Brookfield Business Partners L.P. (BBU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de la inversión y el capital privado, Brookfield Business Partners L.P. (BBU) se destaca como una potencia de la creación de valor estratégico. Con un enfoque sofisticado que combina la experiencia en inversión global, la transformación operativa y la diversificación del sector objetivo, BBU ha tallado un nicho único en la entrega de rendimientos excepcionales ajustados al riesgo. Su innovador modelo de negocio trasciende las estrategias de inversión tradicionales, aprovechando una red sólida de asociaciones, capacidades analíticas avanzadas y un compromiso implacable de crear un valor a largo plazo en múltiples industrias.

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con inversores institucionales globales

Brookfield Business Partners mantiene asociaciones estratégicas con inversores institucionales que incluyen:

Tipo de inversor	Monto de la inversión	Detalles de la asociación
Fondos de pensiones	$ 3.2 mil millones	Acuerdos de inversión de infraestructura a largo plazo
Fondos de riqueza soberana	$ 2.7 mil millones	Inversiones globales de infraestructura e sector energético
Compañías de seguros	$ 1.9 mil millones	Estrategias de inversión de cartera diversificadas

Colaboración con empresas del sector de infraestructura y energía

Las asociaciones clave de infraestructura y sector energético incluyen:

• Transalta Corporation - Colaboración de infraestructura de energía renovable
• Enbridge Inc. - Inversiones de infraestructura energética Midstream
• Recursos naturales canadiense Limited - Desarrollo de infraestructura energética

Empresas de gestión de capital e inversiones privadas

Empresa asociada	Enfoque de inversión	Valor de asociación
Grupo de piedra negra	Gestión de activos alternativos globales	$ 4.5 mil millones
KKR & Co.	Inversiones industriales y tecnológicas	$ 3.8 mil millones
Apolo Global Management	Estrategias diversificadas de capital privado	$ 2.6 mil millones

Asociaciones a largo plazo con equipos de gestión operativa

Brookfield Business Partners mantiene Asociaciones operativas activas con equipos de gestión en múltiples sectores, incluyendo:

• Equipos de gestión de servicios tecnológicos
• Grupos de liderazgo de fabricación industrial
• Ejecutivos operativos de infraestructura

Acuerdos de empresa conjunta en múltiples industrias

Industria	Socio de empresa conjunta	Alcance de la inversión
Servicios industriales	Siemens AG	Proyecto de modernización de infraestructura de $ 1.6 mil millones
Infraestructura digital	Equinix Inc.	Expansión del centro de datos de $ 2.3 mil millones
Energía renovable	Energía nextera	Desarrollo de infraestructura eólica e eólica de $ 1.9 mil millones

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: actividades clave

Adquirir y administrar diversas operaciones comerciales

Brookfield Business Partners L.P. se centra en adquirir empresas en múltiples sectores con un valor empresarial total de $ 5 mil millones a $ 20 mil millones. A partir de 2023, su cartera incluye 13 plataformas operativas que abarcan la infraestructura, los sectores industriales y de servicios.

Sector	Número de plataformas	Valor total de la empresa
Infraestructura	4	$ 3.2 mil millones
Industrial	5	$ 4.7 mil millones
Servicios	4	$ 3.1 mil millones

Gestión activa de la cartera y creación de valor

La Compañía implementa la creación de valor estratégico a través de mejoras operativas específicas e inversiones de capital.

• Rendimiento anual promedio sobre capital invertido: 15-18%
• Período de tenencia típico para inversiones: 4-7 años
• Objetivos de mejora operativa: mejora del 10-15% de EBITDA

Mejora operativa y transformación estratégica

Brookfield Business Partners implementa equipos operativos especializados para impulsar mejoras de rendimiento entre las compañías de cartera.

Área de mejora	Ganancia de eficiencia dirigida
Optimización de costos	8-12%
Crecimiento de ingresos	5-10%
Mejora del margen	3-7%

Asignación de capital y optimización de inversión

La firma mantiene un enfoque disciplinado para el despliegue de capital con parámetros de inversión específicos.

• Capital total disponible para inversiones: $ 6.5 mil millones
• Umbral de inversión mínima: $ 250 millones
• Inversión única máxima: $ 2 mil millones

Gestión de riesgos y mejora del rendimiento

La estrategia integral de gestión de riesgos implica diligencia debida detallada y monitoreo continuo del rendimiento.

Métrica de gestión de riesgos	Rendimiento dirigido
Diversificación de cartera	No hay inversión única> 20% de la cartera total
Evaluación anual de riesgos	100% de las plataformas de cartera
Frecuencia de monitoreo de rendimiento	Trimestral

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: recursos clave

Equipo experimentado de inversión y liderazgo operativo

A partir de 2024, Brookfield Business Partners L.P. comprende un equipo de liderazgo con la siguiente composición:

Posición de liderazgo	Número de ejecutivos	Años promedio de experiencia
Profesionales de inversión senior	42	18.5 años
Ejecutivos operativos	27	16.3 años

Capital financiero y experiencia de inversión sustancial

Recursos financieros y capacidades de inversión:

• Activos totales bajo administración (AUM): $ 77.3 mil millones
• Capital de inversión cometido: $ 12.5 mil millones
• Polvo seco disponible: $ 3.8 mil millones

Extensa red global de conexiones de la industria

Presencia geográfica	Número de países	Asociaciones estratégicas
Regiones operativas globales	16	87

Capacidades de diligencia analítica y debida avanzada

Recursos técnicos y capacidades analíticas:

• Equipo de investigación dedicado: 63 profesionales
• Sistemas de análisis de datos avanzados: 4 plataformas patentadas
• Volumen anual de análisis de inversiones: 328 transacciones potenciales

Estrategia de inversión flexible en múltiples sectores

Sectores de inversión	Asignación de cartera	Número de compañías de cartera
Infraestructura	28%	12
Industrial	35%	18
Servicios comerciales	22%	9
Tecnología	15%	6

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: propuestas de valor

Generar rendimientos superiores ajustados al riesgo para los inversores

A partir del cuarto trimestre de 2023, Brookfield Business Partners informó un rendimiento total del 16,3% para sus inversores. La asociación gestiona $ 68.4 mil millones en activos en múltiples sectores.

Métrico	Valor
Activos totales bajo administración	$ 68.4 mil millones
Rendimiento total del inversor (cuarto trimestre 2023)	16.3%

Proporcionar experiencia operativa en entornos comerciales complejos

Brookfield Business Partners opera en 5 verticales clave de la industria con equipos operativos especializados.

• Infraestructura
• Acciones industriales
• Tecnología
• Energía
• Servicios

Crear valor a largo plazo a través de transformaciones comerciales estratégicas

En 2023, la asociación completó 7 transformaciones comerciales estratégicas con una creación de valor promedio de 22.5%.

Métrica de transformación	2023 rendimiento
Transformaciones estratégicas completadas	7
Creación de valor promedio	22.5%

Ofrecer oportunidades de inversión diversificadas en todas las industrias

Distribución de cartera de inversiones a partir de 2023:

• Infraestructura: 35%
• Industrial: 25%
• Tecnología: 20%
• Energía: 12%
• Servicios: 8%

Entregar un rendimiento consistente a través de la gestión activa

Brookfield Business Partners logró un rendimiento anual promedio del 15.7% en los últimos 5 años a través de la gestión activa de la cartera.

Métrico de rendimiento	Valor
Rendimiento anual promedio de 5 años	15.7%
Número de compañías de cartera activas	38

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: relaciones con los clientes

Compromiso directo con inversores institucionales

Brookfield Business Partners L.P. mantiene un enfoque estructurado para las relaciones institucionales de los inversores con las siguientes métricas clave:

Categoría de inversionista	Frecuencia de compromiso	Canales de comunicación
Fondos de pensiones	Trimestral	Reuniones directas, llamadas de conferencia
Fondos de riqueza soberana	Semestral	Presentaciones de inversores, visitas al sitio
Empresas de inversión institucional	Mensual	Informes digitales, actualizaciones por correo electrónico

Comunicación e informes transparentes

Brookfield Business Partners proporciona informes integrales a través de múltiples canales:

• Informes financieros anuales con métricas de rendimiento detalladas
• Llamadas de conferencia trimestralmente de inversores
• Plataforma integral de relaciones con inversores digitales
• Informes detallados de ESG

Estrategias de inversión personalizadas

El enfoque de personalización de la inversión incluye:

Tipo de estrategia	Nivel de personalización	Inversión mínima
Infraestructura central	Alto	$ 50 millones
Energía renovable	Medio	$ 25 millones
Capital privado	Alto	$ 100 millones

Actualizaciones de rendimiento regulares y presentaciones de inversores

Frecuencia y plataformas de actualización de rendimiento:

• Transmisión web de ganancias trimestrales
• Evento anual del Día del Inversor
• Seguimiento de rendimiento digital en tiempo real
• Informes de inversores personalizados

Enfoque de gestión de cartera a medida

Parámetros de personalización de gestión de cartera:

Segmento de cartera	Profundidad de personalización	Gestión de riesgos
Infraestructura	Alto	Evaluación integral de riesgos
Energía	Medio	Mitigación de riesgos específicos del sector
Capital privado	Muy alto	Gestión de riesgos dinámicos

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: canales

Plataformas de inversión directa

Brookfield Business Partners L.P. utiliza las siguientes plataformas de inversión directa:

Plataforma	Capacidad de inversión	Tipo de inversor
Portal de inversión directa de Brookfield	Compromiso mínimo de $ 500 millones	Inversores institucionales
Plataforma de colocación privada	$ 100 millones por transacción	Inversores acreditados

Redes de inversores institucionales

Los canales clave de la red de inversores institucionales incluyen:

• Redes de fondos de pensiones
• Conexiones del fondo de riqueza soberana
• Plataformas de inversión de dotación

Servicios de asesoramiento financiero

Servicio de asesoramiento	Ingresos anuales	Segmentos de cliente
Aviso de inversión estratégica	$ 75.4 millones	Grandes inversores institucionales
Aviso	$ 42.6 millones	Clientes corporativos

Sistemas de comunicación digital e informes

Los canales digitales incluyen:

• Portal de inversores en línea seguro
• Plataforma de informes financieros en tiempo real
• Sistemas de comunicación cifrados

Conferencias de inversión y roadshows

Tipo de evento	Frecuencia anual	Alcance de los inversores
Conferencia de inversión global	4 conferencias por año	Más de 250 inversores institucionales
Roadshows regionales	12 roadshows anualmente	Cubriendo América del Norte, Europa, Asia

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir de 2024, Brookfield Business Partners se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Volumen de inversión	Asignación promedio
Grandes inversores institucionales	$ 12.5 mil millones	3.7% de la cartera
Instituciones de inversión global	$ 8.3 mil millones	2.9% de la cartera

Fondos de pensiones

Brookfield Business Partners se centra en los inversores de fondos de pensiones:

• Inversiones totales de fondos de pensiones: $ 7.6 mil millones
• Duración promedio de la inversión: 7-10 años
• Tipos de fondos de pensiones dirigidos:
  • Fondos de pensiones de empleados públicos
  • Fondos de pensiones corporativas
  • Fondos de pensiones de múltiples empleadores

Fondos de riqueza soberana

Región	Monto de la inversión	Porcentaje de cartera
Oriente Medio	$ 5.2 mil millones	2.1%
Asia-Pacífico	$ 4.8 mil millones	1.9%

Individuos de alto nivel de red

Brookfield Business Partners Segmento de clientes para personas de alto nivel de red:

• Umbral de inversión mínima: $ 5 millones
• Inversiones individuales totales de alto nivel de red: $ 3.4 mil millones
• Inversión promedio por cliente: $ 12.5 millones

Grupos de inversión de capital privado

Tipo de grupo de inversión	Inversión total	Tamaño de trato promedio
Empresas globales de capital privado	$ 6.9 mil millones	$ 250 millones
Grupos regionales de capital privado	$ 4.2 mil millones	$ 125 millones

Brookfield Business Partners L.P. (BBU) - Modelo de negocio: Estructura de costos

Adquisición de inversiones y gastos de debida diligencia

A partir de 2023, Brookfield Business Partners informó costos totales de transacción y asesoramiento de $ 42.7 millones para adquisiciones de inversiones. El desglose de los gastos de diligencia debida incluye:

Categoría de gastos	Cantidad ($ m)
Costos de asesoramiento legal	15.3
Diligencia debida financiera	12.9
Evaluación técnica	8.5
Investigación de mercado	6.0

Costos de gestión operativa y transformación

Los gastos de transformación operacional para 2023 totalizaron $ 87.6 millones, con asignaciones clave de la siguiente manera:

• Iniciativas de reestructuración: $ 36.2 millones
• Programas de eficiencia operativa: $ 28.4 millones
• Integración de tecnología: $ 23.0 millones

Talento profesional y compensación de liderazgo

Compensación total de liderazgo y profesionales clave en 2023:

Componente de compensación	Cantidad ($ m)
Salarios base	24.6
Bonos de rendimiento	41.3
Compensación de capital	35.7
Planes de incentivos a largo plazo	19.2

Tecnología e infraestructura analítica

Inversiones de infraestructura tecnológica para 2023:

• Infraestructura de computación en la nube: $ 12.5 millones
• Plataformas de análisis de datos: $ 9.7 millones
• Sistemas de ciberseguridad: $ 7,3 millones
• Licencias de software empresarial: $ 5.9 millones

Monitoreo y optimización de la cartera en curso

Gastos de gestión de cartera y optimización para 2023:

Actividad de monitoreo	Cantidad ($ m)
Sistemas de seguimiento de rendimiento	6.8
Herramientas de gestión de riesgos	5.4
Reequilibrio de cartera	4.2
Servicios de consultoría externos	3.6

Brookfield Business Partners L.P. (BBU) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de inversiones

A partir de 2023, Brookfield Business Partners reportó tarifas de gestión de inversiones de $ 159 millones para el año fiscal. Estas tarifas se generan al gestionar varias carteras de inversión en diferentes sectores.

Categoría de tarifa	Cantidad (en millones de dólares)
Tarifas de gestión base	$98.5
Tarifas de asesoramiento	$60.5

Interés llevado a cabo basado en el rendimiento

En 2023, Brookfield Business Partners generó ingresos por intereses de $ 213 millones de salidas de inversión exitosas e hitos de rendimiento.

• Tasa de interés llevada: 20% de las ganancias por encima de las tasas de obstáculo predeterminadas
• Ingresos por intereses totales transportados: $ 213 millones en 2023

Apreciación de capital de las inversiones de cartera

La compañía informó una apreciación total de capital de $ 487 millones en 2023 de sus diversas inversiones de cartera.

Sector de la inversión	Apreciación de capital (en millones de dólares)
Infraestructura	$172
Industrial	$215
Tecnología	$100

Ingresos de dividendos y distribución

Brookfield Business Partners recibió ingresos por dividendos y distribución por un total de $ 276 millones en 2023.

• Rendimiento de dividendos trimestrales: 4.5%
• Distribuciones anuales totales: $ 276 millones

Actas de venta de activos estratégicos

En 2023, la compañía generó $ 612 millones a partir de ventas de activos estratégicos en varios sectores.

Tipo de activo	Ganancias de venta (en millones de dólares)
Activo industrial	$287
Infraestructura energética	$225
Plataformas tecnológicas	$100

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Value Propositions

You're looking at the core promises Brookfield Business Partners L.P. makes to its investors and the businesses it acquires. It's about delivering private equity-style results through a public vehicle, which is a key part of its appeal.

Generating long-term returns of 15%-20% for investors is the stated goal. Brookfield Business Partners L.P. is the flagship listed vehicle of Brookfield's private equity group, explicitly focused on continuing a long-term track record of compounding strong returns for investors. This target is central to their proposition. To give you a recent snapshot of market perception against this goal, the total shareholder return for the year leading up to November 2025 was a robust 25.3%.

The firm delivers on this by providing operational expertise to improve acquired businesses' margins. This is where the hands-on management comes in. For example, in Q1 2025, the Adjusted EBITDA margin reached 23%, up from 21% in the prior period, showing tangible operational uplift. Furthermore, the Industrials segment saw strong performance at its advanced energy storage operation, driven by a positive mix shift toward higher margin advanced batteries combined with ongoing operational and commercial improvements in Q3 2025. The firm is executing its plan to 'Acquire high-quality businesses, execute our operational plans to increase earnings and cash flows, and recycle capital to continue compounding long-term growth.'

Brookfield Business Partners L.P. is committed to delivering essential products and services across diverse sectors. This diversification is a risk mitigator and a source of stable cash flow. The key sectors include Industrials, Business Services, and Infrastructure Services. Specific examples of these essential businesses include an advanced energy storage operation, a manufacturer of specialized electric heat management systems, dealer software and technology services, and a water and wastewater services operation.

The structure itself is a value proposition: offering a public vehicle for private equity-style value creation. This allows investors access to a strategy typically reserved for private funds. The firm actively recycles capital to maintain this compounding growth. In Q2 2025, for instance, Brookfield Business Partners L.P. secured $690 million from the sale of a partial interest in three businesses to a new Brookfield managed evergreen private equity fund. The commitment to capital efficiency is also shown by the $157 million returned to investors through share buybacks since January 2025, including spending $56 million to repurchase 2.2 million units in Q2 2025.

Finally, the focus is on enhancing customer value proposition in portfolio companies. This is a direct result of operational improvements. For example, one operation achieved an AI-powered operational efficiency gain resulting in a 25% customer satisfaction boost. Another business, the modular building leasing service, benefited from increased sales of value added products and services despite weak end market conditions in Q3 2025.

Here's a quick look at some key financial and operational metrics from the 2025 reporting periods:

Metric	Value/Period	Source Context
Target Long-Term Annual Growth	15%-20%	Target Returns
Market Capitalization (Nov 2025)	~$7B	Investor Presentation
Total Assets (Q3 2025)	$75,403 million	Slight decrease from end of 2024
Adjusted EBITDA (Q3 2025)	$575 million	Quarterly result
Adjusted EBITDA Margin (Q1 2025)	23%	Up from 21% prior period
Corporate Liquidity (Q1 2025)	$2,414 million	At the corporate level
Capital Recycling Proceeds (Q2 2025)	$690 million	From partial sale of three businesses
Price-to-Sales (P/S) Ratio (Nov 2025)	0.2x	Compared to 0.8x global average

The portfolio companies are actively managed to drive performance. You can see the focus on specific operational levers:

• Optimize distribution network, go-to-market and pricing strategy for electric heat management.
• Scale and expand into adjacent product offerings for electric heat management.
• Higher volumes and positive mix shift in advanced energy storage.
• Developing Returnship Program for talent support in dealer software.
• Founding the BRK Institute for socioeconomic development by water/wastewater services.

Finance: review the impact of the $77 million in tax recoveries included in Q3 2025 Adjusted EBITDA on the run-rate operating performance by next Tuesday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Customer Relationships

Active management and operational oversight of portfolio companies involves deep involvement to drive performance across the portfolio.

The firm's strategy centers on owning high-quality businesses that provide essential products and services and benefit from a strong competitive position.

For example, in the nine months ended September 30, 2025, the consolidated Adjusted EBITDA for Brookfield Business Partners L.P. was $1,757 million.

The operational focus is reflected in segment performance, such as the Industrials segment generating Adjusted EBITDA of $316 million for the three months ended September 30, 2025.

Long-term, partnership-focused engagement with institutional investors is underpinned by the scale of the broader Brookfield ecosystem, where Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

This relationship structure supports the mandate to compound long-term value for owners.

Investor relations team for unitholder communication and reporting provides regular updates on performance and capital allocation.

Brookfield Business Partners L.P. released its third quarter 2025 results on November 6, 2025, including the Letter to Unitholders and Supplemental Information.

Capital return to owners is a key communication point, with the company repurchasing approximately 6.5 million units and shares year-to-date as of the Q2 2025 report, returning nearly $160 million to owners in the months leading up to that report.

The following table summarizes key financial metrics reported to unitholders for recent periods:

Metric (US$ millions, unaudited)	Three Months Ended Sep 30, 2025	Three Months Ended Sep 30, 2024	Nine Months Ended Sep 30, 2025
Adjusted EBITDA	$575	$844	$1,757
Net Income (loss) attributable to Unitholders	$(59)	$301	$47
Avg. LP Units Outstanding (Millions)	88.8	74.3	N/A

Transaction-based and advisory relationship with co-investors is evident in capital recycling activities.

In July 2025, Brookfield Business Partners L.P. reached an agreement to sell a portion of its interest in three businesses to a new evergreen private equity strategy managed by Brookfield Asset Management.

The specific interests sold were:

• Approximate 12% interest in DexKo.
• Approximate 7% interest in CDK Global.
• Approximate 5% interest in BrandSafway.

Brookfield Business Partners L.P. received units of the New Fund with an initial redemption value of approximately $690 million, representing an aggregate 8.6% discount to the net asset value of the interests sold.

This transaction was reviewed by independent committees, which received a fairness opinion from Origin Merchant Partners.

The company also reported investing $300 million to acquire two market-leading businesses in the quarter leading up to the Q2 2025 report.

Finance: draft 13-week cash view by Friday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Channels

You're looking at how Brookfield Business Partners L.P. (BBU) gets its services and investments to the market and to you, the investor. It's a multi-layered approach, blending direct control with public market access and the massive reach of its parent, Brookfield Asset Management.

Direct ownership and operation of portfolio companies is the core delivery mechanism. BBU owns and operates businesses that provide essential products and services globally. For instance, the Industrials segment includes an electric heat tracing systems manufacturer acquired in January 2025. The Infrastructure Services segment utilizes a modular building leasing services operation. These businesses sell directly to their end-markets.

The scale of these operations is reflected in their segment performance metrics for 2025:

Segment/Metric	Period Ended September 30, 2025	Period Ended June 30, 2025
Industrials Segment Adjusted EBITDA	$316 million	N/A (Q1 2025 was $304 million)
Infrastructure Services Segment Adjusted EBITDA	$104 million	N/A
Business Services Segment Adjusted EBITDA	N/A	$205 million
Total BBU Adjusted EBITDA	$575 million	$591 million

Publicly listed units (BBU) and shares (BBUC) for investor access provide the primary channel for capital formation and liquidity for BBU itself. Investors access the business through BBU limited partnership units (NYSE: BBU; TSX: BBU.UN) or Brookfield Business Corp (NYSE, TSX: BBUC) shares. As of September 25, 2025, plans were approved to simplify this into one publicly traded Canadian corporation, BBU Inc., which is expected to list on the NYSE and TSX. BBUC had a market capitalization of approximately C$4.81B in early November 2025. The average number of BBU limited partnership units outstanding for the third quarter of 2025 was 88.8 million. BBU Inc. is expected to adopt an annual dividend of $0.25 per share. Corporate liquidity at the BBU level as at June 30, 2025, stood at $2,333 million.

The connection to Brookfield Asset Management's global private equity funds network is a crucial channel for capital recycling and growth. Brookfield Asset Management (BAM) is a leading global alternative asset manager with over $1 trillion of assets under management. BAM's private equity platform has $150 billion in assets under management. This network facilitates capital movement; for example, BBU reflected the impact of a partial sale of interests in three businesses to a new Brookfield managed evergreen private equity fund in its Q3 2025 Adjusted EBITDA. BAM is actively expanding this channel to individual investors, launching a private equity fund strategy targeting private wealth globally, starting with a Canadian vehicle.

Direct sales channels within each operating business are how the portfolio companies generate revenue. These are the business-to-business (B2B) or business-to-consumer (B2C) interactions that drive segment results. The Business Services segment, for example, includes:

• Cloud-based software as a service and technology solutions to dealerships.
• A residential mortgage insurer.
• Private sanitation services, including water and wastewater treatment for residential and governmental customers.

The performance of these direct sales channels is aggregated into segment Adjusted EBITDA figures, such as the $205 million reported for the Business Services segment for the three months ended June 30, 2025.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Customer Segments

You're looking at the core groups that Brookfield Business Partners L.P. (BBU) serves, both as an investment vehicle and as an owner of operating businesses. The customer base is split between the capital providers-the investors-and the end-market customers of the businesses BBU owns.

Institutional investors and pension funds seeking long-term capital growth

This is the primary customer segment for Brookfield Business Partners L.P. units themselves. These are sophisticated capital allocators looking for compounding returns, not just dividends. As of late 2025, this group is dominant in the ownership structure.

• Institutional investors hold approximately 85.04% of the company's stock.
• Brookfield Corp., the parent, holds a foundational stake of 43.71 million shares, representing 58.84% ownership.
• Other major institutional holders include Omers Administration Corp. with a 16.21% stake (12.04 million shares) and Royal Bank Of Canada owning 9.95% (7.39 million shares).
• The stock traded around $31.80 in mid-November 2025, against a consensus target price of $36.50, indicating a bet on future value realization.
• The company maintained approximately $2.9 billion in Pro Forma Corporate Liquidity as of the third quarter of 2025 to support growth and capital allocation.

Businesses in the Industrials sector (e.g., advanced energy storage)

BBU targets high-quality industrial businesses where its operational expertise can drive significant value enhancement. The performance of this segment is a key driver of returns for the institutional investors.

Here's a look at the recent financial contribution from the Industrials segment:

Metric	Period Ended September 30, 2025 (Three Months)	Prior Period Comparison (Excluding Tax)
Adjusted EBITDA	$316 million	Increase of 17%
Key Activity Example	Contribution from electric heat tracing systems manufacturer acquired in January 2025	Strong performance at advanced energy storage operation

The advanced energy storage operation specifically benefited from higher volumes and a positive mix shift toward higher margin advanced batteries.

Businesses in the Infrastructure Services sector (e.g., modular building leasing)

This segment focuses on essential services where BBU can improve operations and capitalize on stable, recurring revenue bases. The segment's financial results reflect recent capital recycling activities.

The financial snapshot for Infrastructure Services as of the third quarter of 2025 shows:

Metric	Period Ended September 30, 2025 (Three Months)	Key Business Example
Adjusted EBITDA	$104 million	Modular building leasing services operation showed stable performance
Context	Reflects impact of dispositions, including offshore oil services' shuttle tanker operation in January 2025	Sale of a partial interest in work access services in July 2025

Businesses in the Business Services sector (e.g., dealer software, mortgage lending)

The Business Services segment includes technology-enabled services and financial services, often characterized by high market share or resilient demand.

The segment's performance and strategic activity in mid-2025 highlight the customer base:

• Adjusted EBITDA for the three months ended September 30, 2025, was $188 million.
• The residential mortgage insurer benefits from resilient demand, particularly from first-time homebuyers.
• The dealer software and technology services operation supported stable bookings due to continued renewal activity, despite ongoing technology upgrade costs.
• In July 2025, BBU entered a partnership to privatize a leading Canadian residential and multi-family mortgage lender for $2.7 billion, with BBU's expected equity share being approximately $145 million for an 11% interest.

Finance: draft 13-week cash view by Friday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Cost Structure

When you look at the cost side of Brookfield Business Partners L.P.'s (BBU) business, you see a structure heavily influenced by managing a large, diverse portfolio of operating companies. The costs aren't just the day-to-day running of BBU itself; a huge chunk comes from the expenses incurred within those underlying businesses.

The management of the portfolio companies drives substantial costs. For the full year 2024, the Total Operating Expenses across the portfolio were reported at $2.82 billion. This figure captures the direct costs of running the businesses BBU owns, which is the primary expense driver. To give you a sense of scale, the Direct Operating Costs alone for 2024 were $34,883 million (or $34.883 billion) on revenues of $40,620 million.

Financing is another major cost center, reflecting the capital-intensive nature of their acquisitions. As of the end of 2024, Brookfield Business Partners L.P.'s Total Liabilities stood at $58.17 billion. A significant portion of this is the non-recourse debt held at the subsidiary level, which was $36,720 million (or $36.72 billion) at December 31, 2024. The resulting financing cost, represented by the Interest income (expense), net for the year ended December 31, 2024, was an expense of $3,104 million (or $3.104 billion).

Corporate oversight costs are necessary for the central management function. General and Administrative Expenses for the full year 2024 totaled $1,267 million. Looking at the more recent data, for the nine months ended September 30, 2025, these expenses were $860 million. These G&A costs cover corporate oversight, management fees, and other essential administrative functions.

Costs associated with growth and portfolio transformation are also material. These include expenses tied to buying and selling assets, as well as restructuring efforts to improve performance. For the nine months ended September 30, 2025, the company recorded $11 million in transaction costs related to acquisitions and dispositions. Furthermore, costs related to operational improvement and restructuring were evident, with Business separation expenses, stand-up costs and restructuring charges totaling $53 million over the same nine-month period in 2025.

Here is a breakdown of key cost components for the latest reported periods:

Cost Category	Latest Full Year (2024)	Latest Nine Months Ended Q3 2025
Total Operating Expenses (Portfolio Management)	$2.82 billion	N/A
Interest Expense (Net)	$3.104 billion expense	$2.355 billion expense (for nine months)
General and Administrative Expenses	$1,267 million	$860 million
Transaction Costs	N/A (Q4 2024 Other Income included $3 million)	$11 million (Nine Months)
Restructuring/Separation Charges	$52 million (Q4 2024 total)	$53 million (Nine Months)

You can see that the cost profile is dynamic, shifting between the fixed-like G&A and the variable financing costs tied to debt levels, plus the lumpy, deal-related costs like transaction fees and restructuring charges. The ability to manage the portfolio companies efficiently directly impacts the largest expense line item.

• High operating expenses for portfolio company management ($2.82 billion in 2024).
• Significant financing costs: Interest expense of $3.104 billion in 2024.
• Total Liabilities at year-end 2024 were $58.17 billion.
• General and administrative expenses for corporate oversight were $1,267 million in 2024.
• Nine-month transaction costs through Q3 2025 totaled $11 million.
• Nine-month restructuring and separation charges through Q3 2025 were $53 million.

Finance: draft 13-week cash view by Friday.

Brookfield Business Partners L.P. (BBU) - Canvas Business Model: Revenue Streams

You're looking at how Brookfield Business Partners L.P. (BBU) brings in the money, which is a mix of running its businesses day-to-day and selling assets strategically. It's not just one thing; it's a portfolio approach.

The top-line number shows the scale of the operations. Revenue from diversified operations for the trailing 12 months ending September 30, 2025, was $27.79 billion. This revenue base comes from the collection of high-quality businesses Brookfield Business Partners owns across various sectors.

Drilling down into the core operating performance for the third quarter of 2025 gives you a clearer picture of the underlying earnings power from the two main segments:

Segment	Adjusted EBITDA (Q3 2025)
Industrials	$316 million
Business Services	$188 million

The Industrials segment showed resilience, with its Q3 2025 Adjusted EBITDA of $316 million, which was an increase of 17% compared to the prior period when excluding tax recoveries. The Business Services segment posted an Adjusted EBITDA of $188 million for the same quarter.

A significant part of the cash flow generation strategy involves capital recycling, which is essentially selling down parts of businesses or assets to realize gains and reinvest the capital. Brookfield Business Partners L.P. reported proceeds from capital recycling initiatives exceeding $2 billion realized in 2025 as of the Q3 report. The CEO noted generating $180 million from these initiatives in the months leading up to the Q3 announcement. This activity helps fund acquisitions and pay down debt.

The final component of revenue streams comes from the investments where Brookfield Business Partners L.P. does not have a controlling interest but accounts for them using the equity method. While the exact distributions figure isn't explicitly listed as requested, the related metric, Equity Accounted Adjusted EBITDA, for the nine months ended September 30, 2025, was $83 million. This shows a contribution from these passive or minority stakes.

You can see the sources of cash flow generation broken down by the period ending September 30, 2025:

• Revenue (TTM): $27.79 billion
• Industrials Adjusted EBITDA (Q3): $316 million
• Business Services Adjusted EBITDA (Q3): $188 million
• Capital Recycling Proceeds (2025 YTD): Over $2 billion
• Equity Accounted Adjusted EBITDA (9 Months): $83 million

The company also declared a quarterly distribution of $0.0625 per unit, payable on December 31, 2025. That's what flows back to the unitholders.