Earnings
Partners Value Investments Inc. Announces 2025 Annual Results
BAM · Price
Executive Summary
- Partners Value Investments Inc. reported a net loss of $1.418 billion for FY 2025, an improvement from the $3.788 billion loss in FY 2024.
- Adjusted Earnings (non‑IFRS) were $66 million, down 46% year‑over‑year, driven by foreign‑currency effects and higher preferred‑share dividends.
- The Company’s investment portfolio grew to $11.522 billion of assets, highlighted by an 8% stake in Brookfield Corporation (BN) and a 2% stake in Brookfield Asset Management Ltd. (BAM).
Key Details
- Net Loss: $(1,418,790) k (2025) vs. $(3,787,773) k (2024).
- Adjusted Earnings: $66,117 k (2025) vs. $122,420 k (2024).
- Primary Drivers of Net Loss Reduction:
- Retractable common‑share remeasurement loss: $(1,255,025) k (2025) vs. $(3,575,080) k (2024).
- Exchangeable‑share remeasurement loss: $(60,527) k (2025) – none in 2024.
- Warrant liability remeasurement loss: $(138,812) k (2025) vs. $(306,473) k (2024).
- Dividends Paid on Retractable Shares: $30,543 k (2025) vs. $28,640 k (2024).
- Operating Expenses: $(3,677) k (2025) vs. $(5,553) k (2024).
- Financing Costs: $(40,403) k (2025) vs. $(38,777) k (2024).
- Preferred‑Share Dividends: $(37,134) k (2025) vs. $(33,399) k (2024).
- Investment Income (Dividends + Other): $145,236 k (2025) vs. $127,035 k (2024).
Balance Sheet Highlights (as of 31‑Dec‑2025)
- Cash & Cash Equivalents: $376,523 k (up from $156,952 k).
- Investment in Brookfield Corp.: $8,326,947 k (181 M BN shares @ $45.89).
- Investment in Brookfield Asset Management Ltd.: $1,352,078 k (26 M BAM shares @ $52.39).
- Total Assets: $11,522,331 k (↑ 15%).
- Total Liabilities & Equity: $11,522,331 k.
Share‑Price Context
- BN share price: $45.89 (31‑Dec‑2025) → $39.91 (25‑Mar‑2026).
- BAM share price: $52.39 (31‑Dec‑2025) → $43.69 (25‑Mar‑2026).
Non‑IFRS Reconciliation (Adjusted Earnings)
| 2025 ($k) | 2024 ($k) | |
|---|---|---|
| Net loss attributable to Company | (1,418,790) | (3,787,773) |
| Add: Retractable common‑share remeasurement gain | 1,255,025 | 3,575,080 |
| Add: Exchangeable‑share remeasurement gain | 60,527 | — |
| Add: Warrant liability remeasurement gain | 138,812 | 306,473 |
| Add: Dividends paid on retractable shares | 30,543 | 28,640 |
| Adjusted Earnings | 66,117 | 122,420 |
Notable Quotes
No direct executive quotes were included in the release.
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Jun 23, 2026 · 10:22