Brookfield Business Partners Reports Second Quarter 2025 Results

Rhea-AI Summary

Brookfield Business Partners (NYSE: BBUC) reported strong Q2 2025 financial results, with net income of $26 million ($0.12 per unit), compared to a net loss of $20 million in Q2 2024. Adjusted EBITDA increased to $591 million from $524 million year-over-year.

The company completed several strategic initiatives, including the sale of partial interests in three businesses for approximately $690 million in fund units, and invested $300 million to acquire two market-leading businesses. Additionally, BBU repurchased 2.2 million units for $56 million during the quarter and maintained strong liquidity of $2.3 billion at the corporate level.

The Board declared a quarterly distribution of $0.0625 per unit, payable on September 29, 2025.

Positive

• Net income improved to $26 million from a $20 million loss year-over-year
• Adjusted EBITDA increased 12.8% to $591 million from $524 million
• Industrials segment EBITDA grew 44% to $307 million from $213 million
• Strong corporate liquidity position of $2.3 billion
• Strategic sale of partial interests yielding approximately $690 million in value

Negative

• Infrastructure Services segment EBITDA declined 30.6% to $109 million from $157 million
• Corporate borrowings impact reflected in financial expenses
• Adjusted EFO decreased in Industrials segment to $154 million from $206 million
• Higher interest expenses affected Industrials segment performance

Insights

Financial Analyst

Brookfield Business Partners delivered solid Q2 2025 results with improved profitability, strategic acquisitions, and effective capital recycling despite macroeconomic challenges.

Brookfield Business Partners has delivered a meaningful turnaround in profitability, reporting net income of $26 million ($0.12 per unit) compared to a $20 million loss in Q2 2024. The 12.8% year-over-year increase in Adjusted EBITDA to $591 million demonstrates operational resilience despite disposing of several businesses that contributed $71 million in the prior period.

The Industrials segment showed remarkable strength, with Adjusted EBITDA jumping 44% to $307 million, benefiting from strong performance in advanced energy storage operations and $71 million in tax recoveries. Business Services grew 12.6% to $205 million in Adjusted EBITDA, while Infrastructure Services declined 30.6% to $109 million following the divestiture of offshore oil services.

Brookfield's capital recycling strategy is creating significant financial flexibility. The recent sale of partial interests in three businesses will generate approximately $690 million in redemption value, albeit at an 8.6% discount to NAV. The company has maintained strong liquidity of $2.3 billion at the corporate level, which increases to $2.9 billion pro forma for announced transactions.

The company continues to demonstrate confidence in its valuation through its buyback program, repurchasing 2.2 million shares at approximately $25 per share during the quarter ($56 million total). Year-to-date, the company has repurchased 6.5 million shares for $157 million, suggesting management believes the stock remains undervalued.

Strategic acquisitions are expanding Brookfield's portfolio, with $168 million invested for a 26% stake in Antylia Scientific and a commitment of $145 million for an 11% interest in First National Financial Corporation. These investments in specialty manufacturing and mortgage lending diversify Brookfield's holdings while maintaining its business services and industrials focus.

While quarterly dividends remain steady at $0.0625 per unit, Brookfield's approach clearly prioritizes growth investment and opportunistic share repurchases over dividend increases, maximizing long-term value creation in the current environment.

BROOKFIELD, NEWS, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended June 30, 2025.

“We had an active quarter, reaching an agreement on the sale of a partial interest in three businesses, investing $300 million to acquire two market-leading businesses, and repurchasing an additional 2.2 million of common equity at highly accretive levels,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The strength of our financial results in an uneven macroeconomic environment underscores the resilience of our operations, while progress on our value creation plans and capital recycling initiatives enable us to continue compounding growth for investors.”

	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions (except per unit amounts), unaudited		2025		2024				2025		2024
Net income (loss) attributable to Unitholders1	$	26	$	(20	)		$	106	$	28
Net income (loss) per limited partnership unit2	$	0.12	$	(0.10	)		$	0.49	$	0.13
Adjusted EBITDA3	$	591	$	524			$	1,182	$	1,068

Net income attributable to Unitholders for the three months ended June 30, 2025 was $26 million ($0.12 per limited partnership unit), compared to net loss of $20 million (loss of $0.10 per limited partnership unit) in the prior period.

Adjusted EBITDA for the three months ended June 30, 2025 was $591 million, compared to $524 million in the prior period reflecting increased performance on a same store basis and contribution from recently completed acquisitions. Prior period results included $71 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

Operational Update

The following table presents Adjusted EBITDA by segment:

	Three Months Ended June 30,							Six Months Ended June 30,
US$ millions, unaudited		2025			2024				2025			2024
Industrials	$	307		$	213			$	611		$	441
Business Services		205			182				418			387
Infrastructure Services		109			157				213			300
Corporate and Other		(30	)		(28	)			(60	)		(60	)
Adjusted EBITDA	$	591		$	524			$	1,182		$	1,068

Our Industrials segment generated Adjusted EBITDA of $307 million for the three months ended June 30, 2025, compared to $213 million during the same period in 2024, benefiting from strong operating performance at our advanced energy storage operation. Current period results included $71 million of tax recoveries as well as contribution from recent acquisitions including our electric heat tracing systems manufacturer which was acquired in January 2025. Prior period results included contribution from our Canadian aggregates production operation which was sold in June 2024.

Our Business Services segment generated Adjusted EBITDA of $205 million for the three months ended June 30, 2025, compared to $182 million during the same period in 2024 which reflected the impact of reduced contribution from our dealer software and technology services operation in the prior period. Prior period results included contribution from our road fuels operation which was sold in July 2024.

Our Infrastructure Services segment generated Adjusted EBITDA of $109 million for the three months ended June 30, 2025, compared to $157 million during the same period in 2024 primarily reflecting the sale of our offshore oil services’ shuttle tanker operation in January 2025.

The following table presents Adjusted EFO⁴ by segment:

	Three Months Ended June 30,							Six Months Ended June 30,
US$ millions, unaudited		2025			2024				2025			2024
Adjusted EFO
Industrials	$	154		$	206			$	284		$	386
Business Services		105			86				222			254
Infrastructure Services		38			76				204			148
Corporate and Other		(63	)		(79	)			(131	)		(168	)

Adjusted EFO included the benefit of lower interest expense due to a reduction in corporate borrowings compared to the prior period. Industrials Adjusted EFO reflected the impact of higher interest expense related to the funding of a distribution received from our advanced energy storage operation during the current year. Adjusted EFO in the prior period included $103 million of net gains related to the disposition of our Canadian aggregates production operation and the sale of public securities.

Strategic Initiatives

• Capital Recycling
  In July, we completed the previously announced sale of a partial interest in three businesses to a new evergreen private equity fund managed by Brookfield Asset Management. In exchange, BBU will receive units of the new evergreen fund with an initial redemption value of approximately $690 million, representing an aggregate 8.6% discount to net asset value (NAV) of the interests sold. In the 18-month period following the initial close of the new evergreen fund, the units are expected to be redeemed for cash.

• Canadian Mortgage Lender
  In July, we entered into a partnership to privatize First National Financial Corporation, a leading publicly-listed Canadian residential and multi-family mortgage lender, for $2.7 billion. The transaction is expected to be funded with approximately $1.3 billion of equity, of which BBU’s share is expected to be approximately $145 million for an 11% interest in the business. The transaction is expected to close later this year, subject to obtaining the required shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.

• Specialty Consumables and Equipment Manufacturer
  In May, we completed the previously announced acquisition of Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. BBU invested $168 million for a 26% interest.

• Unit Repurchase Program
  During the quarter, we invested $56 million to repurchase 2.2 million units and shares of Brookfield Business Partners at an average price of approximately $25 per unit and share. Since the start of the year, our buyback program has returned $157 million to owners through the repurchase of 6.5 million units and shares under our normal course issuer bid (NCIB), which we plan to renew once it expires later this month.

Liquidity

We ended the quarter with approximately $2.3 billion of liquidity at the corporate level, including $2.2 billion of availability on our credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2.9 billion.

Distribution

The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 29, 2025 to unitholders of record as at the close of business on August 29, 2025.

Additional Information

The Board has reviewed and approved this news release, including the summarized unaudited interim condensed consolidated financial statements contained herein.

Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

^{Notes:
1 Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
2 Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and six months ended June 30, 2025 which were 88.9 million and 84.5 million, respectively (June 30, 2024: 74.3 million and 74.3 million, respectively).
3 Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
4 Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.}

Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please contact:

Media: Marie Fuller Tel: +44 207 408 8375 Email: marie.fuller@brookfield.com

Investors: Alan Fleming Tel: +1 (416) 645-2736 Email: alan.fleming@brookfield.com

Conference Call and Quarterly Earnings Webcast Details

Investors, analysts and other interested parties can access Brookfield Business Partners’ second quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

The results call can be accessed via webcast on August 1, 2025 at 10:00 a.m. Eastern Time at BBU2025Q2Webcast or participants can preregister at BBU2025Q2ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

Brookfield Business Partners L.P.
Consolidated Statements of Financial Position
	As at
US$ millions, unaudited	June 30, 2025					December 31, 2024
Assets
Cash and cash equivalents			$	3,329				$	3,239
Financial assets				11,658					12,371
Accounts and other receivable, net				7,148					6,279
Inventory and other assets				5,808					5,728
Property, plant and equipment				10,591					13,232
Deferred income tax assets				1,959					1,744
Intangible assets				19,158					18,317
Equity accounted investments				2,397					2,325
Goodwill				13,287					12,239
Total Assets			$	75,335				$	75,474
Liabilities and Equity
Liabilities
Corporate borrowings			$	1,116				$	2,142
Accounts payable and other				13,766					16,691
Non-recourse borrowings in subsidiaries of the partnership				42,493					36,720
Deferred income tax liabilities				2,639					2,613
Equity
Limited partners	$	2,291				$	1,752
Non-controlling interests attributable to:
Redemption-exchange units		1,330					1,644
Special limited partner		—					—
BBUC exchangeable shares		1,805					1,721
Preferred securities		740					740
Interest of others in operating subsidiaries		9,155					11,451
				15,321					17,308
Total Liabilities and Equity			$	75,335				$	75,474

Brookfield Business Partners L.P.
Consolidated Statements of Operating Results
US$ millions, unaudited	Three Months Ended June 30,							Six Months Ended June 30,
		2025			2024				2025			2024
Revenues	$	6,695		$	11,946			$	13,444		$	23,961
Direct operating costs		(5,465	)		(10,928	)			(10,867	)		(21,806	)
General and administrative expenses		(271	)		(307	)			(582	)		(624	)
Interest income (expense), net		(801	)		(778	)			(1,571	)		(1,574	)
Equity accounted income (loss)		23			31				15			54
Impairment reversal (expense), net		(14	)		—				(14	)		10
Gain (loss) on dispositions, net		6			84				220			99
Other income (expense), net		(103	)		(100	)			(186	)		16
Income (loss) before income tax		70			(52	)			459			136
Income tax (expense) recovery
Current		(119	)		(122	)			(316	)		(212	)
Deferred		184			239				248			344
Net income (loss)	$	135		$	65			$	391		$	268
Attributable to:
Limited partners	$	11		$	(7	)		$	41		$	10
Non-controlling interests attributable to:
Redemption-exchange units		6			(6	)			29			9
Special limited partner		—			—				—			—
BBUC exchangeable shares		9			(7	)			36			9
Preferred securities		13			13				26			26
Interest of others in operating subsidiaries		96			72				259			214

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure
US$ millions, unaudited		Three Months Ended June 30, 2025
		Business Services				Infrastructure Services				Industrials				Corporate and Other				Total
Net income (loss)		$	253			$	(173	)		$	95			$	(40	)		$	135
Add or subtract the following:
Depreciation and amortization expense			208				175				384				—				767
Impairment reversal (expense), net			—				—				14				—				14
Gain (loss) on dispositions, net			(6	)			—				—				—				(6	)
Other income (expense), net1			(200	)			76				229				(2	)			103
Income tax (expense) recovery			9				10				(76	)			(8	)			(65	)
Equity accounted income (loss)			(5	)			(4	)			(14	)			—				(23	)
Interest income (expense), net			238				142				401				20				801
Equity accounted Adjusted EBITDA2			28				40				20				—				88
Amounts attributable to non-controlling interests3			(320	)			(157	)			(746	)			—				(1,223	)
Adjusted EBITDA		$	205			$	109			$	307			$	(30	)		$	591

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $59 million of net revaluation losses, $57 million of business separation expenses, stand-up costs and restructuring charges, $19 million of net loss on debt modification and extinguishment, $3 million of transaction costs and $18 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure
US$ millions, unaudited		Six Months Ended June 30, 2025
		Business Services				Infrastructure Services				Industrials				Corporate and Other				Total
Net income (loss)		$	253			$	(17	)		$	240			$	(85	)		$	391
Add or subtract the following:
Depreciation and amortization expense			430				340				727				—				1,497
Impairment reversal (expense), net			—				—				14				—				14
Gain (loss) on dispositions, net			(6	)			(214	)			—				—				(220	)
Other income (expense), net1			(132	)			(3	)			322				(1	)			186
Income tax (expense) recovery			27				35				25				(19	)			68
Equity accounted income (loss)			(8	)			22				(29	)			—				(15	)
Interest income (expense), net			468				291				767				45				1,571
Equity accounted Adjusted EBITDA2			52				73				35				—				160
Amounts attributable to non-controlling interests3			(666	)			(314	)			(1,490	)			—				(2,470	)
Adjusted EBITDA		$	418			$	213			$	611			$	(60	)		$	1,182

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $135 million of business separation expenses, stand-up costs and restructuring charges, $125 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at our offshore oil services operation, $110 million of net revaluation losses, $38 million of transaction costs, $22 million of net loss on debt modification and extinguishment and $59 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure
US$ millions, unaudited		Three Months Ended June 30, 2024
		Business Services				Infrastructure Services				Industrials				Corporate and Other				Total
Net income (loss)		$	(5	)		$	(92	)		$	216			$	(54	)		$	65
Add back or deduct the following:
Depreciation and amortization expense			248				222				339				—				809
Gain (loss) on dispositions, net			—				—				(84	)			—				(84	)
Other income (expense), net1			51				22				26				1				100
Income tax expense (recovery)			(17	)			4				(91	)			(13	)			(117	)
Equity accounted income (loss)			(5	)			(11	)			(15	)			—				(31	)
Interest income (expense), net			253				178				309				38				778
Equity accounted Adjusted EBITDA2			18				44				15				—				77
Amounts attributable to non-controlling interests3			(361	)			(210	)			(502	)			—				(1,073	)
Adjusted EBITDA		$	182			$	157			$	213			$	(28	)		$	524

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $82 million related to provisions recorded at our construction operation, $49 million of net gains on debt modification and extinguishment, $41 million of business separation expenses, stand-up costs, and restructuring charges, $21 million of net revaluation gains, $8 million of transaction costs and $39 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure
US$ millions, unaudited		Six Months Ended June 30, 2024
		Business Services				Infrastructure Services				Industrials				Corporate and Other				Total
Net income (loss)		$	235			$	(157	)		$	314			$	(124	)		$	268
Add back or deduct the following:
Depreciation and amortization expense			502				434				681				—				1,617
Impairment reversal (expense), net			(4	)			(12	)			6				—				(10	)
Gain (loss) on dispositions, net			(15	)			—				(84	)			—				(99	)
Other income (expense), net1			(89	)			4				58				11				(16	)
Income tax expense (recovery)			7				1				(118	)			(22	)			(132	)
Equity accounted income (loss), net			(6	)			(15	)			(33	)			—				(54	)
Interest income (expense), net			505				358				636				75				1,574
Equity accounted Adjusted EBITDA2			35				83				31				—				149
Amounts attributable to non-controlling interests3			(783	)			(396	)			(1,050	)			—				(2,229	)
Adjusted EBITDA		$	387			$	300			$	441			$	(60	)		$	1,068

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $179 million of net revaluation gains, $82 million related to provisions recorded at our construction operation, $61 million of business separation expenses, stand-up costs and restructuring charges, $50 million of other income related to a distribution at our entertainment operation, $38 million of net gains on debt modification and extinguishment, $29 million of transaction costs and $79 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Corporation Reports Second Quarter 2025 Results

Brookfield, News, August 1, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended June 30, 2025.

	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024
Net income (loss) attributable to Brookfield Business Partners	$	(120	)	$	124		$	(178	)	$	(26	)

Net loss attributable to Brookfield Business Partners for the three months ended June 30, 2025 was $120 million, compared to net income of $124 million during the same period in 2024. Current period results included $176 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS and a net gain recognized upon the deconsolidation of our healthcare services operation due to loss of control. Prior period results reflect the impact of reduced contribution from our construction operation. As at June 30, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $25.93 per unit.

Dividend

The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on September 29, 2025 to shareholders of record as at the close of business on August 29, 2025.

Additional Information

Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

Brookfield Business Corporation
Consolidated Statements of Financial Position
	As at
US$ millions, unaudited	June 30, 2025						December 31, 2024
Assets
Cash and cash equivalents				$	613					$	1,008
Financial assets					290						353
Accounts and other receivable, net					3,234						3,229
Inventory, net					26						52
Other assets					517						627
Property, plant and equipment					181						2,480
Deferred income tax assets					236						197
Intangible assets					5,980						5,966
Equity accounted investments					187						198
Goodwill					5,018						4,988
Total Assets				$	16,282					$	19,098
Liabilities and Equity
Liabilities
Accounts payable and other				$	2,981					$	5,276
Non-recourse borrowings in subsidiaries of the company					7,940						8,490
Exchangeable and class B shares					1,815						1,709
Deferred income tax liabilities					967						988
Equity
Brookfield Business Partners	$	(159	)				$	(59	)
Non-controlling interests		2,738						2,694
					2,579						2,635
Total Liabilities and Equity				$	16,282					$	19,098

Brookfield Business Corporation
Consolidated Statements of Operating Results
US$ millions, unaudited	Three Months Ended June 30,							Six Months Ended June 30,
		2025			2024				2025			2024
Revenues	$	1,860		$	1,929			$	3,826		$	3,794
Direct operating costs		(1,695	)		(1,860	)			(3,484	)		(3,512	)
General and administrative expenses		(69	)		(77	)			(144	)		(141	)
Interest income (expense), net		(212	)		(203	)			(431	)		(413	)
Equity accounted income (loss)		2			2				5			3
Impairment reversal (expense), net		—			—				—			(2	)
Remeasurement of exchangeable and class B shares		(176	)		237				(183	)		126
Other income (expense), net		236			(59	)			202			(70	)
Income (loss) before income tax		(54	)		(31	)			(209	)		(215	)
Income tax (expense) recovery
Current		14			16				(9	)		(28	)
Deferred		17			55				60			109
Net income (loss)	$	(23	)	$	40			$	(158	)	$	(134	)
Attributable to:
Brookfield Business Partners		(120	)		124				(178	)		(26	)
Non-controlling interests	$	97		$	(84	)		$	20		$	(108	)

Cautionary Statement Regarding Forward-looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Statement Regarding the Use of a Non-IFRS Measure

This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the second quarter ended June 30, 2025 furnished on Form 6-K.

FAQ

What were Brookfield Business Partners' (BBUC) Q2 2025 earnings results?

BBUC reported net income of $26 million ($0.12 per unit) in Q2 2025, compared to a net loss of $20 million in Q2 2024. Adjusted EBITDA was $591 million, up from $524 million year-over-year.

How much did BBUC spend on share repurchases in Q2 2025?

BBUC invested $56 million to repurchase 2.2 million units at an average price of approximately $25 per unit during Q2 2025.

What is BBUC's quarterly dividend for Q2 2025?

BBUC declared a quarterly distribution of $0.0625 per unit, payable on September 29, 2025 to unitholders of record as of August 29, 2025.

What major transactions did BBUC complete in Q2 2025?

BBUC completed the sale of partial interests in three businesses for $690 million in fund units and acquired Antylia Scientific for $1.3 billion, investing $168 million for a 26% interest.

What is BBUC's current liquidity position?

BBUC ended Q2 2025 with $2.3 billion of liquidity at the corporate level, including $2.2 billion of availability on credit facilities. Pro forma for announced transactions, corporate liquidity is approximately $2.9 billion.