BROOKFIELD Corp /ON/

BALANCE SHEET ANALYSIS

The following table summarizes the statements of financial position of the company as at December 31, 2024, 2023, and 2022:

2024 vs. 2023

Total assets increased by $329 million from the prior year to $490.4 billion as at December 31, 2024. The increase is due to recently completed business combinations and asset acquisitions, net of dispositions, primarily within our Renewable Power and Transition and Infrastructure segments. Increases in our equity accounted investments, primarily related to recent acquisitions within our Renewable Power and Transition segment and incremental capital invested in our Wealth Solutions business via BBU units, and BAM shares to support the acquisition of AEL, as well as net valuation increases recognized on our property plant and equipment, also contributed to the increase in total assets. This was partially offset by the deconsolidation of BSREP IV within our LP investment, as well as amortization and depreciation of our asset base and the impacts of foreign currency translation since the beginning of the year.

2024 ANNUAL REPORT 29

We have summarized the impact of business combinations for the year ended December 31, 2024 in the table below:

Summarized below are the key contributors to the year-over-year variances for the statement of financial position.

PP&E increased by $5.4 billion primarily as a result of:

•acquisitions and additions of $24.2 billion, which includes the acquisition of our French renewable portfolio within our Renewable Power and Transition segment, our North American retail colocation data center business and our Indian telecom operation within our Infrastructure segment, as well as investments in development projects within our Renewable Power and Transition segment; and

•revaluation surplus of $8.0 billion primarily attributable to higher power pricing across select markets and the expected growth in demand for renewable power within our Renewable Power and Transition segment, as well as strong underlying performance from inflation indexation and commissioning of capital projects within our Infrastructure segment; partially offset by

•the unfavourable impact of foreign currency translation and other of $7.5 billion due to the appreciation of the U.S. dollar against most major currencies, primarily within our Renewable Power and Transition and Infrastructure segments;

•depreciation of $7.2 billion during the year;

•dispositions and assets reclassified as held for sale of $7.3 billion; and

•the impact of the deconsolidation of BSREP IV within our LP investments of $4.8 billion.

We provide a continuity of PP&E in Note 12 of the consolidated financial statements.