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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
Delivered strong financial results, advanced growth and capital recycling initiatives, and executed on strategy to create shareholder value.
Generated over $2 billion from capital recycling and repaid $1 billion in borrowings; invested $525 million in three strategic acquisitions.
Announced a corporate reorganization to simplify structure, expected to improve trading liquidity and investor accessibility, with completion targeted for Q1 2026.
Net loss attributable to unitholders was $59 million for Q3 2025, compared to net income of $301 million in Q3 2024, mainly due to lower tax benefits and gains on dispositions.
NAV and share price have increased significantly, with a 150% share price rise over two years; trading discount has narrowed but remains.
Financial highlights
Adjusted EBITDA for Q3 2025 was $575 million, down from $844 million in the prior year, reflecting lower ownership in three businesses and reduced tax benefits.
Revenues for Q3 2025 were $6.9 billion, compared to $9.2 billion in Q3 2024, reflecting asset sales and deconsolidations.
Adjusted EFO for Q3 2025 was $284 million, benefiting from lower tax and interest expenses.
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.
Outlook and guidance
Cautiously optimistic heading into Q4, supported by resilient global economy, record public markets, and improving transaction activity.
Corporate reorganization 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.
The sale of the FPSO operation is expected to close in H1 2026, with proceeds anticipated to recover most invested capital.
Strong pipeline of investment opportunities; capital deployment will be opportunistic and selective.
Anticipates further benefits from AI integration and operational improvements across portfolio companies.
Specific benefits of corporate reorganization?
Future of offshore oil services post-FPSO sale?
Outlook for future tax recoveries at energy storage?
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 20256 Feb, 2026
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Q4 20256 Feb, 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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