- **Capital Recycling Success**: $2 billion in proceeds, $160 million buybacks, and $525 million in strategic acquisitions highlight strong execution.
- **AI-Driven Transformation**: Investments in operational efficiency and data analytics are driving margin improvements across portfolio businesses.
- **Corporate Restructuring**: Simplification into a single Canadian corporation expected to boost liquidity and investor demand.
- **BRK IPO Optionality**: Despite high rates, discussions continue as a potential exit strategy for the mature utility business.
- **Evergreen Fund Momentum**: $250 million raised, with BBU units exchanged for fund shares, enhancing financial flexibility.

**【CEO Summary Section】**
- Delivered strong Q3 results with $2 billion in capital recycling proceeds, $160 million in unit buybacks, and $525 million in strategic acquisitions (e.g., First National). 
- Announced corporate reorganization to consolidate units and shares into a single Canadian corporation, aiming to enhance liquidity and attract index investors.
- Emphasized AI as a transformative tool, with investments in operational efficiency and data-driven decision-making across portfolio businesses.
- NAV growth continues to outpace share price, with a narrowing but persistent trading discount.

**【CFO Financial Commentary】**
- Q3 adjusted EBITDA: $575 million (down 32% YoY due to tax benefits and disposed operations). Core EBITDA (excluding tax and disposed ops): $512 million (+2% YoY).
- Industrial segment: $316 million EBITDA (+17% YoY, driven by advanced energy storage and engineered components).
- Business Services: $188 million EBITDA (-17% YoY, impacted by IFRS 17 timing and partial asset sales).
- Infrastructure Services: $146 million EBITDA (-1% YoY, stable lottery services offset by asset sales).
- Maintained strong liquidity ($2.9 billion) and repurchased $160 million of units under $250 million buyback program.

**【Q&A Highlights】**
- **BRK IPO Update**: CEO Anuj Ranjan confirmed IPO remains an option, with early discussions underway despite high Brazilian interest rates. Focus on operational improvements and monetization.
- **La Trobe Fund Regulatory Issues**: No impact on fundamentals; business continues to perform well with strong customer retention.
- **Evergreen Fund Progress**: $250 million raised, with BBU units exchanged for fund shares, enhancing liquidity and flexibility.
- **CDK Technology Investments**: Year-over-year EBITDA decline driven by $10 million in AI and workflow enhancements, with stabilization in churn and positive customer feedback.
- **DexKo Growth**: Volumes up 10% YoY, benefiting from North American and international market recovery.
- **AI Across Portfolio**: Clarios using sensors to optimize manufacturing; CDK leveraging dealer transaction data; Scientific Games applying AI to lottery purchasing patterns.

Brookfield Business Partners L.P. LP Units (BBU) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BBU

BBU fundamentals

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