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

In der dynamischen Welt des Private Equity- und Investmentmanagements sticht Brookfield Business Partners L.P. (BBU) als Kraftpaket für strategische Wertschöpfung hervor. Mit einem ausgefeilten Ansatz, der globale Investmentexpertise, operative Transformation und gezielte Sektordiversifizierung vereint, hat sich BBU eine einzigartige Nische bei der Erzielung außergewöhnlicher risikobereinigter Renditen geschaffen. Ihr innovatives Geschäftsmodell geht über traditionelle Anlagestrategien hinaus und nutzt ein robustes Netzwerk von Partnerschaften, fortschrittliche Analysefähigkeiten und ein unermüdliches Engagement für die Schaffung langfristiger Werte in verschiedenen Branchen.

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen institutionellen Investoren

Brookfield Business Partners unterhält strategische Partnerschaften mit institutionellen Investoren, darunter:

Anlegertyp	Investitionsbetrag	Einzelheiten zur Partnerschaft
Pensionskassen	3,2 Milliarden US-Dollar	Langfristige Infrastruktur-Investitionsverträge
Staatsfonds	2,7 Milliarden US-Dollar	Globale Investitionen in die Infrastruktur und den Energiesektor
Versicherungsunternehmen	1,9 Milliarden US-Dollar	Diversifizierte Portfolio-Anlagestrategien

Zusammenarbeit mit Unternehmen der Infrastruktur- und Energiebranche

Zu den wichtigsten Partnerschaften im Infrastruktur- und Energiesektor gehören:

• TransAlta Corporation – Zusammenarbeit bei der Infrastruktur für erneuerbare Energien
• Enbridge Inc. – Investitionen in die Midstream-Energieinfrastruktur
• Canadian Natural Resources Limited – Entwicklung der Energieinfrastruktur

Private-Equity- und Investment-Management-Firmen

Partnerfirma	Investitionsfokus	Partnerschaftswert
Blackstone-Gruppe	Globales alternatives Asset Management	4,5 Milliarden US-Dollar
KKR & Co.	Industrie- und Technologieinvestitionen	3,8 Milliarden US-Dollar
Apollo Global Management	Diversifizierte Private-Equity-Strategien	2,6 Milliarden US-Dollar

Langfristige Partnerschaften mit operativen Managementteams

Brookfield Business Partners behauptet aktive operative Partnerschaften mit Managementteams aus mehreren Sektoren, darunter:

• Managementteams für Technologiedienstleistungen
• Führungsgruppen der industriellen Fertigung
• Betriebsleiter der Infrastruktur

Joint-Venture-Vereinbarungen in mehreren Branchen

Industrie	Joint-Venture-Partner	Investitionsumfang
Industrielle Dienstleistungen	Siemens AG	1,6-Milliarden-Dollar-Projekt zur Modernisierung der Infrastruktur
Digitale Infrastruktur	Equinix Inc.	Erweiterung des Rechenzentrums im Wert von 2,3 Milliarden US-Dollar
Erneuerbare Energie	NextEra-Energie	Entwicklung der Wind- und Solarinfrastruktur im Wert von 1,9 Milliarden US-Dollar

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung verschiedener Geschäftsbetriebe

Brookfield Business Partners L.P. konzentriert sich auf den Erwerb von Unternehmen in verschiedenen Sektoren mit einem Gesamtunternehmenswert von 5 bis 20 Milliarden US-Dollar. Ab 2023 umfasst ihr Portfolio 13 Betriebsplattformen aus den Bereichen Infrastruktur, Industrie und Dienstleistungen.

Sektor	Anzahl der Plattformen	Gesamter Unternehmenswert
Infrastruktur	4	3,2 Milliarden US-Dollar
Industriell	5	4,7 Milliarden US-Dollar
Dienstleistungen	4	3,1 Milliarden US-Dollar

Aktives Portfoliomanagement und Wertschöpfung

Das Unternehmen realisiert strategische Wertschöpfung durch gezielte operative Verbesserungen und Kapitalinvestitionen.

• Durchschnittliche jährliche Rendite des investierten Kapitals: 15-18 %
• Typische Haltedauer für Investitionen: 4-7 Jahre
• Operative Verbesserungsziele: 10-15 % EBITDA-Steigerung

Operative Verbesserung und strategische Transformation

Brookfield Business Partners setzt spezialisierte operative Teams ein, um Leistungsverbesserungen in allen Portfoliounternehmen voranzutreiben.

Verbesserungsbereich	Gezielte Effizienzsteigerung
Kostenoptimierung	8-12%
Umsatzwachstum	5-10%
Margenverbesserung	3-7%

Kapitalallokation und Investitionsoptimierung

Das Unternehmen verfolgt einen disziplinierten Ansatz bei der Kapitalverwendung mit spezifischen Anlageparametern.

• Für Investitionen verfügbares Gesamtkapital: 6,5 Milliarden US-Dollar
• Mindestinvestitionsschwelle: 250 Millionen US-Dollar
• Maximale Einzelinvestition: 2 Milliarden US-Dollar

Risikomanagement und Leistungssteigerung

Eine umfassende Risikomanagementstrategie umfasst eine detaillierte Due Diligence und eine laufende Leistungsüberwachung.

Risikomanagement-Metrik	Gezielte Leistung
Portfoliodiversifizierung	Keine Einzelinvestition >20 % des Gesamtportfolios
Jährliche Risikobewertung	100 % der Portfolioplattformen
Häufigkeit der Leistungsüberwachung	Vierteljährlich

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment- und operatives Führungsteam

Ab 2024 besteht Brookfield Business Partners L.P. aus einem Führungsteam mit folgender Zusammensetzung:

Führungsposition	Anzahl der Führungskräfte	Durchschnittliche jahrelange Erfahrung
Erfahrene Anlageexperten	42	18,5 Jahre
Operative Führungskräfte	27	16,3 Jahre

Umfangreiche Finanzkapital- und Investitionsexpertise

Finanzielle Ressourcen und Investitionsmöglichkeiten:

• Gesamtes verwaltetes Vermögen (AUM): 77,3 Milliarden US-Dollar
• Zugesagtes Investitionskapital: 12,5 Milliarden US-Dollar
• Verfügbares Trockenpulver: 3,8 Milliarden US-Dollar

Umfangreiches globales Netzwerk von Branchenverbindungen

Geografische Präsenz	Anzahl der Länder	Strategische Partnerschaften
Globale operative Regionen	16	87

Erweiterte Analyse- und Due-Diligence-Funktionen

Technische Ressourcen und Analysefähigkeiten:

• Engagiertes Forschungsteam: 63 Fachleute
• Erweiterte Datenanalysesysteme: 4 proprietäre Plattformen
• Jährliches Investitionsanalysevolumen: 328 potenzielle Transaktionen

Flexible Anlagestrategie über mehrere Sektoren hinweg

Investmentsektoren	Portfolioaufteilung	Anzahl der Portfoliounternehmen
Infrastruktur	28%	12
Industriell	35%	18
Unternehmensdienstleistungen	22%	9
Technologie	15%	6

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Wertversprechen

Generieren Sie überragende risikoadjustierte Renditen für Anleger

Im vierten Quartal 2023 meldete Brookfield Business Partners für seine Anleger eine Gesamtrendite von 16,3 %. Die Partnerschaft verwaltet Vermögenswerte in Höhe von 68,4 Milliarden US-Dollar in mehreren Sektoren.

Metrisch	Wert
Gesamtes verwaltetes Vermögen	68,4 Milliarden US-Dollar
Gesamtrendite für Anleger (4. Quartal 2023)	16.3%

Bereitstellung von operativem Fachwissen in komplexen Geschäftsumgebungen

Brookfield Business Partners ist mit spezialisierten operativen Teams in fünf Schlüsselbranchen tätig.

• Infrastruktur
• Industrie
• Technologie
• Energie
• Dienstleistungen

Schaffen Sie langfristigen Wert durch strategische Geschäftstransformationen

Im Jahr 2023 schloss die Partnerschaft sieben strategische Geschäftstransformationen mit einer durchschnittlichen Wertschöpfung von 22,5 % ab.

Transformationsmetrik	Leistung 2023
Strategische Transformationen abgeschlossen	7
Durchschnittliche Wertschöpfung	22.5%

Bieten Sie branchenübergreifend diversifizierte Investitionsmöglichkeiten

Verteilung des Anlageportfolios ab 2023:

• Infrastruktur: 35 %
• Industrie: 25 %
• Technologie: 20 %
• Energie: 12 %
• Dienstleistungen: 8 %

Bieten Sie konsistente Leistung durch aktives Management

Brookfield Business Partners erzielte in den letzten 5 Jahren durch aktives Portfoliomanagement eine durchschnittliche jährliche Rendite von 15,7 %.

Leistungsmetrik	Wert
Durchschnittliche jährliche 5-Jahres-Rendite	15.7%
Anzahl der aktiven Portfoliounternehmen	38

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Kundenbeziehungen

Direkter Dialog mit institutionellen Anlegern

Brookfield Business Partners L.P. verfolgt einen strukturierten Ansatz für institutionelle Anlegerbeziehungen mit den folgenden Schlüsselkennzahlen:

Anlegerkategorie	Interaktionshäufigkeit	Kommunikationskanäle
Pensionskassen	Vierteljährlich	Direkte Meetings, Telefonkonferenzen
Staatsfonds	Halbjährlich	Investorenpräsentationen, Besuche vor Ort
Institutionelle Investmentfirmen	Monatlich	Digitale Berichterstattung, E-Mail-Updates

Transparente Kommunikation und Berichterstattung

Brookfield Business Partners bietet umfassende Berichterstattung über mehrere Kanäle:

• Jährliche Finanzberichte mit detaillierten Leistungskennzahlen
• Vierteljährliche Telefonkonferenzen für Investoren
• Umfassende digitale Investor-Relations-Plattform
• Detaillierte ESG-Berichterstattung

Personalisierte Anlagestrategien

Der Ansatz zur individuellen Investitionsanpassung umfasst:

Strategietyp	Anpassungsebene	Mindestinvestition
Kerninfrastruktur	Hoch	50 Millionen Dollar
Erneuerbare Energie	Mittel	25 Millionen Dollar
Private Equity	Hoch	100 Millionen Dollar

Regelmäßige Performance-Updates und Investorenpräsentationen

Häufigkeit und Plattformen von Leistungsaktualisierungen:

• Webcast zu den Quartalsergebnissen
• Jährliche Veranstaltung zum Investorentag
• Digitale Leistungsverfolgung in Echtzeit
• Personalisierte Anlegerberichterstattung

Maßgeschneiderter Portfoliomanagement-Ansatz

Anpassungsparameter für das Portfoliomanagement:

Portfoliosegment	Anpassungstiefe	Risikomanagement
Infrastruktur	Hoch	Umfassende Risikobewertung
Energie	Mittel	Branchenspezifische Risikominderung
Private Equity	Sehr hoch	Dynamisches Risikomanagement

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Kanäle

Direktinvestitionsplattformen

Brookfield Business Partners L.P. nutzt die folgenden Direktinvestitionsplattformen:

Plattform	Investitionskapazität	Anlegertyp
Brookfield Direktinvestitionsportal	Mindestverpflichtung 500 Millionen US-Dollar	Institutionelle Anleger
Privatplatzierungsplattform	100 Millionen US-Dollar pro Transaktion	Akkreditierte Investoren

Institutionelle Investorennetzwerke

Zu den wichtigsten Netzwerkkanälen institutioneller Anleger gehören:

• Pensionskassennetzwerke
• Verbindungen zu Staatsfonds
• Stiftungsinvestitionsplattformen

Finanzberatungsdienste

Beratungsdienst	Jahresumsatz	Kundensegmente
Strategische Anlageberatung	75,4 Millionen US-Dollar	Große institutionelle Anleger
Transaktionsberatung	42,6 Millionen US-Dollar	Firmenkunden

Digitale Kommunikations- und Berichtssysteme

Zu den digitalen Kanälen gehören:

• Sicheres Online-Investorenportal
• Echtzeit-Finanzberichtsplattform
• Verschlüsselte Kommunikationssysteme

Investmentkonferenzen und Roadshows

Ereignistyp	Jährliche Häufigkeit	Investorenreichweite
Globale Investitionskonferenz	4 Konferenzen pro Jahr	Über 250 institutionelle Anleger
Regionale Roadshows	12 Roadshows jährlich	Deckt Nordamerika, Europa und Asien ab

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab 2024 richtet sich Brookfield Business Partners wie folgt an institutionelle Anleger profile:

Anlegertyp	Investitionsvolumen	Durchschnittliche Zuteilung
Große institutionelle Anleger	12,5 Milliarden US-Dollar	3,7 % des Portfolios
Globale Investmentinstitute	8,3 Milliarden US-Dollar	2,9 % des Portfolios

Pensionskassen

Brookfield Business Partners konzentriert sich auf Pensionsfondsinvestoren:

• Gesamtinvestitionen der Pensionsfonds: 7,6 Milliarden US-Dollar
• Durchschnittliche Anlagedauer: 7-10 Jahre
• Gezielte Pensionsfondstypen:
  • Pensionskassen für öffentliche Bedienstete
  • Betriebliche Pensionsfonds
  • Pensionsfonds mehrerer Arbeitgeber

Staatsfonds

Region	Investitionsbetrag	Prozentsatz des Portfolios
Naher Osten	5,2 Milliarden US-Dollar	2.1%
Asien-Pazifik	4,8 Milliarden US-Dollar	1.9%

Vermögende Privatpersonen

Kundensegment von Brookfield Business Partners für vermögende Privatpersonen:

• Mindestinvestitionsschwelle: 5 Millionen US-Dollar
• Gesamtinvestitionen vermögender Privatpersonen: 3,4 Milliarden US-Dollar
• Durchschnittliche Investition pro Kunde: 12,5 Millionen US-Dollar

Private-Equity-Investmentgruppen

Art der Anlagegruppe	Gesamtinvestition	Durchschnittliche Dealgröße
Globale Private-Equity-Firmen	6,9 Milliarden US-Dollar	250 Millionen Dollar
Regionale Private-Equity-Gruppen	4,2 Milliarden US-Dollar	125 Millionen Dollar

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Investitionen und die Due-Diligence-Prüfung

Im Jahr 2023 meldete Brookfield Business Partners Gesamttransaktions- und Beratungskosten für Investitionsakquisitionen in Höhe von 42,7 Millionen US-Dollar. Die Aufschlüsselung der Due-Diligence-Kosten umfasst:

Ausgabenkategorie	Betrag (Mio. USD)
Kosten für Rechtsberatung	15.3
Finanzielle Due Diligence	12.9
Technische Bewertung	8.5
Marktforschung	6.0

Betriebsführungs- und Transformationskosten

Die betrieblichen Transformationskosten für 2023 beliefen sich auf insgesamt 87,6 Millionen US-Dollar, wobei die wichtigsten Zuweisungen wie folgt erfolgten:

• Umstrukturierungsinitiativen: 36,2 Millionen US-Dollar
• Programme zur betrieblichen Effizienz: 28,4 Millionen US-Dollar
• Technologieintegration: 23,0 Millionen US-Dollar

Vergütung für berufliches Talent und Führungsqualitäten

Gesamtvergütung für Führungskräfte und Schlüsselfachkräfte im Jahr 2023:

Vergütungskomponente	Betrag (Mio. USD)
Grundgehälter	24.6
Leistungsprämien	41.3
Eigenkapitalvergütung	35.7
Langfristige Anreizpläne	19.2

Technologie und analytische Infrastruktur

Investitionen in die Technologieinfrastruktur für 2023:

• Cloud-Computing-Infrastruktur: 12,5 Millionen US-Dollar
• Datenanalyseplattformen: 9,7 Millionen US-Dollar
• Cybersicherheitssysteme: 7,3 Millionen US-Dollar
• Lizenzierung von Unternehmenssoftware: 5,9 Millionen US-Dollar

Laufende Portfolioüberwachung und -optimierung

Aufwendungen für Portfoliomanagement und -optimierung für 2023:

Überwachungsaktivität	Betrag (Mio. USD)
Leistungsverfolgungssysteme	6.8
Risikomanagement-Tools	5.4
Neuausrichtung des Portfolios	4.2
Externe Beratungsleistungen	3.6

Brookfield Business Partners L.P. (BBU) – Geschäftsmodell: Einnahmequellen

Gebühren für die Anlageverwaltung

Im Jahr 2023 meldete Brookfield Business Partners für das Geschäftsjahr Anlageverwaltungsgebühren in Höhe von 159 Millionen US-Dollar. Diese Gebühren entstehen durch die Verwaltung verschiedener Anlageportfolios in verschiedenen Sektoren.

Gebührenkategorie	Betrag (in Millionen USD)
Basisverwaltungsgebühren	$98.5
Beratungsgebühren	$60.5

Leistungsbasiertes Carried Interest

Im Jahr 2023 erwirtschaftete Brookfield Business Partners aus erfolgreichen Investitionsausstiegen und Leistungsmeilensteinen Carried-Interest-Erträge in Höhe von 213 Millionen US-Dollar.

• Carried Interest-Satz: 20 % des Gewinns über den festgelegten Mindestzinssätzen
• Gesamtertrag aus übertragenen Zinsen: 213 Millionen US-Dollar im Jahr 2023

Kapitalzuwachs aus Portfolioinvestitionen

Das Unternehmen meldete im Jahr 2023 einen Gesamtkapitalzuwachs von 487 Millionen US-Dollar aus seinen vielfältigen Portfolioinvestitionen.

Investmentsektor	Kapitalzuwachs (in Millionen USD)
Infrastruktur	$172
Industriell	$215
Technologie	$100

Dividenden- und Ausschüttungserträge

Brookfield Business Partners erhielt im Jahr 2023 Dividenden- und Ausschüttungserträge in Höhe von insgesamt 276 Millionen US-Dollar.

• Vierteljährliche Dividendenrendite: 4,5 %
• Jährliche Gesamtausschüttungen: 276 Millionen US-Dollar

Erlös aus dem Verkauf strategischer Vermögenswerte

Im Jahr 2023 erwirtschaftete das Unternehmen 612 Millionen US-Dollar durch strategische Vermögensverkäufe in verschiedenen Sektoren.

Asset-Typ	Verkaufserlös (in Millionen USD)
Industrieanlagen	$287
Energieinfrastruktur	$225
Technologieplattformen	$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.