Brookfield Business Corporation Reports Third Quarter 2026 Results

Nov 05, 2026

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	Three Months Ended September 30,					Nine Months Ended September 30,
US$ millions (except per share amounts), unaudited		2026		2025			2026		2025
Net income (loss) attributable to Shareholders¹	$	18	$	(59	)	$	95	$	47
Net income (loss) per Class A Share²	$	0.09	$	(0.28	)	$	0.46	$	0.22

Adjusted EBITDA³	$	594	$	575		$	1,763	$	1,757

	Three Months Ended September 30,						Nine Months Ended September 30,
US$ millions, unaudited		2026			2025			2026			2025
Industrials	$	348		$	316		$	991		$	927
Business Services		204			188			616			606
Infrastructure Services		76			104			262			317
Corporate		(34	)		(33	)		(106	)		(93	)
Adjusted EBITDA	$	594		$	575		$	1,763		$	1,757

	Three Months Ended September 30,						Nine Months Ended September 30,
US$ millions, unaudited		2026			2025			2026			2025
Adjusted EFO
Industrials	$	224		$	184		$	652		$	468
Business Services		218			126			461			348
Infrastructure Services		(37	)		41			13			245
Corporate		(68	)		(67	)		(221	)		(198	)

Notes:
1	Attributable to Class A subordinate voting shareholders, Class B multiple voting shareholders, and special incentive shareholders. For the periods prior to the completion of the corporate reorganization on March 27, 2026, reflects amounts previously attributable to limited partnership unitholders, redemption-exchange unitholders, exchangeable shareholders, general partnership unitholders, and special limited partnership unitholders.
2	Net income (loss) per Class A Share calculated as net income (loss) attributable to Class Ashareholdersdivided by the weighted average number of Class A Shares outstanding for thethree and ninemonths endedSeptember 30, 2026, which were205.3 millionand206.4 million, respectively (September 30, 2025:210.4 millionand212.2 million, respectively, adjusted for the corporate reorganization completed in March 2026). Comparative figures have been restated to conform to the current year's presentation.
3	Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the Corporation'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 Corporation's economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the Corporation determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The Corporation 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 Corporation's operations and excludes items that the Corporation believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
4	Adjusted EFO is the Corporation's segment measure of profit or loss and is presented as net income and equity accounted income at the Corporation'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 Corporation's economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the Corporation 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 Corporation'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 Corporation's operations and that are one-time or non-recurring and not directly tied to the Corporation'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 Corporation's operations. Adjusted EFO allows the Corporation to evaluate its segments on the basis of return on invested capital generated by its operations and allows the Corporation to evaluate the performance of its segments on a levered basis.

Brookfield Business Corporation Consolidated Statements of Financial Position

	As at
US$ millions, unaudited	September 30, 2026				December 31, 2025

Assets
Cash and cash equivalents			$	3,323			$	3,546
Financial assets				15,834				12,483
Accounts and other receivable, net				7,634				7,725
Inventory and other assets				4,933				4,594
Property, plant and equipment				9,616				11,013
Deferred income tax assets				2,115				2,083
Intangible assets				17,657				18,513
Equity accounted investments				2,215				2,494
Goodwill				13,238				13,310
Total Assets			$	76,565			$	75,761

Liabilities and Equity
Liabilities
Corporate borrowings			$	1,539			$	1,325
Accounts payable and other				12,747				14,188
Non-recourse borrowings in subsidiaries of the Corporation				44,291				42,424
Deferred income tax liabilities				2,314				2,513

Equity
Class A shareholders¹	$	5,537			$	5,451
Non-controlling interests attributable to:
Preferred securities		740				740
Interest of others in operating subsidiaries		9,397				9,120
				15,674				15,311
Total Liabilities and Equity			$	76,565			$	75,761

Media: Simon Maine Tel: +1 (332) 298 0447 Email: [email protected]	Investors: Alan Fleming Tel: +1 (416) 645 2736 Email: [email protected]

Notes:
1	For the periods prior to the completion of the corporate reorganization on March 27, 2026, reflects amounts previously attributable to limited partnership units, redemption-exchange units and exchangeable shares, which were exchanged for Class A Shares on a one-for-one basis.

Brookfield Business Corporation Reconciliation of Non-IFRS Measure

	Three Months Ended September 30, 2026
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate			Total

Net income (loss)	$	145		$	(201	)	$	339		$	(41	)	$	242

Add or subtract the following:
Depreciation and amortization expense		201			171			374			—			746
Gain (loss) on dispositions, net		—			60			—			—			60
Other income (expense), net¹		(46	)		(6	)		30			5			(17	)
Income tax (expense) recovery		(2	)		3			64			(22	)		43
Equity accounted income (loss)		(2	)		(1	)		(1	)		—			(4	)
Interest income (expense), net		204			146			363			24			737
Equity accounted Adjusted EBITDA²		37			26			35			—			98
Amounts attributable to non-controlling interests³		(333	)		(122	)		(856	)		—			(1,311	)
Adjusted EBITDA	$	204		$	76		$	348		$	(34	)	$	594

Notes:
1	Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $72 million of net revaluation gains, $50 million of business separation expenses, stand-up costs and restructuring charges, $27 million of expenses related to employee incentive payments linked to the realization of value at the Corporation’s operations, $15 million of gains on debt modification and extinguishment, $5 million of transaction costs, and $12 million of other income.
2	Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the Corporation that is generated by our investments in associates and joint ventures accounted for using the equity method.
3	Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

Brookfield Business Corporation Reconciliation of Non-IFRS Measure

	Nine Months Ended September 30, 2026
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate			Total

Net income (loss)	$	403		$	(487	)	$	781		$	(146	)	$	551

Add or subtract the following:
Depreciation and amortization expense		591			529			1,161			—			2,281
Impairment reversal (expense), net		—			(5	)		—			—			(5	)
Gain (loss) on dispositions, net		(1	)		60			—			—			59
Other income (expense), net¹		(175	)		47			244			13			129
Income tax (expense) recovery		65			9			64			(46	)		92
Equity accounted income (loss)		(13	)		(5	)		9			—			(9	)
Interest income (expense), net		638			450			1,081			73			2,242
Equity accounted Adjusted EBITDA²		104			85			97			—			286
Amounts attributable to non-controlling interests³		(996	)		(421	)		(2,446	)		—			(3,863	)
Adjusted EBITDA	$	616		$	262		$	991		$	(106	)	$	1,763

Brookfield Business Corporation Reconciliation of Non-IFRS Measure

	Three Months Ended September 30, 2025
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate			Total

Net income (loss)	$	69		$	(255	)	$	88		$	(24	)	$	(122	)

Add or subtract the following:
Depreciation and amortization expense		189			185			398			—			772
Gain (loss) on dispositions, net		(105	)		—			—			—			(105	)
Other income (expense), net¹		43			169			248			2			462
Income tax (expense) recovery		47			(3	)		(46	)		(31	)		(33	)
Equity accounted income (loss)		(10	)		(8	)		10			—			(8	)
Interest income (expense), net		216			151			397			20			784
Equity accounted Adjusted EBITDA²		27			32			24			—			83
Amounts attributable to non-controlling interests³		(288	)		(167	)		(803	)		—			(1,258	)
Adjusted EBITDA	$	188		$	104		$	316		$	(33	)	$	575

Brookfield Business Corporation Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Nine Months Ended September 30, 2025
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate			Total

Net income (loss)	$	322		$	(272	)	$	328		$	(109	)	$	269

Add back or deduct the following:
Depreciation and amortization expense		619			525			1,125			—			2,269
Impairment reversal (expense), net		—			—			14			—			14
Gain (loss) on dispositions, net		(111	)		(214	)		—			—			(325	)
Other income (expense), net¹		(89	)		166			570			1			648
Income tax (expense) recovery		74			32			(21	)		(50	)		35
Equity accounted income (loss)		(18	)		14			(19	)		—			(23	)
Interest income (expense), net		684			442			1,164			65			2,355
Equity accounted Adjusted EBITDA²		79			105			59			—			243
Amounts attributable to non-controlling interests³		(954	)		(481	)		(2,293	)		—			(3,728	)
Adjusted EBITDA	$	606		$	317		$	927		$	(93	)	$	1,757