Brookfield Business Partners (BBU) investor relations material

Executive summary

• Net income attributable to shareholders was $40 million ($0.19 per Class A Share) for Q1 2026, down from $80 million ($0.38 per share) year-over-year.

• Adjusted EBITDA for Q1 2026 was $582 million, slightly down from $591 million in Q1 2025; margin improved to 25% from 23%.

• Achieved strong operational performance in Q1 2026, highlighted by major tax credits, a lucrative asset sale, and a significant AI investment partnership.

• Completed corporate simplification and reorganization, improving share liquidity and index demand, with new Class A Shares trading on NYSE and TSX as of March 31, 2026.

• Corporate liquidity stood at $1,952 million as of March 31, 2026, with pro forma liquidity of $2,400 million after recent transactions.

Financial highlights

• Revenues for Q1 2026 were $6,436 million, down from $6,749 million year-over-year.

• Direct operating costs decreased by $234 million year-over-year.

• Interest expense, net, decreased by $18 million due to reduced borrowings post-healthcare services deconsolidation.

• Cash and cash equivalents totaled $1,732 million, with increases in financial assets and property, plant, and equipment.

• Completed $250 million buyback program, with $285 million deployed toward repurchases since February 2025.

Outlook and guidance

• Expectation of continued strong demand for essential services and industrial businesses throughout 2026.

• Clarios anticipated to receive ~$1 billion in annual tax credits through 2030, supporting reinvestment and growth.

• Proceeds from the sale of a 27% interest in La Trobe Financial are expected to be approximately $200 million, with closing anticipated in the second half of 2026.

• Investment of $150 million in DeployCo, an AI services platform, is expected to drive future growth.