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)

Core Insights - Brookfield Business Partners reported strong financial results for Q2 2025, with net income of $26 million compared to a net loss of $20 million in Q2 2024, indicating resilience in an uneven macroeconomic environment [2][3][34] - The company achieved an Adjusted EBITDA of $591 million for Q2 2025, up from $524 million in the same period last year, driven by improved performance and contributions from recent acquisitions [3][4][5] - Strategic initiatives included the sale of a partial interest in three businesses for approximately $690 million and a partnership to privatize First National Financial Corporation for $2.7 billion [8][9] Financial Performance - For the three months ended June 30, 2025, net income attributable to unitholders was $26 million ($0.12 per unit), compared to a net loss of $20 million ($0.10 per unit) in the prior year [2][3] - Adjusted EBITDA by segment for Q2 2025: Industrials $307 million, Business Services $205 million, Infrastructure Services $109 million, and Corporate and Other $(30) million [4][5][6] - Total revenues for Q2 2025 were $6.695 billion, with direct operating costs of $5.465 billion, resulting in an income before income tax of $70 million [24] Strategic Initiatives - The company completed the sale of a partial interest in three businesses to a new private equity fund, with an initial redemption value of approximately $690 million [8] - Brookfield Business Partners entered a partnership to privatize First National Financial Corporation for $2.7 billion, with an expected equity contribution of approximately $145 million [9] - The acquisition of Antylia Scientific for approximately $1.3 billion was completed, with Brookfield investing $168 million for a 26% interest [10] Liquidity and Capital Management - As of June 30, 2025, the company had approximately $2.3 billion in liquidity, including $2.2 billion available on credit facilities [12] - During the quarter, Brookfield invested $56 million to repurchase 2.2 million units at an average price of approximately $25 per unit, totaling $157 million in buybacks year-to-date [11] Distribution - The Board of Directors declared a quarterly distribution of $0.0625 per unit, payable on September 29, 2025, to unitholders of record as of August 29, 2025 [13][37]

[Unaudited Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statements of Financial Position](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) Total assets slightly increased to $75.9 billion, while a rise in liabilities led to a decrease in total equity to $14.9 billion Consolidated Balance Sheet Summary (US$ Millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$75,887** | **$75,474** | | Total Current Assets | $15,050 | $15,339 | | Total Non-Current Assets | $60,837 | $60,135 | | **Total Liabilities** | **$61,032** | **$58,166** | | Total Current Liabilities | $10,147 | $12,166 | | Total Non-Current Liabilities | $50,885 | $46,000 | | **Total Equity** | **$14,855** | **$17,308** | [Consolidated Statements of Operating Results](index=4&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Operating%20Results) Net income rose to $256 million in Q1 2025, driven by lower operating costs and disposition gains despite a significant revenue decline Q1 Operating Results (US$ Millions, except per unit amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $6,749 | $12,015 | | Direct operating costs | $(5,402) | $(10,878) | | Gain (loss) on acquisitions/dispositions, net | $214 | $15 | | **Net income (loss)** | **$256** | **$203** | | Net income attributable to Limited partners | $30 | $17 | | **Basic and diluted earnings (loss) per limited partner unit** | **$0.38** | **$0.23** | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The partnership reported a comprehensive income of $442 million, a significant reversal from the prior year's loss Q1 Comprehensive Income (Loss) (US$ Millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) | $256 | $203 | | Total other comprehensive income (loss) | $186 | $(259) | | **Comprehensive income (loss)** | **$442** | **$(56)** | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased by $2.45 billion to $14.9 billion, primarily due to distributions exceeding net income - Total equity decreased by **$2.45 billion** during Q1 2025, mainly driven by distributions and capital paid totaling **$3.54 billion**, with a significant portion ($3.52 billion) paid to interests of others in operating subsidiaries[12](index=12&type=chunk) [Consolidated Statements of Cash Flow](index=7&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) Cash from operations more than doubled, and with strong financing inflows, the cash balance increased to $3.4 billion Q1 Cash Flow Summary (US$ Millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cash from operating activities | $815 | $344 | | Cash from financing activities | $757 | $201 | | Cash from investing activities | $(1,454) | $(581) | | **Change in cash and cash equivalents** | **$118** | **$(36)** | | **Balance, end of period** | **$3,442** | **$3,148** | [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key transactions including an acquisition and disposition, a significant tax benefit, and changes in borrowings [Note 2: Material Accounting Policy Information](index=9&type=section&id=NOTE%202.%20MATERIAL%20ACCOUNTING%20POLICY%20INFORMATION) A new U.S. tax benefit for domestic energy production is now treated as a government grant, reducing operating costs - The partnership's advanced energy storage operation recorded a **$259 million benefit** from U.S. tax legislation for domestic energy production, which was presented as a reduction to direct operating costs in Q1 2025[30](index=30&type=chunk) [Note 3: Acquisition of Businesses](index=11&type=section&id=NOTE%203.%20ACQUISITION%20OF%20BUSINESSES) The partnership acquired Chemelex for $1.65 billion, recognizing significant goodwill and intangible assets - Acquired Chemelex for **$1.654 billion**, recognizing **$645 million in goodwill** and **$804 million in intangible assets**[38](index=38&type=chunk)[40](index=40&type=chunk) - The partnership's economic interest is ~26% but it has control via 100% voting rights[38](index=38&type=chunk)[40](index=40&type=chunk) [Note 8: Dispositions](index=16&type=section&id=NOTE%208.%20DISPOSITIONS) The sale of the shuttle tanker operation was completed, generating a net gain of $214 million - The sale of the shuttle tanker operation was completed for **$484 million**, resulting in a **net gain of $214 million** in Q1 2025[64](index=64&type=chunk) [Note 16: Borrowings](index=20&type=section&id=NOTE%2016.%20BORROWINGS) Corporate borrowings decreased significantly while non-recourse subsidiary borrowings increased substantially Borrowings Summary (US$ Millions) | Borrowing Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Corporate borrowings | $1,017 | $2,142 | | Non-recourse subsidiary borrowings | $42,316 | $36,720 | [Note 19: Equity](index=23&type=section&id=NOTE%2019.%20EQUITY) The partnership executed share repurchases, managed unit conversions, and paid significant distributions - In Q1 2025, the partnership repurchased over **3 million LP Units** and BBUC repurchased **1.26 million exchangeable shares**[102](index=102&type=chunk)[111](index=111&type=chunk) - Additionally, **18.1 million Redemption-Exchange Units** were converted into LP Units[103](index=103&type=chunk) - A quarterly distribution of **$0.0625 per Unit** was made, alongside a large distribution of **$3.516 billion** to others with interests in operating subsidiaries, mainly related to the advanced energy storage operation[100](index=100&type=chunk) [Note 22: Revenues](index=27&type=section&id=NOTE%2022.%20REVENUES) Total revenues declined sharply due to the disposition of the road fuels operation in the Business Services segment - The significant drop in total revenue in Q1 2025 compared to Q1 2024 is primarily due to the disposition of the road fuels operation in Q3 2024, which heavily impacted the Business Services segment[127](index=127&type=chunk) [Management's Discussion and Analysis (MD&A)](index=35&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Business Overview and Operating Segments](index=39&type=section&id=Overview%20of%20Our%20Business) The partnership operates across three segments, with Industrials being the largest by assets and Q1 2025 revenue Assets and Revenues by Segment (Q1 2025, US$ Millions) | Segment | Assets (as at Mar 31, 2025) | Revenues (for Q1 2025) | | :--- | :--- | :--- | | Business services | $31,201 | $2,492 | | Infrastructure services | $15,584 | $731 | | Industrials | $28,816 | $3,526 | | **Total** | **$75,887** | **$6,749** | [Recent Developments and Outlook](index=45&type=section&id=Recent%20Developments%20in%20Our%20Business) The partnership executed several major transactions and faces a mixed outlook across its key operations - In January 2025, the advanced energy storage operation raised **$5 billion in new debt**, using **$4.5 billion** to fund a special distribution to owners[213](index=213&type=chunk) - Completed the acquisition of Chemelex, an electric heat tracing systems manufacturer, for **$1.65 billion** on January 30, 2025[215](index=215&type=chunk) - The healthcare services operation's current capital structure is deemed **unsustainable**, and the business is negotiating with stakeholders while assessing options[220](index=220&type=chunk) [Review of Consolidated Results of Operations](index=48&type=section&id=Review%20of%20Consolidated%20Results%20of%20Operations) Net income increased year-over-year despite lower revenue, due to cost reductions, tax benefits, and disposition gains - Revenue for Q1 2025 decreased by **$5.27 billion** year-over-year, mainly due to the disposition of the road fuels operation in July 2024[230](index=230&type=chunk) - Direct operating costs fell by **$5.48 billion**, driven by the road fuels disposition and a **$259 million tax benefit** at the advanced energy storage operation[232](index=232&type=chunk) - A net gain on dispositions of **$214 million** was recognized in Q1 2025 from the sale of the offshore oil services' shuttle tanker operation[235](index=235&type=chunk) [Review of Consolidated Financial Position](index=51&type=section&id=Review%20of%20Consolidated%20Financial%20Position) The balance sheet expanded slightly, marked by an acquisition-driven increase in intangibles and a significant rise in non-recourse debt - Goodwill increased by **$793 million** and intangible assets by **$840 million**, primarily due to the acquisition of the electric heat tracing systems manufacturer[246](index=246&type=chunk)[249](index=249&type=chunk) - Non-recourse borrowings in subsidiaries increased by **$5.6 billion**, largely driven by new debt raised at the advanced energy storage operation[240](index=240&type=chunk)[305](index=305&type=chunk) - During Q1 2025, the partnership repurchased **3.0 million LP Units** and BBUC repurchased **1.3 million exchangeable shares** under their respective NCIBs[258](index=258&type=chunk)[259](index=259&type=chunk) [Segment Analysis](index=54&type=section&id=Segment%20Analysis) Adjusted EBITDA grew year-over-year, led by strong performance in the Industrials segment, while Infrastructure Services' results were mixed Adjusted EFO by Segment (US$ Millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Business services | $117 | $168 | | Infrastructure services | $166 | $72 | | Industrials | $130 | $180 | | Corporate and other | $(68) | $(89) | Adjusted EBITDA by Segment (US$ Millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Business services | $213 | $205 | | Infrastructure services | $104 | $143 | | Industrials | $304 | $228 | | Corporate and other | $(30) | $(32) | [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) The partnership maintains a strong liquidity position with substantial cash and undrawn credit, though its debt-to-capitalization ratio has increased - As of March 31, 2025, the partnership had **$43.3 billion in borrowings** and an additional **$8.8 billion in undrawn credit facilities**[306](index=306&type=chunk) - The net debt-to-capitalization ratio rose to **73%** at the end of Q1 2025, up from 67% at the end of 2024[313](index=313&type=chunk) - A quarterly distribution of **$0.0625 per unit** was declared, payable on June 30, 2025[149](index=149&type=chunk)[313](index=313&type=chunk)

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $591 million, an increase from $544 million in the prior period [18] - Adjusted EFO for the quarter was $345 million, which included a $114 million net gain from the sale of an offshore oil services operation [18] - The company ended the quarter with liquidity of approximately CAD 2.3 billion at the corporate level [20] Business Line Data and Key Metrics Changes - The Industrial segment generated adjusted EBITDA of $304 million, benefiting from tax benefits and contributions from a newly acquired electric heat tracing manufacturer [18] - The Business Service segment's adjusted EBITDA was CAD 213 million, an increase from CAD 205 million in 2024, driven by strong performance in residential mortgage insurance and improved project execution [19] - The Infrastructure Services segment's adjusted EBITDA was $104 million, down from $143 million in the same quarter last year, impacted by weak market conditions in work access services [20] Market Data and Key Metrics Changes - The U.S. remains an attractive destination for capital, with ongoing investments in the backbone of the economy [7] - Growth in Europe has lagged behind the U.S., but there are signs of a pro-growth agenda from governments [8] - India and the Gulf countries are highlighted as bright spots in the global economy, providing a conducive deal-making environment [8] Company Strategy and Development Direction - The company aims to own market-leading businesses and enhance their performance and cash flows, focusing on capital recycling initiatives and strategic acquisitions [5][6] - The strategy includes adapting to economic cycles and leveraging operational capabilities to create value [6][10] - The company is exploring opportunities in digitalization and relocalization as key growth themes [6][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential impacts from tariffs and global economic growth but remains confident in the resilience of their businesses [12][16] - The company is preparing for a more uncertain outlook over the next 12 to 18 months, focusing on operational capabilities and cost optimization [16][17] - Management believes that the long-term impacts of U.S. trade policy could be positive for their businesses [16] Other Important Information - The company has initiated a $250 million share repurchase program, returning $140 million to shareholders so far [5][21] - The acquisition of Antilia Scientific is expected to enhance the company's manufacturing and commercial strategy [9] Q&A Session Summary Question: Impact of tariffs on Dexco's EBITDA - Management indicated that while there are signs of recovery in North America, the market remains muted, and they are managing costs effectively to improve margins [25][26] Question: Status of Clarios' tax filing - Management confirmed that the tax return for 2024 is being processed normally, and they expect to receive tax benefits soon [27][28] Question: Plans for returning capital to shareholders - Management stated they are always looking for monetization opportunities and would consider expanding the share buyback program if further realizations occur [29][30] Question: Realignment at Scientific Games - Management highlighted significant opportunities in digitizing the lottery ecosystem and has appointed a new head of digital to drive this initiative [35][36] Question: Participation in Barclays payments business - Management confirmed participation in the Barclays investment, aligning with their strategy in financial infrastructure [37][38] Question: Performance of Unidos in Brazil - Management reported stable performance in fleet management and car rental, with positive cash flow despite rising interest rates [49][52] Question: Actions to manage tariff impacts - Management is actively implementing pricing actions and cost optimization initiatives to mitigate tariff impacts, particularly in Clarios and Dexco [56][57]

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $591 million, compared to $544 million in the prior period, reflecting a year-over-year increase [19] - Adjusted EFO for the quarter was $345 million, which included a net gain of $114 million from the sale of an offshore oil services shuttle tanker operation [19] Business Line Data and Key Metrics Changes - The Industrial segment generated first quarter adjusted EBITDA of $304 million, benefiting from $72 million in tax benefits at the advanced energy storage operation [19] - The Business Service segment's adjusted EBITDA was CAD 213 million, an increase from CAD 205 million in 2024, driven by strong performance in residential mortgage insurance and improved project execution in construction [20] - The Infrastructure Services segment's adjusted EBITDA was $104 million, down from $143 million in the same quarter last year, impacted by weak market conditions in work access services [21] Market Data and Key Metrics Changes - The U.S. remains an attractive destination for capital, with ongoing investments in the backbone of the economy [7][9] - Growth in Europe has lagged behind the U.S., but there are signs of a pro-growth agenda from governments [9] - India and the Gulf countries are highlighted as bright spots in the global economy, providing a conducive deal-making environment [9] Company Strategy and Development Direction - The company aims to own great businesses with market-leading positions and enhance their performance and cash flows [6] - There is a focus on capital recycling initiatives, with $1.5 billion generated and $370 million committed to acquiring two industrial businesses [5] - The company is prepared for uncertain days ahead but remains optimistic about the quality of its businesses and operational capabilities [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that most businesses will not be entirely insulated from tariffs or potential downturns in global growth, but they are confident in their operational capabilities to adapt [6][17] - The company is evaluating proactive measures across its businesses to mitigate potential headwinds and prepare for changing environments [15][17] - Management expects the longer-term impacts from U.S. trade policy could be positive for their businesses, despite recognizing near-term disruption risks [17] Other Important Information - The company has a liquidity of approximately CAD 2.3 billion at the corporate level, which supports ongoing capital allocation priorities [21] - A $250 million repurchase program was launched, with $140 million already returned to shareholders [5][22] Q&A Session Summary Question: Impact of tariffs on Dexco's EBITDA - Management indicated that performance in Q1 was in line with plans, with some recovery in North America, but the market remains muted. They are managing costs effectively to improve margins [25][26] Question: Status of Clarios' tax filing - Management confirmed that the tax return for 2024 is being processed normally, and they expect to receive tax benefits in due course [27][61] Question: Plans for returning capital to shareholders - Management stated they are always looking for monetization opportunities and have a balanced approach to deleveraging, returning capital, and new investments [30] Question: Realignment at Scientific Games - Management highlighted significant opportunities in digitizing the lottery ecosystem and has appointed a new head of digital to enhance value [35] Question: Participation in Barclays payments business - Management confirmed that BBU will participate in the Barclays investment, aligning with their strategy in financial infrastructure [37] Question: Performance of Unidos in Brazil - Management reported stable performance in the fleet management side, with the car rental side also performing well despite rising interest rates [49][52]

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $591 million, an increase from $544 million in the prior period [16] - Adjusted EFO for the quarter was $345 million, which included a $114 million net gain from the sale of an offshore oil services operation [16] Business Line Data and Key Metrics Changes - The Industrial segment generated adjusted EBITDA of $304 million, benefiting from $72 million in tax benefits and contributions from a newly acquired electric heat tracing manufacturer [16] - The Business Service segment's adjusted EBITDA was CAD 213 million, up from CAD 205 million in 2024, driven by strong performance in residential mortgage insurance and improved project execution in construction [17] - The Infrastructure Services segment's adjusted EBITDA was $104 million, down from $143 million in the same quarter last year, impacted by the sale of offshore oil services [18] Market Data and Key Metrics Changes - Demand for advanced batteries in the advanced energy storage operation increased, contributing positively to results [17] - The company noted some demand headwinds in parts of Europe and softness in discretionary demand [14] Company Strategy and Development Direction - The company aims to own market-leading businesses and enhance their performance and cash flows, focusing on capital recycling and strategic acquisitions [4][5] - The strategy includes investing in areas like relocalization and digitalization, with a strong emphasis on the U.S. market as an attractive destination for capital [6][7] - The company is positioned to take advantage of growth opportunities and has recently agreed to acquire Antilia Scientific, a manufacturer of critical lab consumables [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic cycles and adapting to changes, despite potential impacts from tariffs and global growth downturns [5][11] - The company is preparing for a more uncertain outlook over the next 12 to 18 months, while recognizing the resilience of its businesses [14][15] Other Important Information - The company ended the quarter with approximately CAD 2.3 billion in liquidity at the corporate level, allowing for continued buybacks and strategic investments [19] - A $250 million repurchase program was launched, with $140 million already returned to shareholders [4][19] Q&A Session Summary Question: Impact of tariffs on Dexco's EBITDA - Management indicated that while there are signs of recovery in North America, the market remains muted, and they are managing costs effectively to improve margins [22][23] Question: Status of Clarios' tax filing - Management confirmed that there are no changes in views regarding tax credits, and the tax return for 2024 is being processed normally [24][25] Question: Plans for returning capital to shareholders - The company is exploring monetization opportunities and may consider a larger share buyback program, depending on market conditions [26][28] Question: Realignment at Scientific Games - Management highlighted significant opportunities in digitizing the lottery ecosystem and has appointed a new head of digital to drive this initiative [32][33] Question: Participation in Barclays payments business - The company confirmed participation in the Barclays investment, aligning with its strategy in financial infrastructure [35][36] Question: Performance of Unidos in Brazil - The fleet management side of Unidos is performing well, with stable pricing, while the car rental side is also doing fine despite rising interest rates [46][49]

Financial Performance Highlights - Net income attributable to Unitholders for the three months ended March 31, 2025, was $80 million ($0.38 per limited partnership unit), compared to $48 million ($0.23 per limited partnership unit) in the prior period[12, 19] - Adjusted EBITDA for the three months ended March 31, 2025, was $591 million, compared to $544 million in the prior period[12, 19] - Adjusted EFO for the three months ended March 31, 2025, was $345 million ($1.60 per unit), compared to $331 million ($1.53 per unit) in the prior period[19] - Corporate liquidity as of March 31, 2025, was $2,414 million, including $59 million of cash and liquid securities and $2,330 million of availability on credit facilities[19, 24] Segment Performance - Business Services Adjusted EBITDA was $213 million, compared to $205 million in the prior period[13, 45] - Infrastructure Services Adjusted EBITDA was $104 million, compared to $143 million in the prior period, which included contribution from the shuttle tanker operation in offshore oil services that was sold in January 2025[13, 49] - Industrials Adjusted EBITDA was $304 million, compared to $228 million in the prior period, with the advanced energy storage operation contributing $233 million compared to $159 million in the prior period[13, 54] Balance Sheet and Liquidity - Total assets as of March 31, 2025, were $75,887 million, compared to $75,474 million as of December 31, 2024[23] - Non-recourse borrowings in subsidiaries were $42,316 million as of March 31, 2025, compared to $36,720 million as of December 31, 2024[23] - Corporate borrowings were $1,017 million as of March 31, 2025, compared to $2,142 million as of December 31, 2024[23] Capital Structure - Partnership units outstanding were 141.0 million as of March 31, 2025, compared to 144.0 million as of December 31, 2024[30] - BBUC exchangeable shares outstanding were 71.7 million as of March 31, 2025, compared to 73.0 million as of December 31, 2024[30] - The company invested approximately $140 million to repurchase 5.9 million of its units and shares at an average price of approximately $24 per unit and share during the quarter and subsequent to quarter end[22]

EXHIBIT 99.1 Brookfield Business Partners Reports 2024 Year End Results BROOKFIELD, News, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the year ended December 31, 2024. "Our business had another successful year in 2024. We generated over $2 billion from our capital recycling initiatives, acquired two market-leading operations and achieved solid financial results," said Anuj Ranjan, CEO of Brookfield Business Partner ...

Core Points - Brookfield Business Partners L.P. has filed its 2024 annual report on Form 20-F, including audited financial statements for the year ended December 31, 2024, with the SEC and Canadian securities authorities [1] - The company focuses on owning and operating high-quality businesses that provide essential products and services, benefiting from a strong competitive position [2] - Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group, which manages over $1 trillion in assets [3] Company Information - Investors can invest in Brookfield Business Partners either through the limited partnership (NYSE:BBU, TSX:BBU) or the corporation (NYSE, TSX:BBUC) [2] - Previous audited annual and unaudited quarterly reports have been filed and are available on the company's website [4]