Group 1 - The Value Lab focuses on long-only value investment ideas, aiming for a portfolio yield of approximately 4% and has performed well over the last five years by engaging in international markets [1][2] - Brookfield Business Partners L.P. will undergo a conversion of its units into shares of a new entity, which includes shares in Brookfield Business Corporation and other redemption exchange units [2] - The Valkyrie Trading Society consists of analysts who share high conviction investment ideas that are expected to yield non-correlated and outsized returns in the current economic environment, emphasizing a long-only investment strategy [3]

Summary of Brookfield Business Partners (NYSE: BBU) 2025 Investor Day Company Overview - Brookfield Business Partners (BBU) aims to provide public investors access to Brookfield's global private equity strategy, focusing on operational improvements and value creation initiatives [3][4] - The company has achieved a gross internal rate of return (IRR) of 26% and a net IRR of 20% over 25 years [3] Financial Performance - BBU reported record EBITDA of $2.7 billion, reflecting a 16% compounded annual growth rate over the last five years [64] - EBITDA margins have doubled from 12% to 24% [64] - Adjusted earnings from operations (EFO) per unit increased from $3.65 to $6.90 [64] - The company exceeded its target of generating $2 billion in proceeds from capital recycling initiatives within 12 months [66] - The net asset value (NAV) has doubled from $28 in 2020 to $54 today, indicating strong operational quality and value creation [72][73] Investment Strategy - BBU focuses on margin expansion and operational improvements to enhance NAV [4][5] - The company has initiated a buyback program, utilizing $250 million to repurchase shares at accretive levels [7] - BBU has invested in three market-leading businesses, including Chemelex, Antilia Scientific, and First National Financial Corporation, totaling $525 million [66][67] Market Opportunities - The company sees a $7 trillion opportunity for investment in AI infrastructure and anticipates $2 to $4 trillion in annual productivity improvements across industries due to AI [11][12] - BBU is actively creating an AI value creation office with over 30 dedicated personnel to implement AI use cases across its portfolio [13] Financial Infrastructure Sector - The financial services and technology sector is identified as needing significant capital, with a $4 trillion market opportunity [20] - BBU aims to invest in asset-light financial services and technology, focusing on software and services rather than traditional banking [23] - The company has invested over $7 billion in the financial services and technology space, targeting market leaders in need of operational change [24] Corporate Structure Simplification - BBU plans to simplify its corporate structure by combining BBULP units and BBUC exchangeable shares into one publicly traded Canadian corporation, enhancing trading liquidity and passive index participation [9][10] Key Takeaways - BBU is committed to increasing NAV and narrowing the discount to NAV in its stock price through operational improvements and strategic investments [76] - The company is leveraging AI and digitalization to transform its businesses and improve margins [76] - BBU's operational expertise positions it well to capitalize on the evolving financial infrastructure landscape, which is transitioning from analog to digital and AI-driven systems [18][32]

Performance & Valuation - Brookfield Business Partners (BBU) has demonstrated exceptional returns with a gross IRR of 26% and a net IRR of 20%[6] - BBUC's total return is +95%, BBU's is +84%, and the S&P 500 is +59%[10] - The company believes it is trading at a significant discount, with a current trading price of $28 per unit compared to a net asset value of $54 per unit, representing a +90% difference[12] - The company has exceeded its capital recycling targets, achieving $2.1 billion in the last 12 months against a $2 billion target over 24 months[66] - Net Asset Value per Unit has doubled from $28 in 2020 to $54 today[108] Strategic Initiatives - BBU plans to convert into one publicly traded corporation in Q1 2026, with a 1:1 conversion of BBU LP units and BBUC exchangeable shares[20] - The conversion into a single corporation is expected to improve consolidated trading liquidity by +50% and increase index demand by 2x[23, 24] - The company has invested $4 billion from 2021 to today, $1 billion from 2010-15, $7 billion from 2016-20, and $1 billion in the early 2000s[28] Financial Highlights - Adjusted EBITDA has increased from $1.3 billion in 2020 to $2.7 billion today, representing a 16% CAGR[63] - Adjusted EFO per Unit has increased from $3.65 in 2020 to $6.90 today, representing a 14% CAGR[63] - The company has $2.9 billion in corporate liquidity[76]

Core Insights - Brookfield Business Partners L.P. serves as the public operating vehicle for Brookfield Corporation's private equity activities, focusing on business services and industrial operations with a diversified earnings model [2][3][29] Company Overview - Established in June 2016 through a spin-off from Brookfield Asset Management, the partnership aggregates and operates assets across business services, industrials, and infrastructure services [2][3] - The partnership emphasizes long-duration contracts and essential services, aiming for operational improvements and scale to deliver compounded returns [2][3] - Key assets include Westinghouse Electric Company, automotive battery assets linked to Clarios, and significant stakes in CDK Global and Scientific Games' lottery operations [2][3][5] Financial Information - Market capitalization is influenced by realized disposals, acquisitions, and the valuation of operating platforms, with units trading on the Toronto Stock Exchange (TSX: BBU.UN) and New York Stock Exchange (NYSE: BBU) [7][34] - Revenue streams are consolidated from various operating businesses, including environmental services, industrial manufacturing, and software services, with annual revenue influenced by acquisition timing [8][11] - The partnership distributes cash to unit holders through quarterly distributions, balancing reinvestment for growth with returning capital to unitholders [10][12] Operational Strategy - The partnership focuses on acquiring controlling or significant minority positions in essential service providers and industrial platforms, leveraging Brookfield's broader platform and capital resources [3][5] - Operational synergies are achieved through centralized procurement, shared services, and cross-selling among portfolio companies [4][15] - The strategy includes prioritizing assets with long-term contracts or regulated characteristics, such as municipal water concessions and software subscriptions [16][19] Industry Positioning - Brookfield Business Partners operates across several industry verticals, including utilities, manufacturing, technical services, and software/technology services for regulated sectors [14][19] - The partnership's competitive positioning benefits from integration with affiliated capital pools and collaboration with external partners like Oaktree Capital Management [15][19] - It occupies a distinct niche among Canadian-listed investment vehicles, providing direct exposure to operating platforms rather than solely acting as a fund manager [27][31] Leadership and Governance - The leadership team combines long-tenured Brookfield operating partners with external management recruits, emphasizing operational experience and continuity [22][26] - Key milestones include significant acquisitions such as Odebrecht Ambiental (BRK Ambiental), Westinghouse Electric Company, and CDK Global, demonstrating an acquisition-led growth model [23][24] - Governance focuses on integration, technology resilience, and long-term value creation, with a disciplined approach to capital allocation [24][26]

Core Viewpoint - Brookfield Business Partners intends to renew its normal course issuer bid for its limited partnership units and class A exchangeable subordinate voting shares, believing that their current trading prices do not fully reflect their value, making repurchase an attractive use of funds [1][2]. Summary by Sections Issuer Bid Details - The Toronto Stock Exchange has accepted Brookfield Business Partners' notice to renew its normal course issuer bid for its Units and Exchangeable Shares [1]. - As of August 8, 2025, there are 88,828,512 Units and 69,996,738 Exchangeable Shares outstanding [2]. - Brookfield Business Partners is authorized to purchase up to 4,441,425 Units and 3,499,836 Exchangeable Shares, which is 5% of the outstanding shares [2]. Purchase Limits and History - Under the current issuer bid, Brookfield may purchase up to 10,076 Units and 11,100 Exchangeable Shares daily, representing 25% of the average daily trading volume over the past six months [2]. - The previous issuer bid, which expires on August 18, 2025, allowed for the purchase of up to 3,714,088 Units, with 3,611,689 Units purchased at a weighted average price of US$22.54 as of August 8, 2025 [4]. - For the Exchangeable Shares, 2,957,523 were purchased under the previous bid at a weighted average price of US$25.93 [5]. Purchase Execution and Compliance - Purchases will be conducted through the TSX, NYSE, and alternative trading systems, with all acquired Units and Exchangeable Shares being cancelled [6]. - The company has established automatic repurchase plans to facilitate purchases during internal trading black-out periods, with the actual number and timing of purchases dependent on market conditions [7]. Company Overview - 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 [8]. - It is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group, which manages over $1 trillion in assets [9].

Group 1 - Investors in Brookfield Business Partners L.P. (BBU) should monitor the stock due to significant implied volatility in the options market, particularly the Sept. 19, 2025 $30.00 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that a major event may be anticipated that could lead to a significant price change [2] - Currently, Brookfield Business Partners holds a Zacks Rank 4 (Sell) in the Business - Services industry, which is in the bottom 39% of the Zacks Industry Rank, with no analysts increasing earnings estimates and two revising them downward, resulting in a consensus estimate drop from $1.17 to $1.00 per share [3] Group 2 - The high implied volatility may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility, hoping the underlying stock does not move as much as expected by expiration [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the second quarter increased to $591 million from $524 million in the prior period, reflecting improved underlying operating performance and tax benefits [18][19] - Adjusted EFO for the quarter was $234 million, benefiting from lower interest expenses due to reduced corporate borrowings compared to the prior period [18] Business Line Data and Key Metrics Changes - The Industrial segment generated adjusted EBITDA of $307 million, an increase from $213 million in the previous year, supported by tax benefits and contributions from recent acquisitions [19] - The Business Services segment's adjusted EBITDA rose to $205 million from $182 million last year, aided by increased volumes of new insurance premiums and stable performance in technology services [20] - The Infrastructure Services segment's adjusted EBITDA decreased to CAD 109 million from CAD 157 million, primarily due to the sale of the offshore oil services shuttle tanker operation [21] Market Data and Key Metrics Changes - The U.S. economy showed resilience with stabilized GDP expectations and low unemployment, while Europe is seeing increased stimulus spending [11][13] - The GCC markets in the Middle East remain strong, and India continues to be a growth economy [13] Company Strategy and Development Direction - The company is focused on acquiring high-quality, market-leading businesses with strong competitive advantages, which allows for pricing power and resilience against economic fluctuations [14] - The strategy includes leveraging secondary market opportunities to surface value and enhance shareholder returns through buybacks and reinvestments [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting that while there are challenges, the principles of acquiring high-quality businesses are serving the company well [14][15] - The company is confident in its ability to maintain or increase margins despite economic slowdowns, with a focus on optimizing operations and integrating recent acquisitions [15][16] Other Important Information - The company has realized over $800 million from asset sales and distributions while investing $300 million in acquiring two market-leading businesses [6] - The company ended the quarter with approximately $2.9 billion in corporate liquidity, providing options for capital allocation [21][22] Q&A Session Summary Question: Performance of Scientific Games - Management acknowledged that while hardware deliveries were lower, the overall EBITDA performance was flat, and they remain positive about the business's future growth potential [26][29] Question: Repositioning of Brand Safeway - Management noted that they are repositioning the business towards higher growth markets, although they expect volume softness to continue through the second half of the year [30][32] Question: Leveraging AI for Productivity - Management highlighted numerous AI initiatives across the portfolio that have led to significant operational improvements and cost savings [35][41] Question: Impact of the Big Beautiful Bill - Management expects the provisions in the bill, including accelerated depreciation, to be net positive for the business, enhancing flexibility and reducing tax burdens [42][44] Question: Secondary Transaction Insights - Management explained the decision-making process behind the secondary transaction, emphasizing the strategic choice of assets and the favorable terms achieved [52][55]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 increased to $591 million from $524 million in the prior period, reflecting improved underlying operating performance and contributions from recent acquisitions [19][20] - Adjusted EFO for the quarter was $234 million, benefiting from lower interest expenses due to reduced corporate borrowings compared to the prior period [19] Business Line Data and Key Metrics Changes - The Industrial segment generated adjusted EBITDA of $307 million, an increase from $213 million in 2024, supported by tax benefits and strong performance in advanced energy storage operations [20] - The Business Services segment's adjusted EBITDA rose to $205 million from $182 million last year, driven by increased volumes of new insurance premiums and stable performance in technology services [21] - The Infrastructure Services segment's adjusted EBITDA decreased to CAD 109 million from CAD 157 million, impacted by the sale of the offshore oil services shuttle tanker operation [22] Market Data and Key Metrics Changes - The U.S. economy showed resilience with stabilized GDP expectations and low unemployment, while Europe is experiencing increased stimulus spending [11][13] - The GCC markets in the Middle East remain strong, and India continues to be a growth economy [13] Company Strategy and Development Direction - The company is focused on acquiring high-quality, market-leading businesses with strong competitive advantages, which provide mission-critical products and services [14] - The strategy includes leveraging secondary market opportunities to surface value and enhance shareholder returns through buybacks and reinvestments [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting that while there are challenges, the principles of buying high-quality businesses are serving well [14] - The company is confident in its ability to maintain and increase margins despite economic slowdowns, with a focus on optimizing operations and enhancing productivity [15][16] Other Important Information - The company has approximately $2.9 billion in corporate liquidity, allowing for flexibility in capital allocation [22] - A buyback program has returned nearly $160 million to owners, with plans to renew the normal course issuer bid to repurchase an additional 8 million units and shares [23][75] Q&A Session Summary Question: Performance of Scientific Games - Management acknowledged that while hardware deliveries were lower, the overall EBITDA performance was flat, and they remain positive about the business's growth potential [26][30] Question: Brand Safeway's Repositioning - Management discussed the ongoing transformation plan to pivot towards higher growth markets, despite current volume softness [31][33] Question: Leveraging AI for Productivity - Management highlighted numerous AI initiatives across the portfolio that have led to significant operational improvements and cost savings [36][41] Question: Impact of the Big Beautiful Bill - Management indicated that the provisions in the bill are expected to be net positive, particularly regarding accelerated depreciation and interest deductibility [44][46] Question: Capital Allocation and Buybacks - Management confirmed commitment to the $250 million buyback program and discussed the ongoing dialogue regarding preferred shares with Brookfield Corporation [72][76] Question: Secondary Transaction Insights - Management explained the rationale behind the selection of assets for the secondary transaction, emphasizing the favorable terms achieved [54][56]

Financial Performance Highlights - Net income attributable to Unitholders was $26 million, or $0.12 per limited partnership unit, compared to a net loss of $20 million, or a loss of $0.10 per unit, in the prior period[19] - Adjusted EBITDA increased to $591 million from $524 million in the prior period, which included $71 million of tax benefits from advanced energy storage operation[19] - Adjusted EFO was $234 million, or $1.11 per unit, compared to $289 million, or $1.33 per unit, in the prior period[19] - Corporate liquidity stood at $2,333 million, including $2,230 million of availability on credit facilities, and pro forma liquidity is approximately $2,900 million[19] Strategic Initiatives and Transactions - The company invested $56 million to repurchase 2.2 million units and shares at an average price of approximately $25 per unit and share[22] - Brookfield Business Partners completed the acquisition of Antylia Scientific for approximately $1.3 billion, with BBU investing $168 million for a 26% interest[22] - The company completed the sale of a partial interest in three businesses for units of a new evergreen fund with an initial redemption value of approximately $690 million, representing an 8.6% discount to NAV[22] - The company entered into a partnership to privatize First National Financial Corporation for $2.7 billion, with BBU's share expected to be approximately $145 million for an 11% interest[22] Balance Sheet and Liquidity - Total assets were $75,335 million as of June 30, 2025[23] - Non-recourse borrowings in subsidiaries of the partnership were $42,493 million[23] - Corporate borrowings were $1,116 million[23] - Total equity was $15,321 million[23]

[Brookfield Business Partners (BBU) Q2 2025 Financial Results](index=1&type=section&id=Brookfield%20Business%20Partners%20%28BBU%29%20Q2%202025%20Financial%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Brookfield Business Partners reported a **$26 million** net income in Q2 2025, a turnaround from a **$20 million loss** last year, with Adjusted EBITDA growing to **$591 million** Q2 & H1 2025 Key Financial Metrics (vs. 2024) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Loss) to Unitholders (US$ millions)** | $26 | $(20) | $106 | $28 | | **Net Income (Loss) per Unit (US$)** | $0.12 | $(0.10) | $0.49 | $0.13 | | **Adjusted EBITDA (US$ millions)** | $591 | $524 | $1,182 | $1,068 | - Adjusted EBITDA growth was attributed to increased performance on a same-store basis and contributions from recent acquisitions[3](index=3&type=chunk) - Prior period results included a **$71 million** contribution from disposed operations, notably the offshore oil services' shuttle tanker operation sold in January 2025[3](index=3&type=chunk) [Operational Performance by Segment](index=1&type=section&id=Operational%20Performance%20by%20Segment) Industrials segment drove growth with **44% Adjusted EBITDA increase to $307 million**, while Infrastructure Services declined due to asset sales Adjusted EBITDA by Segment (US$ millions) | Segment | Q2 2025 | Q2 2024 | YTD 2025 | YTD 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) | - The Industrials segment's strong performance was boosted by its advanced energy storage operation, **$71 million** in tax recoveries, and contributions from a newly acquired electric heat tracing systems manufacturer[4](index=4&type=chunk) - The decline in the Infrastructure Services segment was primarily due to the sale of the offshore oil services' shuttle tanker operation in January 2025[6](index=6&type=chunk) Adjusted EFO by Segment (US$ millions) | Segment | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Industrials** | $154 | $206 | $284 | $386 | | **Business Services** | $105 | $86 | $222 | $254 | | **Infrastructure Services** | $38 | $76 | $204 | $148 | | **Corporate and Other** | $(63) | $(79) | $(131) | $(168) | [Strategic Initiatives](index=2&type=section&id=Strategic%20Initiatives) The company executed a **$690 million** capital recycling plan, made new investments, and repurchased **2.2 million units** for **$56 million** - Capital Recycling: Completed the sale of partial interests in three businesses, receiving units in a new evergreen fund with an initial value of approximately **$690 million**[7](index=7&type=chunk) - New Investments: Entered a partnership to privatize First National Financial Corporation with a planned **$145 million** investment and completed the acquisition of Antylia Scientific with a **$168 million** investment[8](index=8&type=chunk)[9](index=9&type=chunk) - Unit Repurchase Program: Repurchased **2.2 million units** for **$56 million** during the quarter, bringing the year-to-date total to **6.5 million units** for **$157 million**[10](index=10&type=chunk) [Liquidity and Distribution](index=2&type=section&id=Liquidity%20and%20Distribution) Corporate liquidity reached **$2.3 billion**, projected to **$2.9 billion** pro forma, with a **$0.0625** per unit quarterly distribution - Ended the quarter with corporate liquidity of approximately **$2.3 billion**, including **$2.2 billion** available on credit facilities[11](index=11&type=chunk) - Pro forma liquidity, after announced and recently closed transactions, is expected to be approximately **$2.9 billion**[11](index=11&type=chunk) - The Board of Directors declared a quarterly distribution of **$0.0625** per unit, payable on September 29, 2025[13](index=13&type=chunk) [Consolidated Financial Statements (BBU)](index=3&type=section&id=Consolidated%20Financial%20Statements%20%28BBU%29) Total assets stable at **$75.3 billion**, revenues decreased to **$6.7 billion** due to dispositions, net income rose to **$135 million** [Consolidated Statements of Financial Position](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Total assets were **$75.3 billion**, with Property, Plant and Equipment decreasing and corporate borrowings reduced to **$1.1 billion** Selected Balance Sheet Items (US$ millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets (US$ millions)** | **$75,335** | **$75,474** | | Cash and cash equivalents | $3,329 | $3,239 | | Property, plant and equipment | $10,591 | $13,232 | | Goodwill | $13,287 | $12,239 | | **Total Liabilities and Equity (US$ millions)** | **$75,335** | **$75,474** | | Corporate borrowings | $1,116 | $2,142 | | Non-recourse borrowings | $42,493 | $36,720 | | Total Equity | $15,321 | $17,308 | [Consolidated Statements of Operating Results](index=4&type=section&id=Consolidated%20Statements%20of%20Operating%20Results) Q2 2025 revenues were **$6.7 billion**, down from **$11.9 billion** due to dispositions, with net income increasing to **$135 million** Selected Income Statement Items (US$ millions) | Account | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues (US$ millions)** | **$6,695** | **$11,946** | **$13,444** | **$23,961** | | Direct operating costs (US$ millions) | $(5,465) | $(10,928) | $(10,867) | $(21,806) | | Gain (loss) on dispositions, net (US$ millions) | $6 | $84 | $220 | $99 | | **Net income (loss) (US$ millions)** | **$135** | **$65** | **$391** | **$268** | | Attributable to Limited partners (US$ millions) | $11 | $(7) | $41 | $10 | [Reconciliation of Non-IFRS Measure](index=5&type=section&id=Reconciliation%20of%20Non-IFRS%20Measure) Q2 2025 reconciliation details Net Income of **$135 million** adjusted for depreciation and interest to arrive at **$591 million** Adjusted EBITDA Q2 2025 Reconciliation of Net Income to Adjusted EBITDA (US$ millions) | Description | Amount | | :--- | :--- | | **Net income (loss) (US$ millions)** | **$135** | | Depreciation and amortization (US$ millions) | $767 | | Interest income (expense), net (US$ millions) | $801 | | Income tax (expense) recovery (US$ millions) | $(65) | | Other adjustments (US$ millions) | $94 | | Equity accounted Adjusted EBITDA (US$ millions) | $88 | | Amounts attributable to non-controlling interests (US$ millions) | $(1,223) | | **Adjusted EBITDA (US$ millions)** | **$591** | [Brookfield Business Corporation (BBUC) Q2 2025 Results](index=6&type=section&id=Brookfield%20Business%20Corporation%20%28BBUC%29%20Q2%202025%20Results) [Financial Highlights and Dividend (BBUC)](index=7&type=section&id=Financial%20Highlights%20and%20Dividend%20%28BBUC%29) BBUC reported a **$120 million** net loss attributable to BBP in Q2 2025, driven by a **$176 million** remeasurement loss, and declared a **$0.0625** dividend Net Income (Loss) Attributable to BBP (US$ millions) | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | $(120) | $124 | | **Six Months Ended June 30** | $(178) | $(26) | - The current period loss included a **$176 million** remeasurement loss on exchangeable and class B shares, which are classified as liabilities under IFRS[35](index=35&type=chunk) - A quarterly dividend of **$0.0625** per share was declared, payable on September 29, 2025[36](index=36&type=chunk) [Consolidated Financial Statements (BBUC)](index=7&type=section&id=Consolidated%20Financial%20Statements%20%28BBUC%29) BBUC total assets decreased to **$16.3 billion**, with stable revenues at **$1.86 billion**, but a **$23 million** net loss due to remeasurement loss on shares [Consolidated Statements of Financial Position (BBUC)](index=7&type=section&id=Consolidated%20Statements%20of%20Financial%20Position%20%28BBUC%29) Total assets decreased to **$16.3 billion** from **$19.1 billion**, driven by lower Property, Plant and Equipment and Accounts Payable, with exchangeable shares increasing to **$1.8 billion** Selected Balance Sheet Items (US$ millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets (US$ millions)** | **$16,282** | **$19,098** | | Property, plant and equipment | $181 | $2,480 | | **Total Liabilities and Equity (US$ millions)** | **$16,282** | **$19,098** | | Accounts payable and other | $2,981 | $5,276 | | Exchangeable and class B shares | $1,815 | $1,709 | [Consolidated Statements of Operating Results (BBUC)](index=8&type=section&id=Consolidated%20Statements%20of%20Operating%20Results%20%28BBUC%29) Q2 2025 revenues were **$1.86 billion**, with a **$176 million** remeasurement loss on exchangeable shares driving a **$23 million** net loss Selected Income Statement Items (US$ millions) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Revenues (US$ millions)** | **$1,860** | **$1,929** | | Remeasurement of exchangeable shares (US$ millions) | $(176) | $237 | | **Net income (loss) (US$ millions)** | **$(23)** | **$40** | | Attributable to Brookfield Business Partners (US$ millions) | $(120) | $124 | [Disclosures and Additional Information](index=8&type=section&id=Disclosures%20and%20Additional%20Information) [Forward-Looking Statements and Non-IFRS Measures](index=8&type=section&id=Forward-Looking%20Statements%20and%20Non-IFRS%20Measures) The report cautions on forward-looking statements due to inherent risks and clarifies Adjusted EBITDA as a non-IFRS supplemental measure, not a substitute for IFRS analysis - The company cautions that forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - Adjusted EBITDA is presented as a non-IFRS supplemental measure and is not a substitute for financial analysis prepared in accordance with IFRS[51](index=51&type=chunk)