THREE MONTHS AND YEAR ENDED DECEMBER 31, 2025 Important Cautionary Notes All amounts in this Supplemental Information are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as at December 31, 2025. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Note: This Supplemental Information contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking ...

Group 1 - The special meeting of unitholders of Brookfield Business Partners LP is chaired by Jaspreet Dehl, the Chief Financial Officer, in the absence of Cyrus Madon, the Executive Chairman [1][2] - The meeting is focused on a proposed reorganization plan that aims to simplify the corporate structure by merging Brookfield Business Partners and Brookfield Business Corporation into a single publicly traded Canadian corporation [3] - The name of the new publicly traded corporation will be announced before the closing of the transaction, which is expected to occur later this quarter [3] Group 2 - All outstanding limited partnership units of Brookfield Business Partners will be exchanged for newly issued units as part of the reorganization [4]

Financial 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]

Group 1 - The Value Lab focuses on long-only value investment ideas, aiming for a portfolio yield of approximately 4% and has performed well over the last five years by engaging in international markets [1][2] - Brookfield Business Partners L.P. will undergo a conversion of its units into shares of a new entity, which includes shares in Brookfield Business Corporation and other redemption exchange units [2] - The Valkyrie Trading Society consists of analysts who share high conviction investment ideas that are expected to yield non-correlated and outsized returns in the current economic environment, emphasizing a long-only investment strategy [3]

Core Viewpoint - Brookfield Business Partners intends to renew its normal course issuer bid for its limited partnership units and class A exchangeable subordinate voting shares, believing that their current trading prices do not fully reflect their value, making repurchase an attractive use of funds [1][2]. Summary by Sections Issuer Bid Details - The Toronto Stock Exchange has accepted Brookfield Business Partners' notice to renew its normal course issuer bid for its Units and Exchangeable Shares [1]. - As of August 8, 2025, there are 88,828,512 Units and 69,996,738 Exchangeable Shares outstanding [2]. - Brookfield Business Partners is authorized to purchase up to 4,441,425 Units and 3,499,836 Exchangeable Shares, which is 5% of the outstanding shares [2]. Purchase Limits and History - Under the current issuer bid, Brookfield may purchase up to 10,076 Units and 11,100 Exchangeable Shares daily, representing 25% of the average daily trading volume over the past six months [2]. - The previous issuer bid, which expires on August 18, 2025, allowed for the purchase of up to 3,714,088 Units, with 3,611,689 Units purchased at a weighted average price of US$22.54 as of August 8, 2025 [4]. - For the Exchangeable Shares, 2,957,523 were purchased under the previous bid at a weighted average price of US$25.93 [5]. Purchase Execution and Compliance - Purchases will be conducted through the TSX, NYSE, and alternative trading systems, with all acquired Units and Exchangeable Shares being cancelled [6]. - The company has established automatic repurchase plans to facilitate purchases during internal trading black-out periods, with the actual number and timing of purchases dependent on market conditions [7]. Company Overview - Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services [8]. - It is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group, which manages over $1 trillion in assets [9].

Financial Performance Highlights - Net income attributable to Unitholders was $26 million, or $0.12 per limited partnership unit, compared to a net loss of $20 million, or a loss of $0.10 per unit, in the prior period[19] - Adjusted EBITDA increased to $591 million from $524 million in the prior period, which included $71 million of tax benefits from advanced energy storage operation[19] - Adjusted EFO was $234 million, or $1.11 per unit, compared to $289 million, or $1.33 per unit, in the prior period[19] - Corporate liquidity stood at $2,333 million, including $2,230 million of availability on credit facilities, and pro forma liquidity is approximately $2,900 million[19] Strategic Initiatives and Transactions - The company invested $56 million to repurchase 2.2 million units and shares at an average price of approximately $25 per unit and share[22] - Brookfield Business Partners completed the acquisition of Antylia Scientific for approximately $1.3 billion, with BBU investing $168 million for a 26% interest[22] - The company completed the sale of a partial interest in three businesses for units of a new evergreen fund with an initial redemption value of approximately $690 million, representing an 8.6% discount to NAV[22] - The company entered into a partnership to privatize First National Financial Corporation for $2.7 billion, with BBU's share expected to be approximately $145 million for an 11% interest[22] Balance Sheet and Liquidity - Total assets were $75,335 million as of June 30, 2025[23] - Non-recourse borrowings in subsidiaries of the partnership were $42,493 million[23] - Corporate borrowings were $1,116 million[23] - Total equity was $15,321 million[23]

Core Insights - Brookfield Business Partners reported strong financial results for Q2 2025, with net income of $26 million compared to a net loss of $20 million in Q2 2024, indicating resilience in an uneven macroeconomic environment [2][3][34] - The company achieved an Adjusted EBITDA of $591 million for Q2 2025, up from $524 million in the same period last year, driven by improved performance and contributions from recent acquisitions [3][4][5] - Strategic initiatives included the sale of a partial interest in three businesses for approximately $690 million and a partnership to privatize First National Financial Corporation for $2.7 billion [8][9] Financial Performance - For the three months ended June 30, 2025, net income attributable to unitholders was $26 million ($0.12 per unit), compared to a net loss of $20 million ($0.10 per unit) in the prior year [2][3] - Adjusted EBITDA by segment for Q2 2025: Industrials $307 million, Business Services $205 million, Infrastructure Services $109 million, and Corporate and Other $(30) million [4][5][6] - Total revenues for Q2 2025 were $6.695 billion, with direct operating costs of $5.465 billion, resulting in an income before income tax of $70 million [24] Strategic Initiatives - The company completed the sale of a partial interest in three businesses to a new private equity fund, with an initial redemption value of approximately $690 million [8] - Brookfield Business Partners entered a partnership to privatize First National Financial Corporation for $2.7 billion, with an expected equity contribution of approximately $145 million [9] - The acquisition of Antylia Scientific for approximately $1.3 billion was completed, with Brookfield investing $168 million for a 26% interest [10] Liquidity and Capital Management - As of June 30, 2025, the company had approximately $2.3 billion in liquidity, including $2.2 billion available on credit facilities [12] - During the quarter, Brookfield invested $56 million to repurchase 2.2 million units at an average price of approximately $25 per unit, totaling $157 million in buybacks year-to-date [11] Distribution - The Board of Directors declared a quarterly distribution of $0.0625 per unit, payable on September 29, 2025, to unitholders of record as of August 29, 2025 [13][37]

Core Insights - Brookfield Business Partners reported a net income of $80 million for Q1 2025, up from $48 million in Q1 2024, reflecting a significant increase in profitability [2][3][31] - The company generated over $1.5 billion from capital recycling initiatives and invested approximately $140 million in unit and share repurchases [2][9] - Adjusted EBITDA for Q1 2025 was $591 million, compared to $544 million in the prior year, driven by strong performance in the Industrials segment [3][4] Financial Performance - Net income attributable to unitholders for Q1 2025 was $80 million ($0.38 per unit), compared to $48 million ($0.23 per unit) in Q1 2024 [2][3] - Adjusted EBITDA increased to $591 million in Q1 2025 from $544 million in Q1 2024, with contributions from recent acquisitions [3][4] - The Industrials segment generated $304 million in Adjusted EBITDA, up from $228 million in the same period last year, aided by tax benefits and new acquisitions [4][5] Segment Performance - Business Services segment reported Adjusted EBITDA of $213 million, slightly up from $205 million in Q1 2024, despite higher technology upgrade costs [5] - Infrastructure Services segment saw a decline in Adjusted EBITDA to $104 million from $143 million, impacted by the sale of the offshore oil services operation [6] - Adjusted EFO for the Industrials segment decreased to $130 million from $180 million, reflecting the impact of withholding taxes [7] Strategic Initiatives - The company announced the acquisition of Antylia Scientific for approximately $1.3 billion, with Brookfield expected to invest about $160 million for a 25% interest [8] - A unit repurchase program was executed, with approximately $140 million spent to repurchase 5.9 million units at an average price of $24 per unit [9] Liquidity and Distribution - As of March 31, 2025, Brookfield had approximately $2.4 billion in liquidity, including $59 million in cash and liquid securities [10] - The Board declared a quarterly distribution of $0.0625 per unit, payable on June 30, 2025 [11][33]

Core Points - Brookfield Business Partners L.P. has filed its 2024 annual report on Form 20-F, including audited financial statements for the year ended December 31, 2024, with the SEC and Canadian securities authorities [1] - The company focuses on owning and operating high-quality businesses that provide essential products and services, benefiting from a strong competitive position [2] - Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group, which manages over $1 trillion in assets [3] Company Information - Investors can invest in Brookfield Business Partners either through the limited partnership (NYSE:BBU, TSX:BBU) or the corporation (NYSE, TSX:BBUC) [2] - Previous audited annual and unaudited quarterly reports have been filed and are available on the company's website [4]