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Brookfield Business Partners
Brookfield Business Partners (BBU) investor relations material
Brookfield Business Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 saw a net loss attributable to unitholders of $59 million ($0.28 per unit), compared to net income of $301 million in Q3 2024, mainly due to lower tax benefits and asset sales.
Adjusted EBITDA for Q3 2025 was $575 million, down from $844 million in Q3 2024, reflecting lower tax benefits and reduced ownership in certain businesses.
Revenues for Q3 2025 were $6.9 billion, down from $9.2 billion in Q3 2024, primarily due to business dispositions and deconsolidations.
Major corporate reorganization announced to simplify structure, with all units and shares to be exchanged for new class A shares in a Canadian corporation, expected to complete in Q1 2026.
Significant transactions included the acquisition of First National Financial Corporation and agreement to sell the FPSO operation, with closing expected in H1 2026.
Financial highlights
Q3 2025 revenues were $6.9 billion (Q3 2024: $9.2 billion); net loss was $122 million; Adjusted EBITDA was $575 million (Q3 2024: $844 million).
Direct operating costs for Q3 2025 were $5.7 billion, down from $7.1 billion in Q3 2024.
Adjusted EBITDA margin was 21% (19% excluding tax benefits), compared to 28% (18% excluding tax benefits) in Q3 2024.
Net loss per limited partnership unit was $0.28, versus net income of $1.39 per unit in the prior year.
Net debt-to-capitalization ratio increased to 72% from 67% at year-end 2024.
Outlook and guidance
The corporate reorganization is expected to improve trading liquidity, broaden investor access, and support long-term value creation, with completion targeted for Q1 2026.
The FPSO sale is expected to close in H1 2026, with proceeds anticipated to recover most invested capital.
Management remains focused on operational improvements, capital allocation, and growth in high-margin, resilient segments.
Anticipates further benefits from AI integration and operational improvements across portfolio companies.
Strong pipeline of investment opportunities; capital deployment will be opportunistic and selective.
Post-reorganization share demand impact
Deployment plans given robust pipeline
Specific AI value creation examples
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Next Brookfield Business Partners earnings date
Q4 202530 Jan, 2026
Brookfield Business Partners
Next Brookfield Business Partners earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Brookfield Business Partners L.P. is a private equity firm and global asset manager specializing in the acquisition of businesses valued at $500 million to $15 billion. We provide our portfolio companies with strategic and operational advice, and take an active role in improving growth and profitability.Brookfield Business Partners has 31 offices in 17 countries throughout North America, Europe, Asia Pacific and India, resulting in a truly global platform to serve its investors, business partners, employees and clients. Brookfield Business Partners L.P. operates as a subsidiary of Brookfield Asset Management Inc.
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