SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

The tables below summarize the partnership’s segment revenues by type of revenue for the three and six months ended June 30, 2025:


	Three Months Ended June 30, 2025
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	1,974	$	485	$	3,548	$	6,007
Other revenues	405		279		4		688
Total revenues	$	2,379	$	764	$	3,552	$	6,695


	Six Months Ended June 30, 2025
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	4,039	$	955	$	7,070	$	12,064
Other revenues	832		540		8		1,380
Total revenues	$	4,871	$	1,495	$	7,078	$	13,444

The tables below summarize the partnership’s segment revenues by type of revenue for the three and six months ended June 30, 2024:


	Three Months Ended June 30, 2024
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	7,141	$	592	$	3,416	$	11,149
Other revenues	444		350		3		797
Total revenues	$	7,585	$	942	$	3,419	$	11,946


	Six Months Ended June 30, 2024
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Total
Revenues by type
Revenues from contracts with customers	$	14,164	$	1,138	$	7,079	$	22,381
Other revenues	883		690		7		1,580
Total revenues	$	15,047	$	1,828	$	7,086	$	23,961


	Three Months Ended June 30, 2025
	Total attributable to Unitholders										Attributable to non-controlling interests		As per Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	1,372	$	238	$	1,002	$	—	$	2,612	$	4,083	$	6,695
Direct operating costs (2)	(1,164)		(151)		(688)		(2)		(2,005)		(2,693)		(4,698)
General and administrative expenses	(31)		(18)		(27)		(28)		(104)		(167)		(271)
Gain (loss) on dispositions, net	2		—		—		—		2		4		6
Gain (loss) on dispositions, net recorded in equity	(4)		—		—		—		(4)		(14)		(18)
Other income (expense), net (3)	—		1		(15)		—		(14)		(41)		(55)
Interest income (expense), net	(71)		(44)		(111)		(20)		(246)		(555)		(801)
Current income tax (expense) recovery	(13)		(7)		(19)		—		(39)		(80)		(119)
Preferred equity distributions	—		—		—		(13)		(13)		13		—
Equity accounted Adjusted EFO (4)	14		19		12		—		45		36		81
Adjusted EFO	105		38		154		(63)		234
Depreciation and amortization expense (2) (5)									(231)		(536)		(767)
Impairment reversal (expense), net									(3)		(11)		(14)

Gain (loss) on dispositions, net recorded in equity									4		14		18

Other income (expense), net (3)									(3)		(45)		(48)
Deferred income tax (expense) recovery									68		116		184
Non-cash items attributable to equity accounted investments(4)									(43)		(15)		(58)
Net income (loss)									$	26	$	109	$	135

(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO and net income (loss) attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.

(2)The sum of these amounts equates to direct operating costs of $5,465 million as per the unaudited interim condensed consolidated statements of operating results.

(3)The sum of these amounts equates to other income (expense), net of $(103) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $(14) million primarily related to employee incentive payments linked to the realization of value at the partnership’s advanced energy storage operation. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(3) million includes $76 million of net gain recognized upon deconsolidation of the partnership’s healthcare services operation, $35 million of expenses related to expected employee incentive payments linked to the realization of value at the partnership’s advanced energy storage operation, $20 million of net revaluation losses, $16 million of business separation expenses, stand-up costs and restructuring charges, $4 million of net loss on debt modification and extinguishment, $1 million of transaction costs and $3 million of other expenses.

(4)The sum of these amounts equates to equity accounted income (loss) of $23 million as per the unaudited interim condensed consolidated statements of operating results.

(5)For the three months ended June 30, 2025, depreciation and amortization expense by segment is as follows: business services $208 million, infrastructure services $175 million, industrials $384 million, and corporate and other $nil.


	Six Months Ended June 30, 2025
	Total attributable to Unitholders										Attributable to non-controlling interests		As per Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	2,773	$	472	$	1,985	$	—	$	5,230	$	8,214	$	13,444
Direct operating costs (2)	(2,345)		(293)		(1,350)		(5)		(3,993)		(5,377)		(9,370)
General and administrative expenses	(62)		(39)		(59)		(55)		(215)		(367)		(582)
Gain (loss) on dispositions, net (3)	2		114		—		—		116		104		220
Gain (loss) on dispositions, net in equity	(4)		—		—		—		(4)		(14)		(18)
Other income (expense), net (4)	2		21		(19)		—		4		(40)		(36)
Interest income (expense), net	(138)		(91)		(218)		(45)		(492)		(1,079)		(1,571)
Current income tax (expense) recovery	(31)		(13)		(77)		—		(121)		(195)		(316)
Preferred equity distributions	—		—		—		(26)		(26)		26		—
Equity accounted Adjusted EFO (5)	25		33		22		—		80		74		154
Adjusted EFO	222		204		284		(131)		579
Depreciation and amortization expense (2) (6)									(451)		(1,046)		(1,497)
Impairment reversal (expense), net									(3)		(11)		(14)

Gain (loss) on dispositions, net in equity									4		14		18

Other income (expense), net (4)									(16)		(134)		(150)
Deferred income tax (expense) recovery									90		158		248
Non-cash items attributable to equity accounted investments(5)									(97)		(42)		(139)
Net income (loss)									$	106	$	285	$	391

(1)Adjusted EFO and net income (loss) attributable to Unitholders include Adjusted EFO, and net income (loss) attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.

(2)The sum of these amounts equates to direct operating costs of $10,867 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on dispositions, net recorded in Adjusted EFO of $116 million primarily represents the partnership’s economic ownership interest in net gains of $114 million related to the disposition of the partnership’s offshore oil services' shuttle tanker operation.

(4)The sum of these amounts equates to other income (expense), net of $(186) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $4 million includes $19 million of realized gain relating to upgrades completed for customers on certain vessels at the partnership’s offshore oil services, $16 million of expenses related to employee incentive payments linked to the realization of value at the partnership’s advanced energy storage operation, $5 million of net revaluation gains and $4 million of other expenses. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(16) million includes $76 million of net gain recognized upon deconsolidation of the partnership’s healthcare services operation, $48 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at the partnership’s offshore oil services, $40 million of net revaluation losses, $38 million of business separation expenses, stand-up costs and restructuring charges, $35 million of expenses related to expected employee incentive payments linked to the realization of value at the partnership’s advanced energy storage operation, $11 million of transaction costs, $5 million of net loss on debt modification and extinguishment and $11 million of other expenses.

(5)The sum of these amounts equates to equity accounted income (loss), net of $15 million as per the unaudited interim condensed consolidated statements of operating results.

(6)For the six months ended June 30, 2025, depreciation and amortization expense by segment is as follows: business services $430 million, infrastructure services $340 million, industrials $727 million, and corporate and other $nil.


	Three Months Ended June 30, 2024
	Total attributable to Unitholders										Attributable to non-controlling interests		As per Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	2,353	$	322	$	964	$	—	$	3,639	$	8,307	$	11,946
Direct operating costs (2)	(2,154)		(189)		(739)		(3)		(3,085)		(7,034)		(10,119)
General and administrative expenses	(35)		(20)		(27)		(25)		(107)		(200)		(307)
Gain (loss) on dispositions, net (3)	—		—		81		—		81		3		84
Gain (loss) on dispositions, net recorded in equity (4)	—		—		22		—		22		—		22
Other income (expense), net (5)	2		—		3		—		5		8		13
Interest income (expense), net	(72)		(60)		(86)		(38)		(256)		(522)		(778)
Current income tax (expense) recovery	(17)		(3)		(22)		—		(42)		(80)		(122)
Preferred equity distributions	—		—		—		(13)		(13)		13		—
Equity accounted Adjusted EFO (6)	9		26		10		—		45		36		81
Adjusted EFO	86		76		206		(79)		289
Depreciation and amortization expense (2) (7)									(251)		(558)		(809)


Gain (loss) on dispositions, net recorded in equity (4)									(22)		—		(22)
Other income (expense), net (5)									(89)		(24)		(113)

Deferred income tax (expense) recovery									88		151		239
Non-cash items attributable to equity accounted investments(6)									(35)		(15)		(50)
Net income (loss)									$	(20)	$	85	$	65

(2)The sum of these amounts equates to direct operating costs of $10,928 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on dispositions, net recorded in Adjusted EFO of $81 million represents the partnership’s economic ownership interest in gains from the disposition of the partnership’s Canadian aggregates production operation.

(4)Gain (loss) on dispositions, net recorded in equity in Adjusted EFO of $22 million represents the partnership’s economic ownership interest in gains primarily related to the disposition of public securities.

(5)The sum of these amounts equates to other income (expense), net of $(100) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $5 million includes $2 million of realized net revaluation gains, and $3 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(89) million includes $82 million related to provisions recorded at the partnership’s construction operation, $13 million of net gains on debt modification and extinguishment, $13 million of business separation expenses, stand-up costs and restructuring charges, $8 million of unrealized net revaluation gains, $5 million of transaction costs, and $10 million of other expenses.

(6)The sum of these amounts equates to equity accounted income (loss) of $31 million as per the unaudited interim condensed consolidated statements of operating results.

(7)For the three months ended June 30, 2024, depreciation and amortization expense by segment is as follows: business services $248 million, infrastructure services $222 million, industrials $339 million, and corporate and other $nil.


	Six Months Ended June 30, 2024
	Total attributable to Unitholders										Attributable to non-controlling interests		As per Financials
(US$ MILLIONS)	Business services		Infrastructure services		Industrials		Corporate and other		Total (1)
Revenues	$	4,536	$	629	$	1,998	$	—	$	7,163	$	16,798	$	23,961
Direct operating costs (2)	(4,111)		(373)		(1,532)		(7)		(6,023)		(14,166)		(20,189)
General and administrative expenses	(73)		(39)		(56)		(53)		(221)		(403)		(624)
Gain (loss) on dispositions, net (3)	15		—		81		—		96		3		99
Gain (loss) on dispositions, net recorded in equity (4)	—		—		69		—		69		13		82
Other income (expense), net (5)	51		12		4		—		67		6		73
Interest income (expense), net	(143)		(123)		(176)		(75)		(517)		(1,057)		(1,574)
Current income tax (expense) recovery	(38)		(4)		(23)		(7)		(72)		(140)		(212)
Preferred equity distributions	—		—		—		(26)		(26)		26		—
Equity accounted Adjusted EFO (6)	17		46		21		—		84		71		155
Adjusted EFO	254		148		386		(168)		620
Depreciation and amortization expense (2) (7)									(504)		(1,113)		(1,617)
Impairment reversal (expense), net									5		5		10

Gain (loss) on dispositions, net recorded in equity (4)									(69)		(13)		(82)
Other income (expense), net (5)									(84)		27		(57)
Deferred income tax (expense) recovery									131		213		344

Non-cash items attributable to equity accounted investments(6)									(71)		(30)		(101)
Net income (loss)									$	28	$	240	$	268

(2)The sum of these amounts equates to direct operating costs of $21,806 million as per the unaudited interim condensed consolidated statements of operating results.

(3)Gain (loss) on dispositions, net recorded in Adjusted EFO of $96 million represents the partnership’s economic ownership interest in gains of $81 million from the disposition of the partnership’s Canadian aggregates production operation and $15 million from the disposition of the partnership’s real estate services operation.

(4)Gain (loss) on dispositions, net recorded in equity in Adjusted EFO of $69 million represents the partnership’s economic interest in gains primarily related to the disposition of public securities.

(5)The sum of these amounts equates to other income (expense), net of $16 million as per the unaudited interim condensed consolidated statements of operating results. Other income(expense), net at the partnership’s economic ownership interest that is included in Adjusted EFO of $67 million includes $50 million of other income related to a distribution at the partnership’s entertainment operation, $15 million of realized net revaluation gains, and $2 million of other income. Other income (expense), net at the partnership’s economic ownership interest that is excluded from Adjusted EFO of $(84) million includes $82 million related to provisions recorded at the partnership’s construction operation, $46 million of unrealized net revaluation gains, $18 million of transaction costs, $18 million of business separation expenses, stand-up costs and restructuring charges, $8 million of net gains on debt modification and extinguishment, and $20 million of other expenses.

(6)The sum of these amounts equates to equity accounted income (loss), net of $54 million as per the unaudited interim condensed consolidated statements of operating results.

(7)For the six months ended June 30, 2024, depreciation and amortization expense by segment is as follows: business services $502 million, infrastructure services $434 million, industrials $681 million, and corporate and other $nil.

The following table presents the partnership’s assets by reportable operating segment as at June 30, 2025 and December 31, 2024:


(US$ MILLIONS)	As at June 30, 2025		As at December 31, 2024
Business services	$	28,656	$	31,583
Infrastructure services	16,268		17,489
Industrials	30,095		26,097
Corporate and other	316		305
Total	$	75,335	$	75,474

Brookfield Business Partners L.P. 6-K