B

B Barrick Mining Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $1.5B$669M$365M$1.1B$3.4B$1.9B$1.5B$1.7B$2.6B$5.8B

Retained capital Retained $9.8B of earnings over 2016–2025; annual owner earnings grew $2.5B, $0.26 per $1 retained.

Balance sheet Net cash, +$2.0B · dividend paid 10 of 10 yrs, cut at least once

BABA Alibaba Group Holding Limited

Alibaba runs China's largest online-commerce marketplaces — Taobao and Tmall, where merchants pay to reach a vast base of consumers — alongside one of China's biggest cloud-computing businesses and a wide spread of logistics, payments and international ventures. The marketplaces are the profit engine; much of the rest is where that profit is spent.

Owner earnings 2017–2020 CN¥77.2BCN¥117.2BCN¥136.2BCN¥155.9B

Retained capital Retained CN¥299.2B of earnings over 2017–2020; annual owner earnings grew CN¥26.3B, CN¥0.09 per CN¥1 retained.

Balance sheet net position not read (debt under-captured)

BAK Braskem SA ADR

Additionally, in November 2021, Braskem and Lummus Technology LLC, through our subsidiary Braskem Netherlands B.V., executed a memorandum of understanding to jointly develop and license our green ethylene technology.

Owner earnings 2015–2024 R$3.8BR$1.9BR$188MR$6.5B(R$417M)R$3.5BR$11.4BR$4.1B(R$6.8B)(R$1.3B)

Retained capital Paid out R$15.2B more than it earned over 2015–2024; annual owner earnings fell R$3.3B.

Balance sheet Net debt against an operating loss, R$36.5B · dividend paid 10 of 10 yrs, cut at least once

BAP Credicorp Ltd.

Credicorp Overview Credicorp is a financial services holding company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BBAR Banco BBVA Argentina S.A. ADS

BBVA Argentina offers retail and corporate banking to a broad customer base, including individuals, SMEs, and large companies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BBD Banco Bradesco Sa

We operate and manage our business through two segments: the banking segment; and the insurance, pension plans and capitalization bond segment. 4.B.10 Strategy 4.B.10.01 Business strategy The year 2025 was one more year of transformation for us.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BBDO Banco Bradesco Sa

We operate and manage our business through two segments: the banking segment; and the insurance, pension plans and capitalization bond segment. 4.B.10 Strategy 4.B.10.01 Business strategy The year 2025 was one more year of transformation for us.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BBUC Brookfield Business Corporation

Revenue is Industrials (54%), Business services (34%) and Infrastructure services (11%).

Owner earnings 2016–2025 $85M($310M)$796M$958M$2.8B$243M($737M)($158M)$761M$1.2B

Retained capital Retained $8.0B of earnings over 2016–2025; annual owner earnings grew $401M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $37.3B · dividend paid 1 of 10 yrs, never cut

BBVA Banco Bilbao Vizcaya Argentaria S.A.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

BCE BCE Inc.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2016–2025 C$2.9BC$3.3BC$3.4BC$4.0BC$3.6BC$3.2BC$3.2BC$3.4BC$3.1BC$3.3B

Retained capital Paid out C$2.5B more than it earned over 2016–2025; annual owner earnings grew C$47M.

Balance sheet Meaningful net debt, C$34.9B · dividend paid 10 of 10 yrs, cut at least once

BCS Barclays PLC

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BDMD Baird Medical Investment Holdings Ltd

We have identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the products we provide, or a combination of these characteristics.

Owner earnings 2022–2025 ($5M)($4M)($9M)($1M)

Retained capital not read

Balance sheet Net debt against an operating loss, $9M

BEKE KE Holdings Inc

Revenue is led by New home transaction services (32%) and Existing home transaction services (26%), with 3 more segments behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 8 yrs, never cut

BEP BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BEPC BROOKFIELD RENEWABLE CORPORATION

Revenue is led by Hydroelectric (67%) and Utility-scale solar (17%), with 2 more segments behind.

Owner earnings 2018–2025 $986M$950M$619M($959M)$437M$575M($400M)($636M)

Retained capital Paid out $3.8B more than it earned over 2018–2025; annual owner earnings fell $1.0B.

Balance sheet net position not read (debt under-captured) · dividend paid 5 of 8 yrs

BEPH BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BEPI BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BEPJ BROOKFIELD RENEWABLE PARTNERS L.P.

We have comprehensive operational and development capabilities located in each of our core markets which we believe positions us to maintain and increase the value of our asset base while competitively positioning us for continued growth.

Owner earnings 2016–2025 $263M$573M$1.0B$1.1B$849M($767M)$128M$13M($736M)($1.3B)

Retained capital Paid out $9.3B more than it earned over 2016–2025; annual owner earnings fell $1.3B.

Balance sheet Net debt against an operating loss, $1.4B · dividend paid 10 of 10 yrs, cut at least once

BGIN Bgin Blockchain Limited

Revenue is Cryptocurrency mining (72%), Sale of mining machines (23%) and Other (5%).

Owner earnings 2023–2025 ($34M)($209M)($171M)

Retained capital not read

Balance sheet Net cash, debt-free, +$26M

BGM BGM Group Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2024 $3M($1M)$5M($1M)$11M$132K$304K

Retained capital Retained $8M of earnings over 2018–2024; annual owner earnings grew $1M, $0.17 per $1 retained.

Balance sheet Net cash, debt-free, +$11M · dividend paid 2 of 7 yrs, never cut

BGSI Boyd Group Services Inc.

Boyd Group Services Inc. is a Canadian federal corporation and controls Boyd.

Owner earnings 2024–2025 $236M$299M

Retained capital not read

Balance sheet Net cash, +$877M

BHP BHP Group Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.9B$13.1B$13.5B$11.6B$11.0B$21.6B$26.3B$13.6B$15.4B$13.2B

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $3.6B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

BHST BioHarvest Sciences Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2023–2025 ($9M)($8M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$23M

BIDU Baidu Inc. ADS

A software business, earning high margins on code once it is written.

Owner earnings 2016–2025 CN¥18.3BCN¥29.0BCN¥32.3BCN¥22.0BCN¥19.1BCN¥14.4BCN¥20.0BCN¥29.5BCN¥13.1B(CN¥10.4B)

Retained capital Retained CN¥86.3B of earnings over 2016–2025; annual owner earnings fell CN¥15.8B, CN¥-0.18 per CN¥1 retained.

Balance sheet Net cash, +CN¥72.5B

BILI Bilibili Inc.

Bilibili Inc. markets" for our host market and trading symbol.

Owner earnings 2016–2025 (CN¥218M)CN¥426MCN¥638MCN¥3MCN¥427M(CN¥3.2B)(CN¥4.7B)CN¥85MCN¥5.5BCN¥6.6B

Retained capital Paid out CN¥26.7B more than it earned over 2016–2025; annual owner earnings grew CN¥3.8B.

Balance sheet Net cash, +CN¥10.6B

BIOX Bioceres Crop Solutions Corp.

A chemicals business, converting feedstocks into products at a spread the cycle moves.

Owner earnings 2016–2025 ($2M)$16M$28M$8M($9M)($21M)($2M)$36M$44M

Retained capital Paid out $87M more than it earned over 2016–2025; annual owner earnings grew $12M.

Balance sheet Net debt against an operating loss, $112M · dividend paid 4 of 9 yrs, cut at least once

BIP BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIPC BROOKFIELD INFRASTRUCTURE CORPORATION

Brookfield Infrastructure Corporation 61 Strategic Position Our regulated gas transmission operation in Brazil provides the backbone of Brazil's southeast natural gas transportation system, supplying natural gas to a region responsible for approximately 50% of Brazil's demand, including Rio de Janeiro and Sao Paulo.

Owner earnings 2023–2025 $694M$968M$940M

Retained capital not read

Balance sheet net position not read (debt under-captured)

BIPH BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIPI BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIPJ BROOKFIELD INFRASTRUCTURE PARTNERS L.P.

Brookfield Infrastructure 75 The objectives for our utilities segment are to invest capital in the expansion of our rate base, as well as to provide safe and reliable service for our customers on a cost-efficient basis.

Owner earnings 2016–2025 $306M$767M$523M$961M$1.1B$705M$973M$1.6B$1.0B$1.9B

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $984M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs

BIRK Birkenstock Holding plc

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2022–2025 €163M€257M€363M€308M

Retained capital Retained €802M of earnings over 2022–2025; annual owner earnings grew €48M, €0.06 per €1 retained.

Balance sheet Modest net debt, €898M

BLDP Ballard Power Systems Inc.

Revenue is led by Bus (50%) and Rail (26%), with 4 more lines behind.

Owner earnings 2016–2025 ($7M)($13M)($42M)($28M)($56M)($94M)($166M)($146M)($134M)($66M)

Retained capital not read

Balance sheet Net cash, debt-free, +$527M

BLIV BeLive Holdings Ordinary Share

A software business, earning high margins on code once it is written.

Owner earnings 2022–2023 (S$3M)S$58K

Retained capital not read

Balance sheet Net cash, debt-free, +S$66K

BLSH Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services.

Owner earnings 2023–2025 ($128M)($30M)$24M

Retained capital not read

Balance sheet Net debt against an operating loss, $12M

BLX Bladex Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BMA Macro Bank Inc.

Macro Bank Inc. market expectations surveyed by the Central Bank indicate that inflation in 2026 would be lower than in 2025, with a downward trend in the second half of the year.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 8 yrs, cut at least once

BMHL Bluemount Holdings Limited

Limited, a company which manufactures security alarm, buzzer, fire alarm, massage toner, fishing indicator, and communicator, as well as offers verification, procurement, assembling, inspection, packaging, and after-sales services.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +HK$6K

BMO Bank Of Montreal

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BMR Beamr Imaging Ltd. Ordinary Share

Beamr is a world leader in content-adaptive video compression.

Owner earnings 2020–2025 ($1M)$565K($647K)($669K)($2M)($5M)

Retained capital not read

Balance sheet Net cash, +$13M

BN BROOKFIELD CORPORATION

We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BNH BROOKFIELD CORPORATION

We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BNJ BROOKFIELD CORPORATION

We offer our clients a large and growing number of investment products to assist them in achieving their financial goals, providing a diverse set of long-term and perpetual private funds and dedicated public vehicles across each of the asset classes in which we invest and spanning various investment strategies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BNR Burning Rock Biotech Limited

We are a company incorporated outside China and our records are maintained outside China.

Owner earnings 2018–2025 (CN¥172M)(CN¥259M)(CN¥107M)(CN¥526M)(CN¥519M)(CN¥264M)(CN¥98M)(CN¥34M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥478M

BNS Bank Nova Scotia Halifax Pfd 3

GBM is a full-service wholesale bank in the Americas, serving clients across Canada, the United States, Latin America, Europe and Asia-Pacific.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BNT BROOKFIELD WEALTH SOLUTIONS LTD.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 1 of 5 yrs, never cut

BNTX BioNTech SE American Depositary Share

Our multi-technology combination of platforms and product candidates aims to position us as pioneers in the field of individualized, patient-centric therapeutic approaches in oncology and infectious diseases.

Owner earnings 2017–2025 (€63M)(€81M)(€237M)(€52M)€815M€13.5B€5.3B€162M€399M

Retained capital Retained €18.1B of earnings over 2017–2025; annual owner earnings grew €2.1B, €0.12 per €1 retained.

Balance sheet Net cash, +€14.6B · dividend paid 1 of 9 yrs, cut at least once

BORR Borr Drilling Limited

We are an offshore shallow-water drilling contractor providing worldwide offshore drilling services to the oil and gas industry.

Owner earnings 2017–2025 ($206M)($159M)($190M)($92M)($78M)($19M)($162M)$23M$164M

Retained capital not read

Balance sheet Heavy net debt, $1.8B

BOSC B.O.S. Better Online Solutions

Solutions Division The Company markets its Supply Chain Solutions directly to customers or through distributors worldwide.

Owner earnings 2016–2025 ($499K)$132K$454K($1M)$974K($249K)$922K$1M$775K$5M

Retained capital Retained $10M of earnings over 2016–2025; annual owner earnings grew $2M, $0.23 per $1 retained.

Balance sheet Net cash, +$10M

BP BP p.l.c.

Revenue is led by Oil products (59%) and Natural Gas Products (14%), with 2 more lines behind.

Owner earnings 2016–2025 ($6.0B)$2.4B$6.2B$10.4B($144M)$12.7B$28.9B$17.8B$12.0B$11.3B

Retained capital Paid out $72.6B more than it earned over 2016–2025; annual owner earnings grew $12.8B.

Balance sheet Modest net debt, $17.9B · dividend paid 10 of 10 yrs

BPYPM Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BPYPN Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BPYPO Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BPYPP Brookfield Property Partners L.P.

Our diversified Office portfolio consists of 67 million leasable square feet across 110 office assets in some of the world's leading commercial markets such as New York, London, Dubai, Toronto, and Berlin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs

BRAG Bragg Gaming Group Inc.

Bragg also provides iGaming content for BetMGM players in Michigan and Pennsylvania. 2024 Personnel Changes On April 5, 2024, the Company announced that then Chief Financial Officer, Ronen Kannor, would resign effective June 3, 2024.

Owner earnings 2020–2025 €7M(€8K)€5M€11M€10M€18M

Retained capital Paid out €43M more than it earned over 2020–2025; annual owner earnings grew €9M.

Balance sheet Net cash, debt-free, +€7M

BRSL BRIGHTSTAR LOTTERY PLC

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($204M)($35M)($443M)$716M$611M$740M$737M$865M$901M($415M)

Retained capital Paid out $1.5B more than it earned over 2016–2025; annual owner earnings grew $677M.

Balance sheet Meaningful net debt, $2.7B · dividend paid 10 of 10 yrs, cut at least once

BSAC Banco Santander - Chile ADS

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BSBR Banco Santander Brasil SA

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

BTDR Bitdeer Technologies Group

We handle complex processes involved in computing, such as equipment design, procurement and manufacturing, transport logistics, datacenter design and construction, equipment management, and daily operations.

Owner earnings 2020–2024 ($129M)($115M)($331M)($335M)($703M)

Retained capital not read

Balance sheet Net debt against an operating loss, $60M

BTE Baytex Energy Corp

Baytex competes with other companies for all of its business inputs, including development prospects, access to commodity markets, acquisition opportunities, available capital and staffing.

Owner earnings 2019–2025 C$286MC$77MC$402MC$658MC$283MC$652MC$281M

Retained capital Paid out C$1.4B more than it earned over 2019–2025; annual owner earnings grew C$150M.

Balance sheet net position not read (debt under-captured) · dividend paid 3 of 7 yrs, never cut

BTG B2Gold Corp Common shares (Canada)

A metals and mining business, a price-taker on a global commodity.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $184M

BTI British American Tobacco p.l.c.

Tobacco and nicotine market was worth around US$939 billion in 2024.

Owner earnings 2016–2025 £4.0B£4.6B£9.5B£8.3B£9.3B£9.2B£9.9B£10.3B£9.6B£5.8B

Retained capital Retained £20.4B of earnings over 2016–2025; annual owner earnings grew £2.5B, £0.12 per £1 retained.

Balance sheet Meaningful net debt, £31.1B · dividend paid 10 of 10 yrs, never cut

BUD Anheuser-Busch InBev SA/NV

We use different distribution networks in the markets in which we operate, as appropriate, based on the structure of the local retail sectors, local geographic considerations, scale considerations, regulatory requirements, market share and the expected added-value and capital returns.

Owner earnings 2016–2025 $6.6B$10.2B$10.1B$8.9B$7.1B$9.2B$8.1B$8.6B$11.2B$11.2B

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

BULL Webull Corporation

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BULLW Webull Corporation

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BUUU BUUU Group Limited

Revenue is Event management services (83%) and Stage production services (17%).

Owner earnings 2023–2025 $135K$62K$330K

Retained capital not read

Balance sheet Net cash, debt-free, +$102K

BVN Buenaventura Mining Company Inc.

In terms of transition risks, Buenaventura faces potential regulatory, technological, and market-related challenges as part of the shift to a low-carbon economy.

Owner earnings 2015–2024 ($84M)$25M($47M)$235M($34M)$51M($324M)($110M)($12M)$148M

Retained capital Paid out $112M more than it earned over 2015–2024; annual owner earnings grew $44M.

Balance sheet Net cash, debt-free, +$478M · dividend paid 7 of 10 yrs, cut at least once

BWAY BrainsWay Ltd.

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2017–2021 ($4M)($4M)($8M)($2M)$324K

Retained capital not read

Balance sheet Net cash, +$66M

BWLP BW LPG Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2022–2025 $459M$397M$147M$385M

Retained capital Retained $121M of earnings over 2022–2025; annual owner earnings fell $25M.

Balance sheet Modest net debt, $488M · dividend paid 4 of 4 yrs, cut at least once

BWMX Betterware de Mexico S.A.P.I. de C.V.

Revenue is JAFRA (58%) and BWM (42%).

Owner earnings 2017–2023 MX$348MMX$317MMX$567MMX$1.8BMX$1.4BMX$1.1BMX$2.2B

Retained capital Retained MX$535M of earnings over 2017–2023; annual owner earnings grew MX$1.2B, MX$2.19 per MX$1 retained.

Balance sheet Modest net debt, MX$3.5B · dividend paid 6 of 7 yrs, cut at least once

BZ KANZHUN LIMITED

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 (CN¥124M)CN¥355MCN¥1.6BCN¥863MCN¥2.8BCN¥3.1BCN¥4.4B

Retained capital Paid out CN¥964M more than it earned over 2019–2025; annual owner earnings grew CN¥2.8B.

Balance sheet Net cash, debt-free, +CN¥13.6B · dividend paid 2 of 7 yrs, never cut

BZUN Baozun Inc.

Revenue is Services (61%) and Products (39%).

Owner earnings 2016–2025 (CN¥22M)(CN¥220M)(CN¥171M)CN¥210MCN¥199M(CN¥303M)CN¥176MCN¥283M(CN¥31M)CN¥314M

Retained capital Paid out CN¥1.8B more than it earned over 2016–2025; annual owner earnings grew CN¥326M.

Balance sheet Net cash, debt-free, +CN¥2.7B · dividend paid 3 of 10 yrs, never cut