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Here are 1-3 brief analogies to describe Brookfield Business (BBUC):

• A Berkshire Hathaway focused on essential services and infrastructure.
• A diversified industrial services conglomerate, similar to General Electric (GE)'s past, but specialized in healthcare, infrastructure, and industrial operations.

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• Hospital Operations: The company operates 42 hospitals, providing healthcare services.
• Construction Services: It offers construction services for various properties including office, residential, hospitality, and mixed-use developments.
• Water and Wastewater Services: The company provides collection, treatment, and distribution of water and wastewater for residential and governmental clients.
• Nuclear Technology Services: It delivers nuclear technology services, including fuel, maintenance, engineering solutions, and components for nuclear power plants.

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Major Customers of Brookfield Business (BBUC)

Brookfield Business Corporation (BBUC) serves a diverse range of customers across its healthcare, construction, wastewater, and nuclear technology segments. Given its mixed business model, which includes direct services to individuals (patients in hospitals, residential water users) alongside services to other companies and governmental bodies, the company does not primarily sell to a single category. Therefore, its major customers can be best described by the following categories:

• Individual Consumers: This category primarily includes patients receiving healthcare services at the 42 hospitals operated by BBUC. It also encompasses residential customers who receive water and wastewater collection, treatment, and distribution services.
• Corporate and Commercial Clients: This segment includes real estate developers, property owners, hospitality groups, and other businesses that contract BBUC for construction services across various property types (e.g., office, residential, retail, mixed-use). Additionally, this category includes utility companies and operators of nuclear power plants that purchase nuclear technology services, such as fuel, maintenance, engineering solutions, and manufactured components.
• Governmental and Municipal Entities: BBUC serves government bodies at various levels (federal, state, local) by providing construction services for social infrastructure projects. Furthermore, municipalities and other governmental customers are recipients of water and wastewater collection, treatment, and distribution services.

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Anuj Ranjan Chief Executive Officer

Anuj Ranjan serves as the Chief Executive Officer of Brookfield Business Corporation. He is responsible for the investments, operations, and expansion of the Private Equity business. He also holds the title of Chief Executive Officer at Brookfield Asset Management Ltd., where he is responsible for the investments, operations, and expansion of the Private Equity business.

Jaspreet Dehl Chief Financial Officer

Jaspreet Dehl is the Chief Financial Officer of Brookfield Business Corporation.

Cyrus Madon Executive Chairman

Cyrus Madon serves as the Executive Chairman of Brookfield Business Partners and is a Managing Partner of Brookfield Asset Management Ltd. He is also the Executive Chairman of Brookfield's Private Equity Group, where he is responsible for developing strategy, providing investment oversight, and supporting the private equity team. He has held numerous senior roles across the organization, including CEO of Brookfield's Private Equity business and head of its corporate lending business. Madon was the initial CEO of Brookfield Business Partners. He began his career at PricewaterhouseCoopers, focusing on corporate finance and recovery.

Sam Pollock Chief Executive Officer, Infrastructure

Sam Pollock is the Chief Executive Officer of Brookfield's Infrastructure business and Brookfield Infrastructure Partners. In this role, he is responsible for the investments, operations, and expansion of the Infrastructure business. He joined Brookfield in 1994 and has held various senior positions, including leading Brookfield's corporate investment group and its private equity business. Pollock led Brookfield's expansion into the infrastructure sector.

Denis Turcotte Managing Partner, Private Equity Group

Denis Turcotte is a Managing Partner in Brookfield's Private Equity Group, where he focuses on the operational transformation of some of Brookfield's larger strategic investments. He joined Brookfield in 2017, having previously served on the Brookfield Asset Management Private Equity Advisory Board and the Brookfield Business Partners' Board of Directors. Prior to joining Brookfield, Turcotte held roles such as Principal with North Channel Management and Capital Partners, CEO of Algoma Steel, and Paper Group President and EVP Corporate Development and Planning with Tembec. He was recognized as Canadian Business Magazine's Top CEO in 2006.

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Here are the key risks to Brookfield Business (BBUC):

1. Economic Sensitivity and Cyclicality: Brookfield Business's operations, particularly its construction services segment, are highly sensitive to economic cycles, real estate market fluctuations, and overall business investment levels. An economic downturn could reduce demand for new construction projects, impact the profitability of existing projects, and potentially affect utilization rates or payment capabilities in its healthcare and infrastructure services segments.
2. Regulatory and Policy Changes: The company operates in heavily regulated industries, including healthcare (hospitals), nuclear technology services, and water/wastewater services. Changes in government policies, healthcare reimbursement models, environmental regulations, safety standards for nuclear power, or water/wastewater treatment requirements could significantly increase operating costs, limit growth opportunities, or require substantial capital expenditures for compliance.
3. Capital Intensity and Project Execution Risk: Several of Brookfield Business's segments, such as construction services, managing hospitals, maintaining nuclear technology infrastructure, and developing water/wastewater systems, are highly capital intensive. The company faces risks related to securing adequate financing, managing complex projects efficiently, potential cost overruns, delays in project completion, and challenges in maintaining and upgrading critical infrastructure across its diverse portfolio.

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The accelerating adoption of modular construction and advanced robotics/automation in the construction industry, which could enable new entrants or existing competitors to deliver projects significantly faster, more cost-effectively, and with greater quality control than traditional on-site construction methods, thereby threatening BBUC's construction services segment.

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Brookfield Business Corporation (BBUC) operates in diverse sectors, including healthcare, construction, nuclear technology services, and wastewater services across the United States, Europe, Australia, the United Kingdom, Canada, and Brazil. The addressable markets for their main products and services are substantial in these regions.

Healthcare Services

• The U.S. hospital services market was valued between USD 2.3 trillion and USD 3.227 trillion in 2024/2025, with projections to reach between USD 4.16 trillion and USD 8.000 trillion by 2030/2035.
• The Europe hospital services market was valued at approximately USD 0.85 trillion in 2024, with expectations to reach USD 1.09 trillion by 2030. Other estimates place the Europe Hospitals industry market size at €1.4 trillion (approximately USD 1.52 trillion) in 2026.
• The Australia hospital services market generated a revenue of USD 81,891.3 million in 2024 and is projected to reach USD 131,304.9 million by 2030. Another estimate indicates the Australia Hospital and Clinic Services Market in 2025 was USD 172.11 billion, expected to achieve USD 302.46 billion by 2033.
• The Canada hospital services market generated a revenue of USD 63,838.0 million in 2024 and is expected to reach USD 90,670.7 million by 2030. The overall market size for Hospitals in Canada was $99.5 billion in 2025.
• The Brazil hospital services market generated a revenue of USD 80,199.3 million in 2024 and is expected to reach USD 103,365.9 million by 2030. The Brazil Hospital and Clinic Services Market in 2025 was reported at USD 224.78 billion, projected to generate USD 352.80 billion by 2033.

Construction Services

• The global construction market was valued at USD 15.78 trillion in 2024 and is projected to grow to USD 16.45 trillion in 2025, with forecasts reaching $15.5 trillion worldwide by 2030.
• The U.S. construction market was valued between USD 2.2 trillion and USD 3.5 trillion in 2025, with projections to reach between USD 3.05 trillion and USD 3.39 trillion by 2034/2035.
• The Europe construction market was valued at approximately USD 3225.27 billion in 2024, expected to be worth USD 4327.39 billion by 2033. Another estimate for 2025 is USD 2887.63 billion, projected to reach USD 4659.04 billion by 2035.
• The UK construction market was valued at USD 256.6 billion in 2024, expected to reach USD 388.6 billion by 2034. Other estimates for 2024 range from USD 298.7 billion to USD 325.33 billion in 2026, with forecasts up to USD 391.45 billion by 2031.
• The Canada construction market was valued between USD 280.30 billion and USD 374.38 billion in 2025/2026, with projections to reach between USD 430.98 billion and USD 456.58 billion by 2031/2034.
• The Brazil construction market was valued between USD 135.67 billion and USD 156.0 billion in 2025, with projections to reach between USD 218.2 billion and USD 249.93 billion by 2034/2035.
• The Australia construction market was valued between USD 173.18 billion and USD 420.5 billion in 2025/2026, with projections to reach between USD 211.71 billion and USD 603.0 billion by 2031/2034. (Note: One source provided AUD 292.53 billion in 2025, approximately USD 190.14 billion using AUD 1 = USD 0.65.)

Nuclear Technology Services

• The global nuclear fuel market was valued at approximately US$34.5 billion in 2025 and is forecasted to reach US$43.9 billion by 2032.
• The global nuclear plant services market was valued at USD 74.38 billion in 2025 and is poised to exceed USD 122.32 billion by 2035.

Wastewater Services

• The global water and wastewater treatment market was valued at USD 372.39 billion in 2025 and is projected to grow to USD 713.96 billion by 2034.
• The U.S. water and wastewater treatment market was valued at approximately USD 121.85 billion in 2024, predicted to increase to USD 238.36 billion by 2034.
• The Europe water and wastewater treatment market is estimated at USD 93.31 billion in 2025, with projections to reach around USD 176.48 billion by 2035.
• The UK water and wastewater treatment market was valued at more than USD 2.87 billion in 2025. The demand for water treatment systems in the United Kingdom is expected to rise from USD 35.2 billion in 2026 to USD 72.5 billion by 2036.
• The Canada water and wastewater treatment market is expected to reach a market size of more than USD 4.27 billion by 2031. The market size for Sewage Treatment Facilities in Canada was $7.5 billion in 2024.
• The Brazil water and wastewater treatment market was valued at USD 1.9 billion in 2019 and is projected to reach USD 2.89 billion by 2026. The Latin America water and wastewater treatment market is projected to grow from an estimated $32.22 billion in 2025 to $48.12 billion by 2032, with Brazil expected to dominate.
• Australia spends an estimated US$6 billion each year on water and wastewater treatment services. The Australia wastewater treatment market was valued at AUD 1021.10 million (approximately USD 664 million) in 2025, projected to reach AUD 1828.63 million (approximately USD 1188 million) by 2035.

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Brookfield Business Corporation (BBUC) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, operational enhancements within its diverse portfolio, disciplined capital recycling, geographic expansion, and targeted growth in high-potential segments.

1. Strategic Acquisitions and Take-Privates: BBUC's core growth strategy involves control-oriented acquisitions and take-privates, particularly in industrial technology and mission-critical services with resilient cash flows. The company actively targets cash-generative firms and aims to create value through these transactions. In 2025, BBUC invested $700 million in four growth acquisitions, demonstrating a continued focus on expanding its portfolio through strategic purchases.

2. Operational Enhancements and Organic Growth within Existing Portfolio: A significant driver of revenue growth comes from BBUC's ability to improve the performance of its acquired businesses. The company emphasizes driving value through operational excellence, strategic repositioning, and commercial execution. By leveraging its in-house operational expertise, BBUC aims to enhance earnings and cash flows of its portfolio companies, as evidenced by improvements in entities like Clarios.

3. Capital Recycling and Reinvestment: BBUC's strategy includes monetizing mature assets to fund higher-return opportunities and continuously reinvesting this capital back into the business. In 2025, the company generated over $2 billion from its capital recycling program, which was then redeployed to fuel further growth initiatives, including new acquisitions. This ongoing cycle of selling assets and reinvesting proceeds is a fundamental aspect of its long-term value creation and growth.

4. Geographic Expansion: Brookfield Business Corporation is actively expanding its reach into new geographic markets to access emerging opportunities. The company plans to grow its presence in North America and Europe, while also selectively targeting exposure in Asia and the Middle East. This expansion is aimed at tapping into sectors such as energy-transition supply chains, data center services, and specialized infrastructure maintenance, with new platforms slated for scale-up between 2025 and 2027.

5. Targeted Growth in High-Potential Segments: BBUC is focused on specific segments with strong secular tailwinds. For instance, its advanced energy storage operations have shown strong performance due to increasing demand for higher-margin advanced batteries. Additionally, the company sees significant growth opportunities in the high-growth payments space, with plans to build a key platform with substantial scale and capabilities.

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Share Repurchases

• Brookfield Business Corporation (BBUC) sought and received approval from the TSX to repurchase up to 3,647,722 Exchangeable Shares under a normal course issuer bid that ran from August 19, 2024, to August 18, 2025.
• As of August 8, 2025, BBUC repurchased 2,957,523 Exchangeable Shares at a weighted average price of US$25.93 under its previous normal course issuer bid.
• A new normal course issuer bid commenced on August 19, 2025, and will terminate on August 18, 2026, authorizing the purchase of up to 3,499,836 Exchangeable Shares, representing 5% of the issued and outstanding shares as of August 8, 2025.

Share Issuance

• A corporate reorganization, anticipated to be completed in the first quarter of 2026, involves the exchange of all BBU units, BBUC exchangeable shares, and redemption-exchange units for newly issued Class A shares of a new corporation (BBU Inc.) on a one-for-one basis.

Outbound Investments

• In 2025, Brookfield Business (BBUC) invested $700 million in four growth acquisitions.
• These acquisitions included a planned purchase of Fosber, a packaging machinery company.
• The company's investment strategy focuses on acquiring businesses with strong market positions, good growth prospects, and durable cash flows, primarily in the technology, infrastructure, and construction sectors, with an aim to improve operational performance and recycle capital.

Capital Expenditures

• Capital expenditures were primarily allocated to production costs for developing and enhancing proprietary technology and for the maintenance of computer and hosting equipment within its dealer software and technology services operation.
• The company also included additions to intangible assets within its water and wastewater operation as part of its capital expenditures.