Brookfield Business Partners L.P. Q4 FY2025 earnings call

• 2025 was an excellent year with over $2 billion in capital recycling proceeds, $1 billion in corporate borrowings repaid, $700 million in growth acquisitions, and $235 million in stock purchases at a discount. • Close to completing corporate reorganization for improved trading liquidity. • Operating environment observations: North America has stable conditions with reshoring, automation trends; Europe has challenges but some improvement. • Progress at Clarios: Record year, EBITDA up 40% since acquisition, plans for growth. • Nielsen: $800 million in cost savings, EBITDA margins up over 350 basis points. • Dexco: EBITDA up low single digits despite volume decline, margins stable. • Network: Operational improvements, add-on acquisition completed. • Financial results: Full-year adjusted EBITDA $2.4 billion, impact of tax credits and ownership changes considered.

Industrial segment: Excluding tax credits and impact of acquisitions/dispositions, full-year adjusted EBITDA was $1.3 billion compared to $1.2 billion last year. Business Services segment: Full-year adjusted EBITDA was $823 million compared to $832 million last year; on a same-store basis, adjusted EBITDA increased by approximately 5% over the prior year.

• Continue to review portfolio for monetization of mature assets like BRK and Latrobe. • Committed to completing $250 million buyback program and will be opportunistic with further repurchases. • Expect active deployment of capital in 2026 with momentum from 2025 acquisitions.

Q: Question on 45x tax credits and monetization of Clarios.

A: Clarios is an incredible business with optionality for distributions or monetization events.

Q: Line of sight on production tax credits and selling them.

A: Credits are being processed, feel good about qualifying, chose cash back for 2024 credits, not looking to sell now.

Q: Scientific Games earnings inflection point.

A: UK market launch successful, strong pipeline, but earnings take 6-12 months to come through.

Q: Scientific Games credit rating downgrade and leverage.

A: Growth in EBITDA will reduce leverage, focus on growth to delever the business.

Q: Monetization of mature assets like BRK and Latrobe.

A: BRK in Brazil has strong performance, evaluating IPO; Latrobe has pivoted and is reengaging for capital return.

Q: Buyback commitment.

A: Committed to completing $250 million buyback, will be opportunistic beyond that.

Q: CDK update.

A: Focus on modernizing tech stack, strong renewal activity, solid customer relationships.

Q: Deployment of capital in 2026.

A: Expect active deployment with momentum from 2025 acquisitions