THREE MONTHS ENDED JUNE 30, 2025 Important Cautionary Notes All amounts in this Supplemental Information are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as at June 30, 2025. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Note: This Supplemental Information contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" withi ...

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, 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]