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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 September 30, 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 statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and result of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward- looking information herein. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; our ability to complete strategic actions including the Arrangement and our corporate transactions, dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F. Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise. Cautionary Statement Regarding the Use of a Non-IFRS Measure This Supplemental Information contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this Supplemental Information will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the third quarter ended September 30, 2025 furnished on Form 6-K.
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BROOKFIELD.COM 3 Overview
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BROOKFIELD.COM 4 Q3 2025 Highlights – Operating Performance 1. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the weighted average number of limited partnership units outstanding which were 88.8 million and 85.9 million for the three and nine months ended September 30, 2025, respectively (2024: 74.3 million). 2. Adjusted EBITDA is a non-IFRS measure and is a key measure of our financial performance that we use to assess operating results and our business performance. For further information on Adjusted EBITDA, see “Definitions” section at the end of this Supplemental Information. 3. Represents Adjusted EBITDA as a percentage of BBU’s proportionate share of revenues for the three months ended September 30, 2025 and September 30, 2024 . Prior period excludes contribution from our road fuels operation. 4. Average number of Units outstanding on a fully diluted time-weighted average basis for the three months ended September 30, 2025 was 210.4 million (2024: 217.0 million). Key Performance Metrics Three Months Ended September 30, Nine Months Ended September 30, US$ millions (except per unit amounts), unaudited 2025 2024 2025 2024 Net income (loss) attributable to Unitholders $ (59) $ 301 $ 47 $ 329 Net income (loss) per limited partnership unit (1) (0.28) 1.39 0.19 1.52 Adjusted EBITDA (2) 575 844 1,757 1,912 • Net loss attributable to Unitholders for the three months ended September 30, 2025 was $59 million (loss of $0.28 per limited partnership unit), compared to net income of $301 million ($1.39 per limited partnership unit) in the prior period. • Adjusted EBITDA for the three months ended September 30, 2025 was $575 million , compared to $844 million in the prior period. Current period results included $77 million of tax benefits at our advanced energy storage operati on, compared to $296 million in the prior period . Excluding tax benefits and contribution from acquired and disposed oper ations, Adjusted EBITDA was $512 million, compared to $501 million in the prior period. • Adjusted EBITDA margin was 21% compared to 28% in the prior perio d (3). Excluding the tax benefits recorded at our advanced energy storage operation, Adjusted EBITDA margin was 19%, compared to 18% in the prior period (3). • Adjusted EFO for the three months ended September 30, 2025 was $284 million ($1.36 per unit (4)), compared to $582 million ($2.68 per unit (4)) in the prior period. Excluding the impact of gain (loss) on dispositions, Adjusted EFO for the three months ended September 30, 2025 was $268 million ( $1.27 per unit (4)), compared to $451 million ($2.08 per unit (4)) in the prior period. • Liquidity at the corporate level as at September 30, 2025 was $2,299 million , including $2,190 million of availability on our credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2,900 million. Three Months Ended September 30, Nine Months Ended September 30, Trailing Twelve Months Ended September 30, US$ millions, unaudited 2025 2024 2025 2024 2025 2024 Adjusted EBITDA by segment Business Services $ 188 $ 228 $ 606 $ 615 $ 823 $ 842 Infrastructure Services 104 146 317 446 477 630 Industrials 316 500 927 941 1,233 1,163 Corporate (33) (30) (93) (90) (123) (115) Adjusted EBITDA $ 575 $ 844 $ 1,757 $ 1,912 $ 2,410 $ 2,520 Adjusted EFO by segment Business Services $ 126 $ 245 $ 348 $ 499 $ 490 $ 680 Infrastructure Services 41 61 245 209 323 1,999 Industrials 184 356 468 742 661 857 Corporate (67) (80) (198) (248) (281) (325) Statements of Operating Results by Segment Financial Performance – Three Months Ended September 30, 2025
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BROOKFIELD.COM 5 Q3 2025 Business Developments • On November 4, 2025, the Board of Directors of the General Partner of the Partnership and BBUC declared a quarterly distribution and quarterly dividend in the amount of $0.0625 per unit and share, respectively, payable on December 31, 2025 to unitholders and shareholders of record as at the close of business on November 28, 2025. Strategic Initiatives Financing and Liquidity • On September 1, our offshore oil services operation entered into an agreement to sell its Floating Production, Sto rage, and Offloading (FPSO) operation. Expected proceeds from the sale, combined with proceeds from prior asset sales and distributions, should provide BBU with a path to recover the majority of its invested capital in the business. The sale is expected to close in the first half of 2026, subject to closing conditions. • On October 22, we completed the previously announced privatization of First National Financial Corporation, a leading Canadian residential and multi-family mortgage lender for $2.6 billion. BBU invested $146 million for its 11% economic interest. • On November 6, in connection with our previously announced plans to simplify our corporate structure, we have entered into an agreement by which all limited partnership units ("LP units"), BBUC exchangeable shares ("exchangeable shares") and r edemption-exchange units will be exchanged for newly issued class A shares of a publi cly traded Canadian corporation on a one-for-one basis. The new corporation is expected to be listed on both the NYSE and TSX. We expect to receive all regulatory approvals and complete the reorganization in the first quarter of 2026.
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BROOKFIELD.COM 6 Q3 2025 Highlights – Balance Sheet & Liquidity As at US$ millions, unaudited September 30, 2025 December 31, 2024 Total assets $ 75,403 $ 75,474 Non-recourse borrowings in subsidiaries of the partnership (1) 42,149 36,720 Corporate borrowings (2) 1,156 2,142 Total equity 15,540 17,308 Key Balance Sheet Metrics Proportionate borrowings Business Services $ 4,222 $ 4,923 Infrastructure Services 2,776 2,483 Industrials 4,966 3,825 Corporate 1,156 2,142 $ 13,120 $ 13,373 Proportionate share of cash Business Services $ 809 $ 709 Infrastructure Services 356 252 Industrials 195 176 Corporate 84 91 $ 1,444 $ 1,228 Proportionate borrowings, net of cash Business Services $ 3,413 $ 4,214 Infrastructure Services 2,420 2,231 Industrials 4,771 3,649 Corporate 1,072 2,051 $ 11,676 $ 12,145 As at US$ millions, unaudited September 30, 2025 December 31, 2024 Corporate cash and financial assets $ 84 $ 91 Committed corporate credit facilities 2,190 1,200 Perpetual preferred equity securities 25 25 Total liquidity $ 2,299 $ 1,316 • We maintain a strong and flexible balance sheet with sufficient liquidity to take advantage of attractive opportunities and to support our operations. • Corporate borrowings , when drawn , are for corporate working capital management, including the temporary funding of acquisitions and investment activities. • On an ongoing basis, our principal sources of liquidity include: – Cash and marketable securities at the corporate level – Undrawn corporate credit facilities – Cash flows from our operations – Monetizations of mature operations – Access to capital markets Corporate Liquidity 1. Includes non-recourse borrowings within our operations and proportionate share of borrowings made under subscription facilities of Brookfield Funds that Brookfield Business Partners invests alongside and is presented net of deferred financing costs. 2. Represents corporate borrowings net of deferred financing costs. Liquidity Position
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BROOKFIELD.COM 7 Partnership Capital US$, unaudited Three Months Ended March 3, Nine Months Ended March 3, 2025 2024 2025 2024 Net income (loss) per Unitholder (1) $ (0.28) $ 0.59 $ 0.19 $ 4.06 Less: incentive distribution to special limited partners (1) — — — (0.53) Net income (loss) per limited partnership unit $ (0.28) $ 1.39 $ 0.19 $ 1.52 • The special limited partner is entitled to an incentive distribution of 20% of the increase in the volume-weighted average LP unit price over an incentive distribution threshold multiplied by the number of Units outstanding at the end of the quarter. The incentive distribution is recorded as a distribution in equity once approved by the Board of Directors of the Partnership’s General Partner. • During the third quarter of 2025, the volume-weighted average price per LP unit was $27.50, which was below the incentive distribution threshold of $31.53 per LP unit. This resulted in an incentive distribution of $nil. As at September 30, 2025 December 31, 2024 September 30, 2024 Limited partnership units (1) 88,675,926 74,281,767 74,281,766 Redemption-exchange units (1) 51,599,716 69,705,497 69,705,497 BBUC exchangeable shares 69,996,738 72,954,446 72,954,447 General partnership and special limited partnership units 8 8 8 Total outstanding 210,272,388 216,941,718 216,941,718 Units and Shares Outstanding • Under our NCIB, Brookfield Business Partners and its affiliates are authorized to repurchase annually up to 5% of their issued and outstanding LP units and exchangeable shares, or 4,441,425 LP units and 3,499,836 exchangeable shares, including up to 10,076 LP units and 11,100 exchangeable shares, on the TSX during any trading day. Brookfield Business Partners and its affiliates can make block purchases that exceed this daily purchase restriction, subject to the annual aggregate limit. – During the three months ended September 30, 2025 , the partnership repurchased 152,586 LP units under its NCIB at an average price of approximately $27 per LP unit. – During the nine months ended September 30, 2025 , the partnership repurchased 3,711,807 LP units and 2,957,523 exchangeable shares under its NCIB. As at US$ millions (except price and unit amount), unaudited September 30, 2025 December 31, 2024 Partnership units outstanding (in millions) (3) 140.3 144.0 Price (4) $ 32.79 $ 23.57 Partnership market capitalization $ 4,600 $ 3,394 BBUC exchangeable shares outstanding (in millions) 70.0 73.0 Price (4) $ 33.53 $ 24.26 BBUC market capitalization $ 2,347 $ 1,771 Total market capitalization $ 6,947 $ 5,165 Preferred securities 725 725 Proportionate non-recourse borrowings, net of cash 10,604 10,094 Corporate borrowings, net of cash 1,072 2,051 Enterprise value $ 19,348 $ 18,035 Partnership Capital Structure (2) 1. In February 2025, Brookfield Business Partners issued 18,105,781 LP units to wholly-owned subsidiaries of Brookfield Wealth Solutions in exchange for 18,105,781 redemption-exchange units. 2. The table presents supplemental measures to assist users in understanding and evaluating the partnership’s capital structure. 3. Partnership units outstanding are inclusive of LP units, redemption-exchange units, special limited partnership units and general partnership units. 4. TSX: BBU.UN translated to USD at September 30, 2025 and December 31, 2024 , respectively, at the closing CAD-USD foreign exchange rate. NYSE: BBUC at September 30, 2025 and December 31, 2024, respectively. Reconciliation of Net Income per Unit Incentive Distribution Right Normal Course Issuer Bid (“NCIB”)
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BROOKFIELD.COM 8 Operating Segments
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BROOKFIELD.COM 9 Our Operations • Our business invests alongside Brookfield's Private Equity strategies , with a focus on owning and operating high-quality, mission critical industrial and services businesses where the broader Brookfield ecosystem provides us with a competitive advantage. • We target long-term capital appreciation driven by our ability to acquire for value and execute on our operational value creation plans to improve performance and enhance cash flows. • The table below presents our economic ownership interest in our significant operations. Adjusted EBITDA and Adjusted EFO presented in this Supplemental Information represent our proportionate share of income in our underlying operations based on our economic ownership interest. Segment Description Select Operations Economic Ownership Interest Business Services Service businesses including residential mortgage insurance, dealer software and technology services, fleet management and car rental services and other • Residential Mortgage Insurer (“Sagen”) • 41% • Dealer Software and Technology Services Operation (“CDK Global”) • 19% • Fleet Management and Car Rental Services (“Unidas”) • 35% Infrastructure Services Infrastructure businesses servicing large- scale infrastructure assets, including lottery services, modular building leasing services and other • Lottery Services Operation (“Scientific Games”) • 33% • Modular Building Leasing Services (“Modulaire”) • 28% Industrials Industrial businesses including advanced energy storage operation, engineered components manufacturing and other • Advanced Energy Storage Operation (“Clarios”) • 28% • Engineered Components Manufacturing (“DexKo”) • 21%
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BROOKFIELD.COM 10 Business Services • Adjusted EBITDA for the three months ended September 30, 2025 was $188 million, compared to $228 million in the prior period. – Our residential mortgage insurer generated $55 million of Adjusted EBITDA in Q 3 2025, compared to $66 million in Q 3 2024. Results reflect the timing impact of slower revenue recognition under the IFRS 17 ac counting standard as a result of more conservative model assumptions given an uncertain Canadian economic environment. Underlying performance continues to benefit from resilient demand across the business’ served market segment, which includes first-time homebuyers. Volumes of new insurance premiums written increased compared to the prior period and losses on claims remain below long-term historical levels. – Dealer software and technology services generated $31 million of Adjusted EBITDA in Q3 2025, compared to $50 million in Q3 2024. Current period included an impact of $11 million related to the sale of a 7% interest in the business during the quarter. Bookings remain stable supported by renewal ac tivity and continued commercial initiatives which largely offset the impact of customer churn during the quarter. Results reflect the impact of ongoing strategic investments to strengthen the business' customer service and product offerings which are expected to continue for another 12 to 18 months. • Adjusted EFO for the three months ended September 30, 2025 was $126 million, compared to $245 million in the prior period. – Current period after-tax net g ains of $16 million primarily relate to the disposition of our Indian non-bank financial services' non- core home financing operation in July 2025. Prior period results included $127 million of net gains recognized on the disposition of our road fuels operation and t he deconsolidation of our payment processing services operation. – Interest expense decreased by $13 million primarily due to the deconsolidation of healthcare services in May 2025. – Current income tax expense decreased by $14 million primarily due to lower taxable income at our residential mortgage insurer and dealer software and technology services. The following table presents our proportionate share of our Business Services segment financial results: The following table presents select balance sheet information of our Business Services segment on a proportionate basis: 1. Adjusted EBITDA margin in our Business Services segment excluding results from our road fuels operation was 14% for the three and nine months ended September 30, 2024. US$ millions, unaudited Three Months Ended September 30 (1), Nine Months Ended September 30 (1), 2025 2024 2025 2024 Revenues $ 1,404 $ 1,969 $ 4,177 $ 6,505 Direct operating costs (1,220) (1,727) (3,565) (5,838) General and administrative expenses (23) (33) (85) (106) Equity accounted Adjusted EBITDA 27 19 79 54 Adjusted EBITDA $ 188 $ 228 $ 606 $ 615 Gain (loss) on dispositions, net 20 127 22 142 Gain (loss) on dispositions, net recorded in equity — — (4) — Other income (expense), net 4 1 6 52 Interest income (expense), net (58) (71) (196) (214) Current income tax (expense) recovery (15) (29) (46) (67) Equity accounted interest, tax and other expense (13) (11) (40) (29) Adjusted EFO $ 126 $ 245 $ 348 $ 499 US$ millions, unaudited As at September 30, 2025 December 31, 2024 Cash $ 809 $ 709 Non-recourse borrowings in subsidiaries of the partnership 4,222 4,923 Proportionate borrowings, net of cash $ 3,413 $ 4,214 Equity attributable to Unitholders 3,536 3,473 Proportionate Balance Sheet Proportionate Financial Results Operating Performance – Three Months Ended September 30, 2025
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BROOKFIELD.COM 11 Infrastructure Services • Adjusted EBITDA for the three months ended September 30, 2025 was $104 million , compared to $146 million in the p rior period. Current period included an impact of $7 million related to the sale of a 5% interest in work access services in the quarter. Prior period included contribution from our offshore oil services' shuttle tanker operation which was sold in January 2025. – Modular building leasing services generated $43 million of Adjusted EBITDA in Q 3 2025, in line with the prior period . Sales of value added produc ts and services partially offset the impact of continued weak end market conditions. The business is focused on increasing penetration in high-growth end markets and pursuing cross-selling initiatives with existing customers. – Our lottery services operation generated $31 million of Adjusted EBITDA in Q 3 2025, in line with the prior period . Performance benefited from improved margins driven by productivity gains and a favorable mix of services, however, results during the quarter reflect the impact of lower terminal deliveries compared to the prior period . The business continues to focus on executing a significant pipeline of system implementations over the next 18 months, including the roll-out of digital lottery service offerings in the U.K. which is expected to go live early next year. • Adjusted EFO for the three months ended September 30, 2025 was $41 million, compared to $61 million in the prior period. – Interest expense decreased by $11 million primarily due to reduced borrowings in offshore oil services. The following table presents our proportionate share of our Infrastructure Services segment financial results: The following table presents select balance sheet information of our Infrastructure Services segment on a proportionate basis: Proportionate Financial Results Proportionate Balance Sheet US$ millions, unaudited Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues $ 249 $ 317 $ 721 $ 946 Direct operating costs (157) (192) (450) (565) General and administrative expenses (20) (17) (59) (56) Equity accounted Adjusted EBITDA 32 38 105 121 Adjusted EBITDA $ 104 $ 146 $ 317 $ 446 Gain (loss) on dispositions, net — — 114 — Other income (expense), net 5 1 26 13 Interest income (expense), net (48) (59) (139) (182) Current income tax (expense) recovery (6) (5) (19) (9) Equity accounted interest, tax and other expense (14) (22) (54) (59) Adjusted EFO $ 41 $ 61 $ 245 $ 209 US$ millions, unaudited As at September 30, 2025 December 31, 2024 Cash $ 356 $ 252 Non-recourse borrowings in subsidiaries of the partnership 2,776 2,483 Proportionate borrowings, net of cash $ 2,420 $ 2,231 Equity attributable to Unitholders 3,055 3,295 Operating Performance – Three Months Ended September 30, 2025 – Offshore oil services generated $14 million of Adjusted EBITDA in Q3 2025, compared to $49 million in Q3 2024. [Results were impacted following the disposition of offshore oil services' shuttle tanker operation]. – [Work access services generated $17 million of Adjusted EBITDA in Q3 2025, compared to $23 million in Q3 2024. Diversification into higher margin end markets partially offset the impacts related to market softness and project delays.]
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BROOKFIELD.COM 12 Industrials • Adjusted EBITDA for the three months ended September 30, 2025 was $316 million, compared to $500 million in the prior period. – Our advanced energy storage operation generated $248 million of Adjusted EBITDA in Q 3 2025, compared to $443 million in Q 3 2024. Results for the quarter included $77 million of tax ben efits, compared to $296 million in the prior period . Excluding the impact of tax benefits, Adjusted EBITDA in the quarter increased 16% compared to the prior period. Strong performance was driven by increas ed overall volumes, a continued mix shift toward higher margin advanced batteries, combined with ongoing operational and commercial improvements. – Engineered components manufacturing generated $18 million of Adjusted EBITDA in Q 3 2025, compared to $25 million in Q3 2024. Current period included an impact of $11 million related to the sale of a 12% interest in the business during the quarte r. Despite weak end market conditions, volumes improved over the prior period supported by recent commercial wins. The business generated resilient margins and positive cash flows given the benefit of recent commercial actions and ongoing cost and working capital optimization initiatives. • Adjusted EFO for the three months ended September 30, 2025 was $184 million, compared to $356 million in the prior period. – Current income tax expense decreased by $31 million primarily due to lower tax expense at our advanced energy storage operation. The following table presents our proportionate share of our Industrials segment financial results: The following table presents select balance sheet information of our Industrials segment on a proportionate basis: US$ millions, unaudited Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues $ 1,023 $ 1,022 $ 3,008 $ 3,020 Direct operating costs (703) (500) (2,053) (2,032) General and administrative expenses (28) (35) (87) (91) Equity accounted Adjusted EBITDA 24 13 59 44 Adjusted EBITDA $ 316 $ 500 $ 927 $ 941 Gain (loss) on dispositions, net — — — 81 Gain (loss) on dispositions, net recorded in equity — 4 — 73 Other income (expense), net — — (19) 4 Interest income (expense), net (97) (91) (315) (267) Current income tax (expense) recovery (21) (52) (98) (75) Equity accounted interest, tax and other expense (14) (5) (27) (15) Adjusted EFO $ 184 $ 356 $ 468 $ 742 US$ millions, unaudited As at September 30, 2025 December 31, 2024 Cash $ 195 $ 176 Non-recourse borrowings in subsidiaries of the partnership 4,966 3,825 Proportionate borrowings, net of cash $ 4,771 $ 3,649 Equity attributable to Unitholders 3,124 2,352 Proportionate Balance Sheet Proportionate Financial Results Operating Performance – Three Months Ended September 30, 2025
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BROOKFIELD.COM 13 Corporate • General and administrative expenses comprise management fees and corporate expenses, including audit and other expenses. • We pay Brookfield Asset Management a base management fee equal to 0.3125% quarterly (1.25% annually) of total capitalization, plus recourse debt, net of cash, and other securities held by corporate entities. Management fees were $25 million, compared to $23 million in the prior period. The increase was primarily due to a higher volume-weighted average price per unit and share. • Interest expense decreased by $17 million primarily due to repayments on our corporate credit facilities earlier in the year. The following table presents our proportionate share of our Corporate segment financial results: The following table presents select balance sheet information of our Corporate segment on a proportionate basis: US$ millions, unaudited Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Direct operating costs $ (2) $ (2) $ (7) $ (9) General and administrative expenses (31) (28) (86) (81) Adjusted EBITDA $ (33) $ (30) $ (93) $ (90) Other income (expense), net (1) — (1) — Interest income (expense), net (20) (37) (65) (112) Current income tax (expense) recovery — — — (7) Preferred equity distributions (13) (13) (39) (39) Adjusted EFO $ (67) $ (80) $ (198) $ (248) US$ millions, unaudited As at September 30, 2025 December 31, 2024 Cash $ 84 $ 91 Corporate borrowings (1) 1,156 2,142 Proportionate borrowings, net of cash $ 1,072 $ 2,051 Equity attributable to Unitholders (4,133) (4,003) 1. Represents corporate borrowings net of deferred financing costs. Proportionate Balance Sheet Proportionate Financial Results Operating Performance – Three Months Ended September 30, 2025
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BROOKFIELD.COM 14 Significant Operations
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BROOKFIELD.COM 15 Summary of Segment & Significant Operations Performance US$ millions, unaudited Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Segment Operations Adjusted EBITDA Adjusted EFO Adjusted EBITDA Adjusted EFO Business Services Sagen $ 55 $ 40 $ 66 $ 43 CDK Global 31 12 50 20 Unidas 46 19 39 22 Other (1)(2) 56 55 73 160 Total $ 188 $ 126 $ 228 $ 245 Infrastructure Services Scientific Games 31 9 31 8 Modulaire 43 17 43 19 Altera 14 11 49 30 Other 16 4 23 4 Total $ 104 $ 41 $ 146 $ 61 Industrials Clarios (3) 248 164 443 342 DexKo 18 7 25 1 Other 50 13 32 13 Total $ 316 $ 184 $ 500 $ 356 Corporate $ (33) $ (67) $ (30) $ (80) Total BBU $ 575 $ 284 $ 844 $ 582 1. Results from healthcare services, prior to deconsolidation in May 2025, are included in Other within Business Services. 2. Adjusted EFO for the three months ended September 30, 2025 included a n $18 million after-tax net gain from the disposition of our Indian non-bank fin ancial services' non-core home financing operation. Adjusted EFO for the three months ended September 30, 2024 included an $87 million net gain from the disposition of our road fuels operation and a $40 million net gain from the deconsolidation of our payment processing services operation. 3. Adjusted EBITDA and Adjusted EFO for the three months ended September 30, 2025 and September 30, 2024 included tax benefits of $77 million and $296 million, respectively. The following table presents selected financial results of our significant operations:
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BROOKFIELD.COM 16 Summary of Segment & Significant Operations Performance US$ millions, unaudited Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Segment Operations Adjusted EBITDA Adjusted EFO Adjusted EBITDA Adjusted EFO Business Services Sagen $ 165 $ 119 $ 183 $ 126 CDK Global 123 44 131 40 Unidas 125 49 115 60 Other (1)(2) 193 136 186 273 Total $ 606 $ 348 $ 615 $ 499 Infrastructure Services Scientific Games 96 24 102 31 Modulaire 117 43 121 48 Altera (3) 44 163 149 91 Other 60 15 74 39 Total $ 317 $ 245 $ 446 $ 209 Industrials Clarios (4) 709 433 742 531 DexKo 82 24 91 21 Other (5) 136 11 108 190 Total $ 927 $ 468 $ 941 $ 742 Corporate $ (93) $ (198) $ (90) $ (248) Total BBU $ 1,757 $ 863 $ 1,912 $ 1,202 1. Results from healthcare services, prior to deconsolidation in May 2025, are included in Other within Business Services. 2. Adjusted EFO for the nine months ended September 30, 2025 included an $18 million after-tax net gain from the disposition of our Indian non-bank financial services' non-core home financing operation. Adjusted EFO for the nine months ended September 30, 2024 included an $87 million net gain from the disposition of our road fuels operation, $50 million of other income related to a distribution at our entertainment operation, a $40 million net gain from the deconsolidation of our payment processin g services operation and a $15 million net gain recognized on the disposition of our general partner interest and residential real estate brokerage portfolio. 3. Adjusted EFO for the nine months ended September 30, 2025 included a $114 million net gain recognized on the disposition of our offshore oil services' shuttle tanker operation. 4. Adjusted EBITDA and Adjusted EFO for the nine months ended September 30, 2025 and September 30, 2024 included tax benefits of $220 million and $296 million, respectively. 5. Adjusted EFO for the nine months ended September 30, 2024 included an $81 million net gain recognized on the disposition of our Canadian aggregates production operation and a $73 million net gain recognized on the sale of public securities. The following table presents selected financial results of our significant operations:
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BROOKFIELD.COM 17 Summary of Segment & Significant Operations Performance The following table presents selected financial results of our significant operations: US$ millions, unaudited Trailing Twelve Months Ended September 30, 2025 Trailing Twelve Months Ended September 30, 2024 Segment Operations Adjusted EBITDA Adjusted EFO Adjusted EBITDA Adjusted EFO Business Services Sagen $ 231 $ 163 $ 243 $ 159 CDK Global 167 59 185 65 Unidas 164 67 151 81 Other (1)(2) 261 201 263 375 Total $ 823 $ 490 $ 842 $ 680 Infrastructure Services Scientific Games 133 41 136 41 Modulaire 159 58 165 69 Altera (3) 97 199 203 121 Other (4) 88 25 126 1,768 Total $ 477 $ 323 $ 630 $ 1,999 Industrials Clarios (5) 963 616 909 623 DexKo 100 21 116 22 Other (6) 170 24 138 212 Total $ 1,233 $ 661 $ 1,163 $ 857 Corporate $ (123) $ (281) $ (115) $ (325) Total BBU $ 2,410 $ 1,193 $ 2,520 $ 3,211 1. Results from healthcare services, prior to deconsolidation in May 2025, are included in Other within Business Services. 2. Adjusted EFO for the trailing twelve months ended September 30, 2025 included an $18 million after-tax net gain from the disposition of our Indian non-bank financial services' non-core home financing operation. Adjusted EFO for the trailing twelve months ended September 30, 2024 included a $96 million net gain related to the disposition of our road fuels operation, $57 million net gain recognized on the partial disposition of our technology services operation, $50 million of other income related to a distribution at our entertainment operation, a $40 million net gain recognized on the deconsolidation of our payment processing services operation and a $15 million net gain recognized on the disposition of our general partner interest and r esidential real estate brokerage portfolio. 3. Adjusted EFO for the trailing twelve months ended September 30, 2025 included a $114 million net gain recognized on the disposition of our offshore oil services' shuttle tanker operation. 4. Results from nuclear technology services are included in Other within Infrastructure Services. Adjusted EFO for the trailing twelve months ended September 30, 2024 included a $1,711 million net gain recognized on the disposition of our nuclear technology services operation. 5. Adjusted EBITDA and Adjusted EFO for the trailing twelve months ended September 30, 2025 and September 30, 2024 included $295 million and $296 million of tax benefits, respectively. 6. Adjusted EFO for the trailing twelve months ended September 30, 2024 included a $97 million net gain primarily related to the sale of public securities and an $81 million net gain recognized on the disposition of our Canadian aggregates production operation.
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BROOKFIELD.COM 18 Summary of Proportionate Non-Recourse Borrowings, Net of Cash The following table presents the selected proportionate non-recourse borrowings, net of cash of our significant operations: US$ millions, unaudited Proportionate Non-Recourse Borrowings, Net of Cash (1) Segment Operations As at September 30, 2025 As at December 31, 2024 Business Services Sagen $ 132 $ 233 CDK Global 1,062 1,355 Unidas 568 489 Infrastructure Services Scientific Games $ 1,101 $ 1,067 Modulaire 1,156 988 Altera 167 181 Industrials Clarios $ 3,307 $ 2,079 DexKo 638 974 1. Proportionate non-recourse borrowings, net of cash, are presented net of deferred financing costs and exclude intercompany debt eliminated upon consolidation.
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BROOKFIELD.COM 19 Proportionate Statements of Operating Results & Financial Position
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BROOKFIELD.COM 20 Proportionate Statements of Operating Results • Revenues and direct operating costs decreased by $632 million and $377 million, respectively, primarily due to the disposition of our road fuels operation in July 2024 and the deconsolidation of healthcare services in May 2025. Direct operating costs in the current period included $77 million of tax benefits at our advanced energy storage operatio n, compared to $296 million in the prior period. • Interest expense, net decreased by $35 million , primarily due to repayments of borrowings on our corporate credit facilities, combined with reduced borrowings in offshore oil services following the disposition of its shuttle tanker operation. • Gain on dispositions, net of $20 million primarily relates to the disposition of our Indian non-bank financial services' non-core home financing operation in July 2025. Prior period included $127 million of net gains recognized on the disposition of our road fuels operation and the deconsolidation of our payment processing services operation. • Other expense, net of $140 million primarily relates to expenses for expected employee incentive payments linked to the realization of value at our operations, combined with losses recognized on debt modification and extinguishment. Three Months Ended September 30, US$ millions, unaudited 2025 2024 Revenues $ 2,676 $ 3,308 Direct operating costs (2,298) (2,675) General and administrative expenses (102) (113) Interest income (expense), net (223) (258) Equity accounted income (loss) — (19) Gain (loss) on dispositions, net 20 127 Other income (expense), net (140) (149) Income (loss) before income tax $ (67) $ 221 Income tax (expense) recovery Current (42) (86) Deferred 63 179 $ (46) $ 314 Attributable to: Limited partners $ (25) $ 103 Redemption-exchange units (14) 97 BBUC exchangeable shares (20) 101 Preferred securities 13 13 1. Information presented on a proportionate basis represents the partnership’s share of operating results and therefore may differ from definitions used by other entities. For further information, see “Definitions” section at the end of this Supplemental Information. The following table presents our proportionate share (1) of the statements of operating results: Three Months Ended September 30, US$ millions, unaudited 2025 2024 Revenues $ 2,676 $ 4,336 Direct operating costs (2,298) (3,902) General and administrative expenses (102) (149) Interest income (expense), net (223) (330) Equity accounted income (loss), net — 8 Impairment reversal (expense), net — (26) Gain (loss) on acquisitions / dispositions, net 20 41 Other income (expense), net (140) (28) Income (loss) before income tax $ (67) $ (50) Income tax (expense) recovery Current (42) (65) (7) Deferred 63 93 $ (46) $ (22) 21 Attributable to: Preferred securities $ 13 $ (15) Unitholders 74 (14) 22 • Other income, net of $140 million primarily relates to a gain on debt extinguishment at healthcare services, partially offset by restructuring costs at nuclear technology service combined with debt refinancing costs at advanced energy storage operations, and restructuring costs at dealer software and technology services operations. Other income included a net accounting gain driven by lower liabilities at healthcare services, combined with a gain on sale of a vessel at offshore oil services. Other expense, net of $78 million in the prior year relates to mark-to market losses and transaction and restructuring costs attributed to recent acquisitions. • Impairment expense, net of $— million primarily relates to an impairment recorded at our energy services operation, partially offset by a net reversal of previously recorded impairment at offshore oil services. • Total income tax was a net recovery of $1 million in Q2 2024 compared to a net recovery of $9 million primarily due to [higher deferred income tax recovery at construction operation, dealer software and technology services and residential mortgage insurer, combined with lower current tax expense as a result of the utilization of historical tax losses in advanced energy storage operation. ] • Current tax expense, net decreased $44 million , primarily due to lower current tax expense at advanced energy storage operation, combined with the disposition of nuclear technology services in November 2023. The increase was partially offset by higher corporate tax expense [and higher current tax expense at residential mortgage insurer and dealer software and technology services.] • Equity accounted loss includes transaction and restructuring costs at work access services and payment processing services, [partially offset by contribution from our equity accounted investments.] • Net tax expense of $8 million in Q2 2025 compared to a net recovery of $46 million in the prior period.Financial Performance – Three Months Ended September 30, 2025
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BROOKFIELD.COM 21 Proportionate Statements of Financial Position • Cash and cash equivalents included $809 million in our Business Services segment, $356 million in our Infrastructure Services segment, $195 million in our Industrials segment and $84 million of Corporate cash. • Financial assets includes the fair value of units in a new Brookfield managed evergreen private equity fund following the sale of partial interests in three businesses completed in July 2025. • Inventory and other assets decreased by $592 million primarily due to the reduction of other assets following the disposition of our offshore oil services' shuttle tanker operation, which was previously classified as held for sale. • Property, plant and equipment decreased by $854 million, primarily due to the deconsolidation of healthcare services in May 2025, combined with the reclassification of vessels from property, plant and equipment to finance lease at offshore oil services and regular depreciation of property, plant and equipment. The decrease was partially offset by foreign exchange movements. • Accounts payable and other decreased by $982 million , primarily due to the disposition of our offshore oil services' shuttle tanker operation, which was previously classified as held for sale, combined with the deconsolidation of healthcare services in May 2025. • Corporate borrowings decreased by $986 million, primarily due to repayments on our corporate credit facilities. • Non-recourse borrowings in subsidiaries of the partnership increased by $729 million, primarily due to the upfinancing completed at our advanced energy storage operation earlier this year, combined with the acquisition of our electric heat tracing systems manufacturer in January 2025. The increase was partially offset by the impact of reduced ownership in our d ealer software and technology services and engineered components manufacturing operation, following the sale of partial interests in these operations during the quarter. As at US$ millions, unaudited September 30, 2025 December 31, 2024 Assets Cash and cash equivalents $ 1,444 $ 1,228 Financial assets 5,243 4,866 Accounts and other receivable, net 2,956 2,559 Inventory and other assets 1,514 2,106 Property, plant and equipment 3,681 4,535 Deferred income tax assets 841 696 Intangible assets 5,000 5,317 Equity accounted investments 1,494 1,527 Goodwill 3,673 3,877 $ 25,846 $ 26,711 Liabilities Corporate borrowings $ 1,156 $ 2,142 Accounts payable and other 5,746 6,728 Non-recourse borrowings in subsidiaries of the partnership 11,965 11,236 Deferred income tax liabilities 657 748 $ 19,524 $ 20,854 Equity attributable to Unitholders $ 5,582 $ 5,117 Preferred securities 740 740 $ 6,322 $ 5,857 The following table presents our proportionate share (1) of the statements of financial position: • Deferred income tax assets increased by $145 million, primarily due to tax credits generated in advanced energy storage operation and higher tax assets in our natural gas production operation. • Equity accounted investments decreased by $33 million primarily due to the recognition of our payment processing services operation as an equity accounted investment. • Accounts payable and other decreased by $982 million, primarily due to higher deferred revenue at offshore oil services, and higher accounts payable at construction operation and advanced energy storage operation, partially offset by the disposition of our road fuels operation. • Intangible assets decreased by $317 million, primarily due to the acquisition of our electric heat tracing systems manufacturer in January 2025 and foreign exchange movements, partially offset with regular amortization of intangibles. • Goodwill decreased by $204 million, primarily due to the acquisition of our electric heat tracing systems manufacturer in February 2025 and foreign exchange movements. • Intangible assets and Goodwill decreased by $317 million and $204 million, respectively, primarily due to the partial sale of our dealer software and technology services operation and engineered components manufacturer during the quarter. The decrease was partially offset by the acquisition of our electric heat tracing systems manufacturer in January 2025. Financial Position as at September 30, 2025 1. Information presented on a proportionate basis includes non-IFRS measures that represent the partnership’s share of financial position. For further information, see “Definitions” section at the end of this Supplemental Information.
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BROOKFIELD.COM 22 Appendix
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BROOKFIELD.COM 23 Acquisitions since Spin-Off The following table summarizes acquisitions we have completed since spin-off of the partnership on June 20, 2016: 1. Figures presented are attributable to Unitholders. 2. As at September 30, 2025, does not include impact of subsequent events, unless otherwise noted. 3. Investment in a convertible preferred security interest in Nielsen. The economic ownership interest represents our common equity interest on an as-converted basis. Segment Operations Acquisition Date Invested Capital (1) Economic Ownership Interest (2) Business Services One Toronto Gaming January 2018 $6 million 14% Unidas July 2019 $209 million 35% Sagen December 2019 $855 million 41% IndoStar July 2020 $114 million 20% Everise January 2021 $61 million 17% La Trobe May 2022 $212 million 35% CDK Global July 2022 $740 million 19% Network August 2022 $224 million 11% Nielsen October 2022 $400 million 7% (3) Infrastructure Services Altera September 2017 $800 million 53% BrandSafway January 2020 $636 million 13% Modulaire December 2021 $470 million 28% Scientific Games April 2022 $785 million 33% Industrials BRK Ambiental April 2017 $408 million 26% IPL Schoeller May 2018 $106 million 10% Clarios April 2019 $820 million 28% Aldo August 2021 $195 million 35% DexKo October 2021 $474 million 21% Cupa May 2022 $100 million 23% Chemelex January 2025 $212 million 26% Antylia Scientific May 2025 $168 million 26%
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BROOKFIELD.COM 24 The following table presents our proportionate results from operations for the six most recent quarters: US$ millions, unaudited 2025 2024 Q3 Q2 Q1 Q4 Q3 Q2 Revenues $ 2,676 $ 2,612 $ 2,618 $ 3,000 $ 3,308 3,639 Direct operating costs (2,298) (2,236) (2,208) (2,564) (2,675) (3,336) General and administrative expenses (102) (104) (111) (116) (113) (107) Interest income (expense), net (223) (246) (246) (256) (258) (256) Equity accounted income (loss) — 2 (19) 7 (19) 10 Impairment reversal (expense), net — (3) — (316) — — Gain (loss) on dispositions, net 20 2 114 — 127 81 Other income (expense), net (140) (17) 5 (147) (149) (84) Income (loss) before income tax $ (67) $ 10 $ 153 $ (392) $ 221 $ (53) Income tax (expense) recovery Current (42) (39) (82) (50) (86) (42) Deferred 63 68 22 17 179 88 $ (46) $ 39 $ 93 $ (425) $ 314 $ (7) Attributable to: Limited partners $ (25) $ 11 $ 30 $ (150) $ 103 $ (7) Redemption-exchange units (14) 6 23 (141) 97 (6) BBUC exchangeable shares (20) 9 27 (147) 101 (7) Preferred securities 13 13 13 13 13 13 Summary of Proportionate Results by Quarter Revenues and expenses vary from quarter to quarter primarily due to acquisitions and dispositions of businesses, fluctuations of foreign exchange rates, business and economic cycles and weather and seasonality in underlying operations. Broader economic factors can have a significant impact on a number of our operations.
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BROOKFIELD.COM 25 Proportionate Operating Results to Consolidated Operating Results 1. The sum of these amounts equates to direct operating costs of $5,663 million as per the unaudited interim condensed consolidated statements of operating results. 2. The sum of these amounts equates to equity accounted income (loss) of $8 million as per the unaudited interim condensed consolidated statements of operating results. 3. Gain (loss) on dispositions, net recorded in Adjusted EFO of $20 million primarily represents the partnership’s economic ownership interest in net gains related to the disposition of our Indian non-bank financial services' non-core home finance lending operation in July 2025. 4. The sum of these amounts equates to other income (expense), net of $(462) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest of $8 million is included in Adjusted EFO. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(148) million includes $53 million of expenses for employee incentive payments linked to the realization of value at the partnership’s operations, $31 million of net losses on debt modification and extinguishment, $19 million of unrealized net revaluation losses, $14 million of business separation expenses, stand-up costs and restructuring charges, $14 million of loss recognized on the partial sale of an interest in our work access services operation and $17 million of other expenses. Attributable to Unitholders For the three months ended September 30, 2025 US$ millions, unaudited Business Services Infrastructure Services Industrials Corporate Total Attributable to Others As per IFRS Financials Revenues $ 1,404 $ 249 $ 1,023 $ — $ 2,676 $ 4,243 $ 6,919 Direct operating costs (1) (1,220) (157) (703) (2) (2,082) (2,809) (4,891) General and administrative expenses (23) (20) (28) (31) (102) (176) (278) Equity accounted Adjusted EBITDA (2) 27 32 24 — 83 68 151 Adjusted EBITDA $ 188 $ 104 $ 316 $ (33) $ 575 Gain (loss) on dispositions, net 20 — — — 20 85 105 Other income (expense), net (3) 4 5 — (1) 8 6 14 Interest income (expense), net (58) (48) (97) (20) (223) (561) (784) Current income tax (expense) recovery (15) (6) (21) — (42) (88) (130) Preferred equity distributions — — — (13) (13) 13 — Equity accounted interest, tax and other expense (2) (13) (14) (14) — (41) (27) (68) Adjusted EFO $ 126 $ 41 $ 184 $ (67) $ 284 Depreciation and amortization expense (1) (216) (556) (772) Other income (expense), net (3) (148) (328) (476) Deferred income tax (expense) recovery 63 100 163 Non-cash items attributable to equity accounted investments (2) (42) (33) (75) Net income (loss) $ (59) $ (63) $ (122) Segment Reconciliation – Three Months Ended September 30, 2025
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BROOKFIELD.COM 26 Segment Reconciliation – Three Months Ended September 30, 2024 Attributable to Unitholders For the three months ended September 30, 2024 US$ millions, unaudited Business Services Infrastructure Services Industrials Corporate Total Attributable to Others As per IFRS Financials Revenues $ 1,969 $ 317 $ 1,022 $ — $ 3,308 $ 5,924 $ 9,232 Direct operating costs (1) (1,727) (192) (500) (2) (2,421) (3,840) (6,261) General and administrative expenses (33) (17) (35) (28) (113) (206) (319) Equity accounted Adjusted EBITDA (2) 19 38 13 — 70 42 112 Adjusted EBITDA $ 228 $ 146 $ 500 $ (30) $ 844 Gain (loss) on dispositions, net (3) 127 — — — 127 466 593 Gain (loss) on dispositions, net recorded in equity (4) — — 4 — 4 1 5 Other income (expense), net (5) 1 1 — — 2 4 6 Interest income (expense), net (71) (59) (91) (37) (258) (520) (778) Current income tax (expense) recovery (29) (5) (52) — (86) (190) (276) Preferred equity distributions — — — (13) (13) 13 — Equity accounted interest, tax and other expense (2) (11) (22) (5) — (38) (6) (44) Adjusted EFO $ 245 $ 61 $ 356 $ (80) $ 582 Depreciation and amortization expense (1) (254) (554) (808) Gain (loss) on dispositions, net recorded in equity (4) (4) (1) (5) Other income (expense), net (5) (151) (84) (235) Deferred income tax (expense) recovery 179 401 580 Non-cash items attributable to equity accounted investments (2) (51) (16) (67) Net income (loss) $ 301 $ 1,434 $ 1,735 1. The sum of these amounts equates to direct operating costs of $7,069 million as per the unaudited interim condensed consolidated statements of operating results. 2. The sum of these amounts equates to equity accounted income (loss) of $1 million as per the unaudited interim condensed consolidated statements of operating results. 3. Gain (loss) on dispositions, net recorded in Adjusted EFO of $127 million represents the partnership’s economic ownership interest in gains of $87 million from the disposition of the partnership’s road fuels operation and $40 million from the deconsolidation of the partnership’s payment processing services operation. 4. Gain (loss) on dispositions, net recorded in equity in Adjusted EFO of $4 million represents the partnership’s economic ownership interest in gains related to the disposition of public securities. 5. The sum of these amounts equates to other income (expense), net of $(229) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $2 million includes $1 million of realized net revaluation gains and $1 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(151) million includes $112 million related to provisions recorded at the partnership’s constructio n operation primarily related to a legacy receivable balance from wound up Middle East op erations, $15 million of business separation expenses, stand-up costs and restructuring charges, $12 million of unrealized net revaluation losses, $3 million of transaction costs and $9 million of other expenses. Proportionate Operating Results to Consolidated Operating Results
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BROOKFIELD.COM 27 Segment Reconciliation – Nine Months Ended September 30, 2025 1. The sum of these amounts equates to direct operating costs of $16,530 million as per the unaudited interim condensed consolidated statements of operating results. 2. The sum of these amounts equates to equity accounted income (loss) of $23 million as per the unaudited interim condensed consolidated statements of operating results. 3. Gain (loss) on dispositions, net recorded in Adjusted EFO of $136 million primarily represents the partnership’s economic ownership interest in net gains of $114 million related to the disposition of the partnership’s offshore oil services' shuttle tanker operation and net gains of $22 million related to the disposition of our Indian non-bank financial services' non-core home finance lending operation in July 2025. 4. The sum of these amounts equates to other income (expense), net of $(648) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $12 million includes $19 million of rea lized gain relating to upgrades completed for customers on certain vessels at the partnership's offshore oil services, $16 million of expenses related to employee incentive payments linked to the realization of value at the partnership’s advanced energy storage operation, $5 million of realized net revaluation gains and $4 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(164) million includes $93 million of expenses related to expected employee incentive payments linked to the realization of value at the partnership’s operations , $76 million of net gain recognized upon deconsolidation of the partnership’s healthcare services operation, $59 million of unrealized net revaluation losses, $53 million of business separation expenses, stand-up costs and restructuring charges, $48 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at the partnership’s offshore oil services, $36 million of net losses on debt modification and extinguishment, $14 million of loss recognized on the partial sale of an interest in our work access services operation, $11 million of transaction costs and $22 million of other expenses. Attributable to Unitholders For the nine months ended September 30, 2025 US$ millions, unaudited Business Services Infrastructure Services Industrials Corporate Total Attributable to Others As per IFRS Financials Revenues $ 4,177 $ 721 $ 3,008 $ — $ 7,906 $ 12,457 $ 20,363 Direct operating costs (1) (3,565) (450) (2,053) (7) (6,075) (8,186) (14,261) General and administrative expenses (85) (59) (87) (86) (317) (543) (860) Equity accounted Adjusted EBITDA (2) 79 105 59 — 243 163 406 Adjusted EBITDA $ 606 $ 317 $ 927 $ (93) $ 1,757 Gain (loss) on dispositions, net (3) 22 114 — — 136 189 325 Gain (loss) on dispositions, net recorded in equity (4) — — — (4) (14) (18) Other income (expense), net (4) 6 26 (19) (1) 12 (34) (22) Interest income (expense), net (196) (139) (315) (65) (715) (1,640) (2,355) Current income tax (expense) recovery (46) (19) (98) — (163) (283) (446) Preferred equity distributions — — — (39) (39) 39 — Equity accounted interest and tax expense (2) (40) (54) (27) — (121) (48) (169) Adjusted EFO $ 348 $ 245 $ 468 $ (198) $ 863 Depreciation and amortization expense (1) (667) (1,602) (2,269) Impairment reversal (expense), net (3) (11) (14) Gain (loss) on dispositions, net recorded in equity 4 14 18 Other income (expense), net (4) (164) (462) (626) Deferred income tax (expense) recovery 153 258 411 Non-cash items attributable to equity accounted investments (2) (139) (75) (214) Net income (loss) $ 47 $ 222 $ 269 Proportionate Operating Results to Consolidated Operating Results
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BROOKFIELD.COM 28 Segment Reconciliation – Nine Months Ended September 30, 2024 Attributable to Unitholders For the nine months ended September 30, 2024 US$ millions, unaudited Business Services Infrastructure Services Industrials Corporate Total Attributable to Others As per IFRS Financials Revenues $ 6,505 $ 946 $ 3,020 $ — $ 10,471 $ 22,722 $ 33,193 Direct operating costs (1) (5,838) (565) (2,032) (9) (8,444) (18,006) (26,450) General and administrative expenses (106) (56) (91) (81) (334) (609) (943) Equity accounted Adjusted EBITDA (2) 54 121 44 — 219 133 352 Adjusted EBITDA $ 615 $ 446 $ 941 $ (90) $ 1,912 Gain (loss) on dispositions, net (3) 142 — 81 — 223 469 692 Gain (loss) on dispositions, net recorded in equity (4) — — 73 — 73 14 87 Other income (expense), net (5) 52 13 4 — 69 10 79 Interest income (expense), net (214) (182) (267) (112) (775) (1,577) (2,352) Current income tax (expense) recovery (67) (9) (75) (7) (158) (330) (488) Preferred equity distributions — — — (39) (39) 39 — Equity accounted interest and tax expense (2) (29) (59) (15) — (103) (26) (129) Adjusted EFO $ 499 $ 209 $ 742 $ (248) $ 1,202 Depreciation and amortization expense (1) (758) (1,667) (2,425) Impairment reversal (expense), net 5 5 10 Gain (loss) on dispositions, net recorded in equity (4) (73) (14) (87) Other income (expense), net (5) (235) (57) (292) Deferred income tax (expense) recovery 310 614 924 Non-cash items attributable to equity accounted investments (2) (122) (46) (168) Net income (loss) $ 329 $ 1,674 $ 2,003 1. The sum of these amounts equates to direct operating costs of $28,875 million as per the unaudited interim condensed consolidated statements of operating results. 2. The sum of these amounts equates to equity accounted income (loss) of $55 million as per the unaudited interim condensed consolidated statements of operating results. 3. Gain (loss) on dispositions, net recorded in Adjusted EFO of $223 million represents the partnership’s economic ownership interest in gains of $87 million from the dispositions of the partnership’s road fuels operation, $81 million from the disposition of the partnership’s Canadian aggregates production operation, $40 million from the deconsolidation of the partnership’s payment processing services operation and $15 million from the disposition of the partnership’s real estate services operation. 4. Gain (loss) on dispositions, net recorded in equity in Adjusted EFO of $73 million represents the partnership’s economic interest in gains related to the disposition of public securities. 5. The sum of these amounts equates to other income (expense), net of $(213) million as per the unaudited interim condensed consolidated statements of operating results . Other income (expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $69 million includes $50 million of other income related to a distribution at the partnership’s entertainment operation, $16 million of realized net revaluation gains and $3 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(235) million includes $194 million related to provisions recorded at the partnership’s construction operation, $34 million of unrealized net revaluation gains, $33 million of business separation expenses, stand-up costs and restructuring charges, $21 million of transaction costs, $8 million of net gains on debt modification and extinguishment, $3 million of expenses for employee incentive payments linked to the realization of value at the partnership’s operations and $26 million of other expenses. Proportionate Operating Results to Consolidated Operating Results
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BROOKFIELD.COM 29 Proportionate Statements of Financial Position As at September 30, 2025 December 31, 2024 US$ millions, unaudited Attributable to Unitholders Attributable to Others As per IFRS Financials Attributable to Unitholders Attributable to Others As per IFRS Financials Assets Cash and cash equivalents $ 1,444 $ 2,056 $ 3,500 $ 1,228 $ 2,011 $ 3,239 Financial assets 5,243 6,723 11,966 4,866 7,505 12,371 Accounts and other receivable, net 2,956 4,866 7,822 2,559 3,720 6,279 Inventory and other assets 1,514 3,180 4,694 2,106 3,622 5,728 Property, plant and equipment 3,681 7,129 10,810 4,535 8,697 13,232 Deferred income tax assets 841 1,219 2,060 696 1,048 1,744 Intangible assets 5,000 13,878 18,878 5,317 13,000 18,317 Equity accounted investments 1,494 890 2,384 1,527 798 2,325 Goodwill 3,673 9,616 13,289 3,877 8,362 12,239 $ 25,846 $ 49,557 $ 75,403 $ 26,711 $ 48,763 $ 75,474 Liabilities Corporate borrowings $ 1,156 $ — $ 1,156 $ 2,142 $ — $ 2,142 Accounts payable and other 5,746 8,233 13,979 6,728 9,963 16,691 Non-recourse borrowings in subsidiaries of the partnership 11,965 30,184 42,149 11,236 25,484 36,720 Deferred income tax liabilities 657 1,922 2,579 748 1,865 2,613 $ 19,524 $ 40,339 $ 59,863 $ 20,854 $ 37,312 $ 58,166 Proportionate Financial Position to Consolidated Financial Position
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BROOKFIELD.COM 30 Reconciliation of Non-IFRS Measures to IFRS Measures Attributable to Unitholders US$ millions, unaudited Business Services Infrastructure Services Industrials Corporate Total Attributable to Others As per IFRS Financials Cash September 30, 2025 $ 809 $ 356 $ 195 $ 84 $ 1,444 $ 2,056 $ 3,500 December 31, 2024 709 252 176 91 1,228 2,011 3,239 Borrowings September 30, 2025 $ 4,222 $ 2,776 $ 4,966 $ 1,156 $ 13,120 $ 30,185 $ 43,305 December 31, 2024 4,923 2,483 3,825 2,142 13,373 25,489 38,862 Borrowings, net of cash September 30, 2025 $ 3,413 $ 2,420 $ 4,771 $ 1,072 $ 11,676 $ 28,129 $ 39,805 December 31, 2024 4,214 2,231 3,649 2,051 12,145 23,478 35,623 As at US$ millions, unaudited September 30, 2025 December 31, 2024 Total equity $ 15,540 $ 17,308 Less: Preferred securities 740 740 Less: Interest of others in operating subsidiaries 9,218 11,451 Equity attributable to Unitholders $ 5,582 $ 5,117 Total Equity Reconciliation to Equity Attributable to Unitholders Proportionate Net Borrowings Reconciliation to Consolidated Net Borrowings
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BROOKFIELD.COM 31 Definitions • Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. • Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis. • Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method. • Equity attributable to unitholders is exclusive of the equity interest of others in our operating subsidiaries. • Net income (loss) attributable to unitholders is exclusive of the net income (loss) attributable to others in our operating subsidiaries. • Unitholders are defined as limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders. • Units are defined as limited partnership units, general partnership units, redemption-exchange units, special limited partnership units and BBUC exchangeable shares. • Net debt is calculated by subtracting cash and cash equivalents from borrowings. • Information on a proportionate basis reflects the partnership’s economic ownership interest in our consolidated subsidiaries which we consolidate and account for using the equity method whereby we either control or exercise significant influence or joint control over the investment, respectively. The total proportionate financial information is not, and is not intended to be, presented in accordance with IFRS.