2025-11-06 14:00Financial Performance Highlights - Net loss attributable to Unitholders for the three months ended September 30, 2025, was $59 million, a decrease compared to a net income of $301 million in the prior period[18] - Adjusted EBITDA for Q3 2025 was $575 million, down from $844 million in the prior year; excluding tax benefits and contributions from acquired/disposed operations, Adjusted EBITDA was $512 million compared to $501 million[18] - Adjusted EBITDA margin decreased to 21% from 28%; excluding tax benefits, the margin was 19% compared to 18%[18] - Adjusted EFO for Q3 2025 was $284 million ($1.36 per unit), compared to $582 million ($2.68 per unit) in the prior period; excluding the impact of gain (loss) on dispositions, Adjusted EFO was $268 million ($1.27 per unit) compared to $451 million ($2.08 per unit)[18] Liquidity and Capital Structure - Corporate liquidity as of September 30, 2025, was $2,299 million, including $2,190 million of availability on credit facilities; pro forma for announced transactions, liquidity is approximately $2,900 million[18] - Total assets were $75,403 million as of September 30, 2025[22] - Total equity was $15,540 million as of September 30, 2025[22] Strategic Initiatives - Completed the privatization of First National Financial Corporation for $2.6 billion, with BBU investing $146 million for an 11% economic interest[21] - Entered into an agreement to simplify the corporate structure, exchanging LP units, exchangeable shares, and redemption-exchange units for class A shares of a Canadian corporation on a one-for-one basis, expected to be completed in Q1 2026[21] Segment Performance (Adjusted EBITDA) - Business Services: $188 million in Q3 2025, compared to $228 million in Q3 2024[13] - Infrastructure Services: $104 million in Q3 2025, compared to $146 million in Q3 2024[13] - Industrials: $316 million in Q3 2025, compared to $500 million in Q3 2024[13]