UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF
BROOKFIELD BUSINESS PARTNERS L.P.
As at June 30, 2025 and December 31, 2024 and for the
three and six months ended June 30, 2025 and 2024
1
INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS OF BROOKFIELD BUSINESS PARTNERS L.P.
| Unaudited Interim Condensed Consolidated Statements of Financial Position |
3
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| Unaudited Interim Condensed Consolidated Statements of Operating Results |
4
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| Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) |
5
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| Unaudited Interim Condensed Consolidated Statements of Changes in Equity |
6
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| Unaudited Interim Condensed Consolidated Statements of Cash Flow |
7
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| Notes to Unaudited Interim Condensed Consolidated Financial Statements |
8
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2
BROOKFIELD BUSINESS PARTNERS L.P.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
| (US$ MILLIONS) | Notes | June 30, 2025 | December 31, 2024 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Current Assets | ||||||||||||||||||||
| Cash and cash equivalents | 4 | $ | 3,329 | $ | 3,239 | |||||||||||||||
| Financial assets | 5 | 1,409 | 1,537 | |||||||||||||||||
| Accounts and other receivable, net | 6 | 6,191 | 5,178 | |||||||||||||||||
| Inventory, net | 7 | 2,870 | 2,416 | |||||||||||||||||
| Other assets | 9 | 2,094 | 2,969 | |||||||||||||||||
| 15,893 | 15,339 | |||||||||||||||||||
| Non-Current Assets | ||||||||||||||||||||
| Financial assets | 5 | 10,249 | 10,834 | |||||||||||||||||
| Accounts and other receivable, net | 6 | 957 | 1,101 | |||||||||||||||||
| Other assets | 9 | 844 | 343 | |||||||||||||||||
| Property, plant and equipment | 10 | 10,591 | 13,232 | |||||||||||||||||
| Deferred income tax assets | 1,959 | 1,744 | ||||||||||||||||||
| Intangible assets | 11 | 19,158 | 18,317 | |||||||||||||||||
| Equity accounted investments | 13 | 2,397 | 2,325 | |||||||||||||||||
| Goodwill | 12 | 13,287 | 12,239 | |||||||||||||||||
| $ | 75,335 | $ | 75,474 | |||||||||||||||||
| Liabilities and Equity | ||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||
| Accounts payable and other | 14 | $ | 8,185 | $ | 10,550 | |||||||||||||||
| Non-recourse borrowings in subsidiaries of the partnership | 16 | 1,360 | 1,616 | |||||||||||||||||
| 9,545 | 12,166 | |||||||||||||||||||
| Non-Current Liabilities | ||||||||||||||||||||
| Accounts payable and other | 14 | 5,581 | 6,141 | |||||||||||||||||
| Corporate borrowings | 16 | 1,116 | 2,142 | |||||||||||||||||
| Non-recourse borrowings in subsidiaries of the partnership | 16 | 41,133 | 35,104 | |||||||||||||||||
| Deferred income tax liabilities | 2,639 | 2,613 | ||||||||||||||||||
| $ | 60,014 | $ | 58,166 | |||||||||||||||||
| Equity | ||||||||||||||||||||
| Limited partners | 19 | $ | 2,291 | $ | 1,752 | |||||||||||||||
| Non-controlling interests attributable to: | ||||||||||||||||||||
| Redemption-exchange units | 19 | 1,330 | 1,644 | |||||||||||||||||
| Special limited partner | 19 | - | - | |||||||||||||||||
| BBUC exchangeable shares | 19 | 1,805 | 1,721 | |||||||||||||||||
| Preferred securities | 19 | 740 | 740 | |||||||||||||||||
| Interest of others in operating subsidiaries | 9,155 | 11,451 | ||||||||||||||||||
| 15,321 | 17,308 | |||||||||||||||||||
| $ | 75,335 | $ | 75,474 | |||||||||||||||||
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
3
BROOKFIELD BUSINESS PARTNERS L.P.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF OPERATING RESULTS
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||||||||||
| (US$ MILLIONS, except per unit amounts) | Notes | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||
| Revenues | 22 | $ | 6,695 | $ | 11,946 | $ | 13,444 | $ | 23,961 | |||||||||||||||||||||||
| Direct operating costs | 21 | (5,465) | (10,928) | (10,867) | (21,806) | |||||||||||||||||||||||||||
| General and administrative expenses | (271) | (307) | (582) | (624) | ||||||||||||||||||||||||||||
| Interest income (expense), net | (801) | (778) | (1,571) | (1,574) | ||||||||||||||||||||||||||||
| Equity accounted income (loss) | 13 | 23 | 31 | 15 | 54 | |||||||||||||||||||||||||||
| Impairment reversal (expense), net |
10, 12
|
(14) | - | (14) | 10 | |||||||||||||||||||||||||||
| Gain (loss) on dispositions, net | 8 | 6 | 84 | 220 | 99 | |||||||||||||||||||||||||||
| Other income (expense), net | (103) | (100) | (186) | 16 | ||||||||||||||||||||||||||||
| Income (loss) before income tax | 70 | (52) | 459 | 136 | ||||||||||||||||||||||||||||
| Income tax (expense) recovery | ||||||||||||||||||||||||||||||||
| Current | (119) | (122) | (316) | (212) | ||||||||||||||||||||||||||||
| Deferred | 184 | 239 | 248 | 344 | ||||||||||||||||||||||||||||
| Net income (loss) | $ | 135 | $ | 65 | $ | 391 | $ | 268 | ||||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Limited partners | 19 | $ | 11 | $ | (7) | $ | 41 | $ | 10 | |||||||||||||||||||||||
| Non-controlling interests attributable to: | ||||||||||||||||||||||||||||||||
| Redemption-exchange units | 19 | 6 | (6) | 29 | 9 | |||||||||||||||||||||||||||
| Special limited partner | 19 | - | - | - | - | |||||||||||||||||||||||||||
| BBUC exchangeable shares | 19 | 9 | (7) | 36 | 9 | |||||||||||||||||||||||||||
| Preferred securities | 19 | 13 | 13 | 26 | 26 | |||||||||||||||||||||||||||
| Interest of others in operating subsidiaries | 96 | 72 | 259 | 214 | ||||||||||||||||||||||||||||
| $ | 135 | $ | 65 | $ | 391 | $ | 268 | |||||||||||||||||||||||||
| Basic and diluted earnings (loss) per limited partner unit | 19 | $ | 0.12 | $ | (0.10) | $ | 0.49 | $ | 0.13 | |||||||||||||||||||||||
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
4
BROOKFIELD BUSINESS PARTNERS L.P.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS)
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||||||||||
| (US$ MILLIONS) | Notes | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||
| Net income (loss) | $ | 135 | $ | 65 | $ | 391 | $ | 268 | ||||||||||||||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||||||||||||||||||
| Fair value through other comprehensive income | 14 | 40 | 43 | 31 | ||||||||||||||||||||||||||||
| Insurance finance reserve | 3 | (10) | (9) | (5) | ||||||||||||||||||||||||||||
| Foreign currency translation | 607 | (258) | 882 | (612) | ||||||||||||||||||||||||||||
| Net investment and cash flow hedges | 4 | (153) | 211 | (282) | 386 | |||||||||||||||||||||||||||
| Equity accounted investments | 13 | 11 | (5) | 16 | (8) | |||||||||||||||||||||||||||
| Taxes on the above items | 15 | (25) | 34 | (44) | ||||||||||||||||||||||||||||
| Reclassification to profit or loss | (53) | (82) | (59) | (139) | ||||||||||||||||||||||||||||
| 444 | (129) | 625 | (391) | |||||||||||||||||||||||||||||
| Items that will not be reclassified subsequently to profit or loss: | ||||||||||||||||||||||||||||||||
| Revaluation of pension obligations | 1 | (1) | - | (3) | ||||||||||||||||||||||||||||
| Fair value through other comprehensive income | 206 | 2 | 213 | 9 | ||||||||||||||||||||||||||||
| Taxes on the above items | 1 | 2 | - | - | ||||||||||||||||||||||||||||
| 208 | 3 | 213 | 6 | |||||||||||||||||||||||||||||
| Total other comprehensive income (loss) | 652 | (126) | 838 | (385) | ||||||||||||||||||||||||||||
| Comprehensive income (loss) | $ | 787 | $ | (61) | $ | 1,229 | $ | (117) | ||||||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Limited partners | $ | 164 | $ | (14) | $ | 213 | $ | (31) | ||||||||||||||||||||||||
| Non-controlling interests attributable to: | ||||||||||||||||||||||||||||||||
| Redemption-exchange units | 95 | (14) | 134 | (30) | ||||||||||||||||||||||||||||
| Special limited partner | - | - | - | - | ||||||||||||||||||||||||||||
| BBUC exchangeable shares | 130 | (15) | 175 | (32) | ||||||||||||||||||||||||||||
| Preferred securities | 13 | 13 | 26 | 26 | ||||||||||||||||||||||||||||
| Interest of others in operating subsidiaries | 385 | (31) | 681 | (50) | ||||||||||||||||||||||||||||
| $ | 787 | $ | (61) | $ | 1,229 | $ | (117) | |||||||||||||||||||||||||
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
5
BROOKFIELD BUSINESS PARTNERS L.P.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Limited partners | Non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (US$ MILLIONS) | Capital |
Retained earnings |
Ownership changes |
Accumulated
other comprehensive income (loss) (1) |
Total limited partners |
Redemption- exchange units |
Special limited partner units | BBUC exchangeable shares | Preferred securities |
Interest of others in operating subsidiaries |
Total equity |
|||||||||||||||||||||||||||||||||||||||||||||
|
Balance as at January 1, 2025
|
$ | 2,109 | $ | 491 | $ | (624) | $ | (224) | $ | 1,752 | $ | 1,644 | $ | - | $ | 1,721 | $ | 740 | $ | 11,451 | $ | 17,308 | ||||||||||||||||||||||||||||||||||
| Net income (loss) | - | 41 | - | - | 41 | 29 | - | 36 | 26 | 259 | 391 | |||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | - | - | - | 172 | 172 | 105 | - | 139 | - | 422 | 838 | |||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | - | 41 | - | 172 | 213 | 134 | - | 175 | 26 | 681 | 1,229 | |||||||||||||||||||||||||||||||||||||||||||||
| Contributions | - | - | - | - | - | - | - | - | - | 136 | 136 | |||||||||||||||||||||||||||||||||||||||||||||
|
Distributions and capital paid (2)
|
- | (11) | - | - | (11) | (7) | - | (9) | (26) | (3,592) | (3,645) | |||||||||||||||||||||||||||||||||||||||||||||
|
Ownership changes and other (2)
|
- | (12) | 429 | - | 417 | (441) | - | (5) | - | (139) | (168) | |||||||||||||||||||||||||||||||||||||||||||||
|
Unit repurchases (2)
|
(80) | - | - | - | (80) | - | - | (77) | - | - | (157) | |||||||||||||||||||||||||||||||||||||||||||||
|
Acquisition of interest (3)
|
- | - | - | - | - | - | - | - | - | 618 | 618 | |||||||||||||||||||||||||||||||||||||||||||||
| Balance as at June 30, 2025 | $ | 2,029 | $ | 509 | $ | (195) | $ | (52) | $ | 2,291 | $ | 1,330 | $ | - | $ | 1,805 | $ | 740 | $ | 9,155 | $ | 15,321 | ||||||||||||||||||||||||||||||||||
|
Balance as at January 1, 2024
|
2,109 | 549 | (619) | (130) | 1,909 | 1,792 | - | 1,875 | 740 | 12,216 | 18,532 | |||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | - | 10 | - | - | 10 | 9 | - | 9 | 26 | 214 | 268 | |||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | - | - | - | (41) | (41) | (39) | - | (41) | - | (264) | (385) | |||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | - | 10 | - | (41) | (31) | (30) | - | (32) | 26 | (50) | (117) | |||||||||||||||||||||||||||||||||||||||||||||
| Contributions | - | - | - | - | - | - | - | - | - | 124 | 124 | |||||||||||||||||||||||||||||||||||||||||||||
|
Distributions and capital paid (2)
|
- | (10) | - | - | (10) | (8) | - | (9) | (26) | (282) | (335) | |||||||||||||||||||||||||||||||||||||||||||||
| Ownership changes and other | - | - | - | - | - | (2) | - | - | - | 2 | - | |||||||||||||||||||||||||||||||||||||||||||||
|
Balance as at June 30, 2024
|
$ | 2,109 | $ | 549 | $ | (619) | $ | (171) | $ | 1,868 | $ | 1,752 | $ | - | $ | 1,834 | $ | 740 | $ | 12,010 | $ | 18,204 | ||||||||||||||||||||||||||||||||||
____________________________________
(1)See Note 20 for additional information.
(2)See Note 19 for additional information on distributions, unit repurchases, and ownership changes and other.
(3)See Note 3 for additional information.
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
6
BROOKFIELD BUSINESS PARTNERS L.P.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
| Six Months Ended June 30, | ||||||||||||||||||||
| (US$ MILLIONS) | Notes | 2025 | 2024 | |||||||||||||||||
| Operating Activities | ||||||||||||||||||||
| Net income (loss) | $ | 391 | $ | 268 | ||||||||||||||||
| Adjusted for the following items: | ||||||||||||||||||||
| Equity accounted earnings, net of distributions | 13 | 216 | 71 | |||||||||||||||||
| Impairment expense (reversal), net | 14 | (10) | ||||||||||||||||||
| Depreciation and amortization expense | 21 | 1,497 | 1,617 | |||||||||||||||||
| (Gain) loss on dispositions, net | 8 | (220) | (99) | |||||||||||||||||
| Provisions and other items | (444) | (231) | ||||||||||||||||||
| Deferred income tax expense (recovery) | (248) | (344) | ||||||||||||||||||
| Changes in non-cash working capital, net | 24 | 92 | (849) | |||||||||||||||||
| Cash from (used in) operating activities | 1,298 | 423 | ||||||||||||||||||
| Financing Activities | ||||||||||||||||||||
| Proceeds from non-recourse subsidiary borrowings of the partnership | 11,955 | 5,057 | ||||||||||||||||||
| Repayment of non-recourse subsidiary borrowings of the partnership | (7,007) | (4,561) | ||||||||||||||||||
| Proceeds from corporate borrowings | 410 | 665 | ||||||||||||||||||
| Repayment of corporate borrowings | (1,440) | (215) | ||||||||||||||||||
| Proceeds from other financing | 130 | 155 | ||||||||||||||||||
| Repayment of other financing | (70) | (71) | ||||||||||||||||||
| Proceeds from (repayment of) other credit facilities, net | 17 | (50) | ||||||||||||||||||
| Lease liability repayment | (130) | (166) | ||||||||||||||||||
| Capital provided by others who have interests in operating subsidiaries | 19 | 675 | 96 | |||||||||||||||||
| Repurchases of LP units and BBUC exchangeable shares | 19 | (157) | - | |||||||||||||||||
| Distributions to limited partners, Redemption-Exchange unitholders and BBUC exchangeable shareholders | 19 | (27) | (27) | |||||||||||||||||
| Distributions to preferred securities holders | 19 | (26) | (26) | |||||||||||||||||
| Distributions and capital paid to others who have interests in operating subsidiaries | 19 | (3,797) | (327) | |||||||||||||||||
| Cash from (used in) financing activities | 533 | 530 | ||||||||||||||||||
| Investing Activities | ||||||||||||||||||||
| Acquisitions | ||||||||||||||||||||
| Subsidiaries, net of cash acquired | 3 | (1,619) | (84) | |||||||||||||||||
| Property, plant and equipment and intangible assets | (969) | (1,257) | ||||||||||||||||||
| Equity accounted investments | (191) | (21) | ||||||||||||||||||
| Financial assets and other | (1,372) | (1,548) | ||||||||||||||||||
| Dispositions | ||||||||||||||||||||
| Subsidiaries, net of cash disposed | 8 | 508 | 168 | |||||||||||||||||
| Property, plant and equipment and intangible assets | 89 | 13 | ||||||||||||||||||
| Financial assets and other | 1,570 | 1,631 | ||||||||||||||||||
| Net settlement of derivative assets and liabilities | (59) | 7 | ||||||||||||||||||
| Restricted cash and deposits | 104 | 7 | ||||||||||||||||||
| Cash from (used in) investing activities | (1,939) | (1,084) | ||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Change during the period | (108) | (131) | ||||||||||||||||||
| Impact of foreign exchange | 213 | (162) | ||||||||||||||||||
| Net change in cash classified within assets held for sale | (15) | - | ||||||||||||||||||
| Balance, beginning of year | 3,239 | 3,252 | ||||||||||||||||||
| Balance, end of period | $ | 3,329 | $ | 2,959 | ||||||||||||||||
Supplemental cash flow information is presented in Note 24.
The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.
7
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
As at June 30, 2025 and December 31, 2024 and
for the three and six months ended June 30, 2025 and 2024
NOTE 1. NATURE AND DESCRIPTION OF THE PARTNERSHIP
Brookfield Business Partners L.P. and its subsidiaries (collectively, the "partnership") is an owner and operator of business services and industrials operations on a global basis. Brookfield Business Partners L.P. was established as a limited partnership under the laws of Bermuda, and organized pursuant to a limited partnership agreement as amended on May 31, 2016, and as thereafter amended. Brookfield Corporation (together with its controlled subsidiaries, excluding the partnership, "Brookfield") is the ultimate parent of the partnership. "Brookfield Holders" refers to Brookfield, Brookfield Wealth Solutions Ltd. ("Brookfield Wealth Solutions") and their related parties. Brookfield Business Partners L.P.'s limited partnership units are listed on the New York Stock Exchange ("NYSE") and the Toronto Stock Exchange ("TSX") under the symbols "BBU" and "BBU.UN", respectively. The registered head office of Brookfield Business Partners L.P. is 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda.
Brookfield Business Partners L.P.'s sole direct investment consists of the managing general partnership units ("Managing General Partner Units") of Brookfield Business L.P. (the "Holding LP"), which holds the partnership's interests in its operating businesses. The partnership's consolidated equity interests include the non-voting publicly traded limited partnership units ("LP Units") held by public unitholders and Brookfield Holders, general partner units held by Brookfield ("GP Units"), redemption-exchange partnership units ("Redemption-Exchange Units") in the Holding LP held by Brookfield, special limited partnership units ("Special LP Units") in the Holding LP held by Brookfield and class A exchangeable subordinate voting shares ("BBUC exchangeable shares") of Brookfield Business Corporation ("BBUC"), a consolidated subsidiary of the partnership, held by the public and Brookfield Holders. Holders of the LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares will be collectively referred to throughout as "Unitholders", unless the context indicates or requires otherwise. LP Units, GP Units, Redemption-Exchange Units, Special LP Units and BBUC exchangeable shares will be collectively referred to throughout as "Units" unless the context indicates or requires otherwise.
The partnership's principal operations include business services operations such as a dealer software and technology services operation, non-bank financial services, a residential mortgage insurer and fleet management and car rental services. The partnership's industrials operations include an advanced energy storage operation and an engineered components manufacturing operation, among others. The partnership's infrastructure services operations include modular building leasing services, a lottery services operation, offshore oil services and work access services. The partnership's operations are primarily located in the United States, Europe, Australia, Brazil and Canada.
NOTE 2. MATERIAL ACCOUNTING POLICY INFORMATION
(a)Basis of presentation
These unaudited interim condensed consolidated financial statements of the partnership have been prepared in accordance with IAS 34, Interim Financial Reporting("IAS 34"), as issued by the International Accounting Standards Board ("IASB") and using the accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2024. The accounting policies the partnership applied in its annual consolidated financial statements as at and for the year ended December 31, 2024 are disclosed in Note 2of such consolidated financial statements, with which reference should be made in reading these unaudited interim condensed consolidated financial statements. All defined terms are also described in the annual consolidated financial statements. The unaudited interim condensed consolidated financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million unless otherwise indicated.
These unaudited interim condensed consolidated financial statements were approved by the Board of Directors of the partnership's general partner, Brookfield Business Partners Limited (the "General Partner"), on behalf of the partnership, and authorized for issue on August 7, 2025.
8
NOTES TO UNAUDITED INTERIM CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
As at June 30, 2025 and December 31, 2024 and
for the three and six months ended June 30, 2025 and 2024
(i) Revision of comparative period
Attachments
Disclaimer
Brookfield Business Partners LP published this content on August 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 07, 2025 at 21:41 UTC.
