets	60		—		—		60
Total assets	13,257		7,255		242		20,754
Less:
Accounts payable and other	(1,137)		(2,677)		(41)		(3,855)
Liabilities associated with assets classified as held for sale	(340)		(70)		—		(410)
Non-recourse borrowings	(4,736)		(478)		(14)		(5,228)
Deferred income tax liabilities	(437)		(454)		(10)		(901)
Non-controlling interests1	(3,015)		—		(4)		(3,019)

	(9,665)		(3,679)		(69)		(13,413)
Net assets acquired2	$	3,592	$	3,576	$	173	$	7,341

1.Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition.

2.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors.

Brookfield recorded $337 million of revenue and $22 million of net income in 2024 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred on January 1, 2024, they would have contributed $1.8 billion and $130 million to total revenues and net income, respectively for the year ended December 31, 2024.

In December 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 53% economic interest in Neoen, a leading global renewables developer in France. The Corporation has control of Neoen through voting rights and, as such, has presented the business on a consolidated basis. The total consideration paid for the business was $3.4 billion. Goodwill of $3.5 billion was recognized and represents the embedded value expected to be realized from the integration of the operations. The goodwill recognized is not deductible for income tax purposes.

Total revenues and net income that would have been recorded if the transaction had occurred on January 1, 2024 are $579 million and $15 million, respectively for the year ended December 31, 2024.

On January 12, 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 29% economic interest in Cyxtera Technologies Inc. (“Cyxtera”), a data center portfolio in the U.S., through its U.S. retail colocation data center operation subsidiary. The Corporation has control of Cyxtera through voting rights and, as such, has presented the business on a consolidated basis. The total consideration paid for the business was $803 million, and a bargain purchase gain of $554 million was recorded in fair value changes. No goodwill was recognized.

On September 12, 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 16% economic interest in ATC Telecom Infrastructure Private Limited (“ATC India”), an Indian telecom tower operation. The Corporation has control of ATC India through voting rights and, as such, has presented the business on a consolidated basis. The total consideration paid for the business was $2.0 billion. Goodwill of $294 million was recognized and represents the embedded value expected to be realized from the integration of the operations. The goodwill recognized is not deductible for income tax purposes.