Royal Bank of Canada stake hits 6.45% in Brookfield Business Partners (BBU)

Rhea-AI Filing Summary

Royal Bank of Canada has filed Amendment No. 3 to a Schedule 13G/A reporting its beneficial ownership in Brookfield Business Partners LP as of 12/31/2025. The bank reports beneficial ownership of 5,718,637 limited partnership units, representing 6.45% of the class.

Royal Bank of Canada has shared voting and dispositive power over all these units and no sole voting or dispositive power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Brookfield Business Partners LP

(Name of Issuer)

Limited Partnership Units

(Title of Class of Securities)

G16234109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G16234109

1

Names of Reporting Persons

Royal Bank of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,718,637.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,718,637.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,718,637.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.45 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Brookfield Business Partners LP
(b)	Address of issuer's principal executive offices: 73 Front Street, 5th Floor, Hamilton, Bermuda, HM 12
Item 2.
(a)	Name of person filing: Royal Bank of Canada
(b)	Address or principal business office or, if none, residence: 200 Bay Street, Toronto, Ontario, M5J QJ5, Canada
(c)	Citizenship: Canada
(d)	Title of class of securities: Limited Partnership Units
(e)	CUSIP No.: G16234109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,718,637
(b)	Percent of class: 6.45 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 5,718,637
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 5,718,637
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. RBC Capital Markets, LLC: A broker -dealer registered under section 15 of the Act (15 U.S.C 78o). RBC Global Asset Management Inc.: An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). RBC Phillips Hager & North Investment Counsel Inc.: A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J). RBC Private Counsel (USA) Inc.: An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E). Royal Trust Corporation of Canada, GFC Partnership and RT Partnership are entities that beneficially own in aggregate less than one percent of the reported securities.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Royal Bank of Canada

Signature:	/s/ Terry Fallon
Name/Title:	Managing Director
Date:	02/12/2026

Exhibit Information

99.1 Power of Attorney https://www.sec.gov/Archives/edgar/data/1000275/000121465925015105/ex99_1.htm

FAQ

What stake does Royal Bank of Canada report in Brookfield Business Partners (BBU)?

Royal Bank of Canada reports beneficial ownership of 5,718,637 limited partnership units of Brookfield Business Partners, representing 6.45% of the class as of December 31, 2025. This stake is reported on an amended Schedule 13G filing.

Does Royal Bank of Canada control the Brookfield Business Partners (BBU) units it holds?

Royal Bank of Canada reports shared voting and dispositive power over 5,718,637 units and no sole voting or dispositive power. This means decisions over these securities are made jointly, rather than exclusively by Royal Bank of Canada.

Why did Royal Bank of Canada file an amended Schedule 13G for Brookfield Business Partners (BBU)?

The filing is Amendment No. 3 to a Schedule 13G, required because Royal Bank of Canada’s beneficial ownership in Brookfield Business Partners units reached a reportable level of 6.45% as of December 31, 2025, triggering an updated disclosure.

Is Royal Bank of Canada seeking to influence control of Brookfield Business Partners (BBU)?

The certification states the securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing the control of Brookfield Business Partners. They are also not held in connection with any control-related transaction.

Which subsidiaries are associated with Royal Bank of Canada’s Brookfield Business Partners (BBU) holdings?

The filing identifies several related entities, including RBC Capital Markets, LLC, RBC Global Asset Management Inc., RBC Phillips Hager & North Investment Counsel Inc., RBC Private Counsel (USA) Inc. and certain Royal Trust entities holding small portions of the reported securities.

What type of filer is Royal Bank of Canada in this Brookfield Business Partners (BBU) disclosure?

Royal Bank of Canada files as a parent holding company or control person with various subsidiaries classified as broker-dealers, investment advisers, and non-U.S. institutions, which collectively manage or hold the reported 6.45% stake in Brookfield Business Partners units.