First Look at Q1/26 Results

研报英文原文证据摘录

First Look at Q1/26 Results

May 14, 2026 | 09:01 ET~

Brookfield Corporation Asset Managers

Sohrab Movahedi Analyst

sohrab.movahedi@bmo.com (416) 359-7157

BN-NYSE Rating Price: May-13 Target Total Rtn

BN.A-TSX Outperform $45.09 $51.00 14% Étienne Ricard, CFA Analyst

etienne.ricard@bmo.com (416) 359-5296

Legal Entity: BMO Nesbitt Burns Inc.

Bottom Line:

BN delivered distributable earnings of $0.66, beating our $0.63 primarily on DE

2YR Price Volume Chart

pre-realizations with higher distributions from its asset management business and 55

investments, partly offset by lower Wealth Solutions earnings (better spreads but lower 50

insurance assets; closed the acquisition of Just Group subsequent to quarter-end and on 45

track to scale to ~$2B for full-year 2026). The quarter also showcased a sequential pick- 40 30

up in carried interest realizations. Conference call at 10 a.m. 35 20

30 10

Key Points 25 Nov May Nov May 0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Q1/26 results beat expectations. BN earned $0.66 distributable earnings per share

(consensus: $0.61; BMOe: $0.63). Relative to us, results pre-realizations ($0.59 vs.

BMOe $0.55) benefited from higher distributions from its asset management business

and investments and lower-than-expected other/corporate costs (which tend to be

variable), partly offset by lower Wealth Solutions earnings (lower insurance assets

offsetting better spreads). Notably, last week’s results at BAM (link) contributed $0.01

to the beat here.

Wealth Solutions earnings of $430M (BMOe: $456M), while below expectations on

lower-than-expected insurance assets offsetting better-than-expected spreads, remain

on track to scale to ~$2.0B for full-year 2026. In Q1, Brookfield deployed $4B (full-year