Brookfield Business Partners (NYSE:BBU) 2025 Earnings Call Presentation

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]