Slides
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Brookfield Business Corporation
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Built for the Opportunity Ahead AI in the Real Economy Better Positioned – Now and Into the Future Q&A
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Built for the Opportunity Ahead Anuj Ranjan CEO, Brookfield Business Corporation
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BROOKFIELD.COM The world is being repriced around resilience 4
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BROOKFIELD.COM 5 “AI is driving a once-in-a- generation opportunity to reinvigorate American manufacturing and supply chains.” “The infrastructure behind advanced AI is a generational opportunity to reindustrialize America.” — Jensen Huang, NVIDIA “Manufacturing and manufacturing at scale is critical to the strength of America.” — Elon Musk, SpaceX — Sam Altman, OpenAI
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BROOKFIELD.COM 6 1 2 3 Durable demand and through-cycle cash flows Propelled, not disrupted by AI Strong competitive positions with low substitution risk Capital is flowing back to real operating businesses
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BROOKFIELD.COM AI & digitalization Change management to drive automation and AI adoption at scale Geopolitical uncertainty Increased adaptability and diversification of supply chains Reindustrialization Reshoring of production and manufacturing capabilities Operating capabilities matter more than ever 7
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BROOKFIELD.COM We have the capabilities, scale and track record to meet this moment 8
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BROOKFIELD.COM 2021 $1.5B 2026 $1B 2018 $1B We have invested in the industrial backbone for decades Please refer to endnotes at the back of this presentation. 9 Largest investor in Brookfield’s Private Equity strategy Early 2000s $1B 2010–15 $1B 2019 $3B 2025 $1.5B
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BROOKFIELD.COM An exceptional realized industrial track record Please refer to endnotes at the back of this presentation. 10 Industrial businesses monetized Aggregate multiple on realized investments ~5x13
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BROOKFIELD.COM We own world-class industrial businesses today Please refer to endnotes at the back of this presentation. 11 #1 Global manufacturer and distributor of trailer components 90%+ Sales from repeat customers #1 MRO distributor in Western Canada ~60% EBITDA from recurring MRO replacement ~70% Earnings from replacement and after-sales 1 in 3 Cars powered by a Clarios low-voltage battery
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BROOKFIELD.COM We have the capabilities to transform businesses Please refer to endnotes at the back of this presentation. 12 Integrated team of operating professionals Access to the Brookfield ecosystem Repeatable value creation playbook
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BROOKFIELD.COM Historical 11% average annual EBITDA growth across industrial operations 13 And deliver strong operating performance +1,100 bps Margin improvement since acquisition +14% Annual EBITDA growth since acquisition +$4B Cumulative cash generation since acquisition Water and wastewater services Electric heat management solutions Advanced energy storage Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM AI is supercharging our capabilities 14 Lead founding partner of OpenAI Deployment Company to accelerate enterprise AI deployment +
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BROOKFIELD.COM We are set up to continue to compound 15
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BROOKFIELD.COM Our businesses are more resilient than ever 16 Now Then
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BROOKFIELD.COM Building the next generation of industrial leaders 17 +500 bps Target EBITDA margin improvement ~25% Average entry EBITDA margin ~9x Effective buy-in EBITDA multiple Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Targeting significant value creation Please refer to endnotes at the back of this presentation. 18 Equivalent to more than $4 per BBUC share $3B Incremental equity value $ 300M Target EBITDA increase
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BROOKFIELD.COM Building on our capital recycling momentum Please refer to endnotes at the back of this presentation. 19 $800M $1.6B First Five Years Last Five Years BBUC Capital Recycling Proceeds 2016–Today Average per year +2x
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BROOKFIELD.COM On track to achieve our ~$2 billion capital recycling target 20 Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Proven flywheel of investing, improving and recycling capital 21 19% Realized IRR $9B Cumulative realized proceeds ~30 Monetizations 12% Average premium to NAV Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Investors are paying up for real operating businesses that cannot be tipped over We have the scale, capabilities and track record to win in this environment Our proven flywheel positions us to continue compounding capital at scale Key messages 22
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AI in the Real Economy Katie Zorbas Managing Partner, Investor Relations Brookfield Business Corporation Nate Harbacek Head – Global Business and Co-Founder, OpenAI Deployment Company OpenAI David Bonasia Managing Partner, Business Operations Brookfield Business Corporation
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Jaspreet Dehl CFO, Brookfield Business Corporation Better Positioned – Now and Into the Future
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BROOKFIELD.COM Delivered $1.4B generated over last 12 months Completed corporate conversion +75% achieved $175M repurchased at discount to NAV Commitment $2B proceeds over 24 months One public corporation 50%+ trading liquidity improvement Active buyback program We have delivered on what we said last year 25 Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Building on a ten-year track record of compounding capital 26
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BROOKFIELD.COM 27 A bigger and materially better business today $0.2B $2.4B 2016 Today Adjusted EBITDA ~$1.50 ~$5.50 2016 Today Adjusted EFO (Per Share) +$2.2B 4% 24% 2016 Today Adjusted EBITDA Margin +2,000 bps ~3.5x Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Supporting a decade of net asset value growth 28 $17 $56 2016 Today Net Asset Value (Per Share) +3x Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Built on a proven engine of value creation 29
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BROOKFIELD.COM Deployed capital at increasing scale 30 $1B $10B 2017 2018 2019 2020 2021 2022 2023 2024 2025 Today Cumulative Invested Capital Please refer to endnotes at the back of this presentation. 40 Investments $10B Cumulative invested capital Since inception
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BROOKFIELD.COM Funded by our strong capital recycling 31 $0.2B $12B 2017 2018 2019 2020 2021 2022 2023 2024 2025 Today Cumulative Capital Recycling Proceeds Monetizations + Distributions $9B Monetizations $3B Distributions Please refer to endnotes at the back of this presentation. Since inception
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BROOKFIELD.COM Driven by broad-based monetization activity 32 Never dependent on any single exit channel — or open IPO windows ~60% Sale to strategic ~30% Sale to sponsor ~10% Public market Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Average Annual EBITDA ~$60M Average EBITDA Margin ~15% 5x increase in EBITDA and 2x increase in EBITDA margin Repositioned our business 33 Realized Operations owned at spinout Redeployed Larger scale market leaders Average Annual EBITDA ~$300M Average EBITDA Margin ~30% Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM More accessible for investors 34 ~75% increase in average daily trading volumes post-simplification Simplified corporate structure Increased index inclusion + Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM A simpler business to understand, compare and value 35 Quarterly valuation disclosures Broader stakeholder familiarity Adopting U.S. GAAP from the first quarter of 2027
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BROOKFIELD.COM Well set up for our next phase of growth 36
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BROOKFIELD.COM Significant value creation potential 37 ~80% of value is in businesses still being optimized Early in the execution of our value creation plans Further opportunities to optimize business performance Approaching the window for monetization Early stage MatureMid stage ~15% NAV ~65% NAV ~20% NAV Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Expect to generate $6 billion+ of capital recycling proceeds over the next five years 38 Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Self-funding our growth investments 39 Please refer to endnotes at the back of this presentation. What we look for Market leaders Essential products and services High barriers to entry Durable cash flows ~$4B Expected capital deployment over next five years
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BROOKFIELD.COM Strengthen corporate liquidity Return capital to shareholders Strategic investments Significant flexibility beyond expected investment activity 40 ~$2B+ Excess capital generation over next five years Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Returning capital at highly accretive levels 41 $335M+ Capital returned since start of 2025 50% Average discount to NAV 12M+ Shares repurchased Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM ~20% Premium to NAV $1B+ Realized proceeds 3 Monetizations over the past year Monetizing at a premium to NAV 42 Recent activity builds on a track record of monetizing above NAV Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM Enormous value opportunity today 43 ~$25 Trading price ~$19 Equity value per share ~$6 Implied price per share BBUC Everything else - =
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BROOKFIELD.COM Closing the gap between price and value 44 $25 $56 Trading price NAV Value of Our Business (Per Share) Proven carrying values — ~30 monetizations at a 12% average premium to NAV $6B+ of targeted proceeds over five years turns that value into cash Self-funded growth plus $2B+ of excess capital over the next five years Simplified structure transitioning to U.S. GAAP with quarterly NAV disclosure 2x Please refer to endnotes at the back of this presentation.
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BROOKFIELD.COM We have built a larger, higher-quality and simpler business Our business has significant value creation and capital recycling ahead We remain focused on narrowing the gap between price and value Key messages 45
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Q&A
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Thank You
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BROOKFIELD.COM Endnotes 48 Unless otherwise indicated, all figures are presented in US dollars and are rounded for presentation purposes. Page 9 1. Capital invested represents total equity invested inclusive of Brookfield funds and co-investment programs. Includes initial capital investment, follow-on investments, capital expenditures and subscription facility drawdowns, as applicable. Presented for industrial operations based on year of acquisition. 2. Early 2000s represents January 1, 2000 to December 31, 2009; 2010-15 represents January 1, 2010 to December 31, 2015. Page 10 1. Number of investments realized and realized multiple presented as at June 30, 2026 for industrial operations within Brookfield funds and includes Westinghouse. Includes proceeds from dispositions and distributions. Page 11 1. Qualitative and quantitative metrics as at June 30, 2026. 2. 1 in 3 cars powered by a Clarios low-voltage battery is based on Clarios Passenger Vehicle Addressable Market. Page 13 1. Represents growth from the year of acquisition through the twelve-month period ended June 30, 2026 for management EBITDA, management EBITDA margin and free cash flow at the respective operations. 2. Historical average EBITDA growth includes industrial operations owned by BBUC since spinout and represents the weighted average annual growth in management EBITDA from acquisition through the twelve-month period ended June 30, 2026. For realized investments, growth is measured from acquisition through the twelve-month period prior to exit. 3. $4 billion cumulative cash flow generation excludes debt paydown and includes receipt of Fiscal Year 2025 tax benefits. Page 17 1. Figures include metrics from Chemelex, Antylia Scientific, Fosber and Gregg Distributors. 2. Average entry EBITDA margin represents EBITDA margin at acquisition based on management EBITDA. 3. Target EBITDA margin improvement represents the expected improvement in management EBITDA margin from acquisition, over the five-year period following acquisition. 4. Effective buy-in EBITDA multiple reflects entry enterprise value as a multiple of management EBITDA for the trailing twelve-month period at acquisition and includes expected operational improvements. 5. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 18 1. Figures include metrics from Chemelex, Antylia Scientific, Fosber and Gregg Distributors. 2. Target EBITDA increase represents the expected EBITDA increase from acquisition, based on management EBITDA, over the five-year period following acquisition. 3. Incremental equity value is calculated based on an illustrative 10x EBITDA multiple. 4. $4 per BBUC share is calculated based on BBUC’s ~30% share of the incremental equity value, divided by shares outstanding as of June 30, 2026. 5. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 19 1. Proceeds represent after-tax proceeds at BBUC’s share from dispositions, partial dispositions and distributions as of June 30, 2026 and include expected realized proceeds from recently announced monetizations and partial dispositions. Includes expected redemption value of units received from the sale of a partial interest in three businesses to a Brookfield-managed evergreen fund. 2. First five years represent June 30, 2016 to June 30, 2021. Last five years represent June 30, 2021 to June 30, 2026. Page 20 1. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 21 1. Businesses monetized include partial dispositions. 2. Cumulative realized proceeds represent cumulative after-tax proceeds at BBUC’s share from dispositions, partial dispositions and distributions as of June 30, 2026 and include expected realized proceeds from recently announced monetizations and partial dispositions. Includes expected redemption value of units received from the sale of a partial interest in three businesses to a Brookfield-managed evergreen fund. 3. Realized IRR represents BBUC’s share of composite returns as of June 30, 2026 and includes expected realized proceeds from recently announced monetizations and partial dispositions. 4. Average premium to NAV compares realized value relative to net asset value one year prior to exit announcement. Page 25 1. $1.4 billion realized proceeds presented at BBUC’s share and includes proceeds from monetizations, distributions and upfinancings for the twelve-month period ended June 30, 2026, including recently announced monetizations and partial dispositions. 2. Trading liquidity improvement represents the increase in average daily trading volume from the twelve-month period prior to simplification to the period from March 31 to September 28 2026. Includes trading volumes on TSX and NYSE. Source: Bloomberg. 3. $175 million of shares purchased represents purchases made during the twelve- month period ended September 28, 2026. Page 27 1. 2016 represents twelve-month period ended December 31, 2016. 2. Today represents twelve-month period ended June 30, 2026. 3. Adjusted EBITDA represents BBUC’s proportionate share of EBITDA. 4. Adjusted EBITDA margin represents BBUC’s proportionate share of EBITDA as a percentage of BBUC’s proportionate share of revenues. 5. Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EFO per Share include the impact of tax benefits at our advanced energy storage operation. 6. Adjusted EFO per Share represents BBUC’s proportionate share of EFO including the impact of gain (loss) on dispositions. 2016 figures are adjusted for the special distribution of BBUC exchangeable shares which was completed in March 2022. Page 28 1. Net asset value represents estimated view of value as at June 30, 2016 and June 30, 2026, respectively. Includes BBUC’s proportionate share of cash and cash equivalents, corporate borrowings, preferred equity securities and operating company debt, as applicable. 2. Shares outstanding are inclusive of Class A shares, Class B shares and Special shares as at June 30, 2026. Units outstanding as at June 30, 2016 reflect former limited partnership units, redemption-exchange units, general partnership units and special limited partnership units and are adjusted for the special distribution of BBUC exchangeable shares which was completed in March 2022. 3. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50.
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BROOKFIELD.COM Endnotes 49 Page 30 1. Cumulative invested capital presented at BBUC’s proportionate share and includes initial capital investment and follow-on investments. 2. 40 investments represent businesses acquired by BBUC since spinout. Page 31 1. Cumulative capital recycling proceeds represent after-tax proceeds at BBUC’s share from dispositions, partial dispositions and distributions as of June 30, 2026 and include expected realized proceeds from recently announced monetizations and partial dispositions. 2. $3 billion distribution proceeds represent distribution proceeds from businesses not realized as of June 30, 2026. 3. $9 billion monetization proceeds represent all proceeds from realized investments, including distributions. Includes expected redemption value of units received from the sale of a partial interest in three businesses to a Brookfield- managed evergreen fund. Page 32 1. Based on the number of investments monetized as of June 30, 2026 and includes recently announced transactions as of June 30, 2026. Page 33 1. Operations owned at spinout include businesses acquired prior to June 30, 2016 and realized as of June 30, 2026. 2. Redeployed into larger scale market leaders reflects businesses acquired between June 30, 2021 and June 30, 2026, including recently announced acquisitions. 3. Average Annual EBITDA and Average Annual EBITDA margin reflect metrics at acquisition and are based on management EBITDA. Page 34 1. Increase in average daily trading volumes post-simplification represents the increase in average daily trading volume from the twelve-month period prior to simplification to the period from March 31 to September 28, 2026. Includes trading volumes on TSX and NYSE. Source: Bloomberg. Page 37 1. Early stage represents operations acquired in 2024 or later; mid stage represents operations acquired between 2020 and 2023 and includes Sagen and Clarios; and mature stage represents operations acquired prior to 2020 or those anticipated to enter a near-term sales process. 2. NAV represents management’s estimate of value as of June 30, 2026. 3. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 38 1. $6 billion+ of expected proceeds over the next five years presented at BBUC’s proportionate share and includes potential proceeds from monetizations, distributions and upfinancings. 2. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 39 1. $4 billion expected capital deployment over the next five years represents BBUC’s proportionate share of committed capital as of June 30, 2026. 2. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 40 1. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 41 1. Represents repurchases completed from January 1, 2025 to September 28, 2026. 2. 50% average discount represents average repurchase price compared to management’s estimate of net asset value at the time of repurchase. Page 42 1. NAV represents estimated view of value as at June 30, 2026. 2. Realized proceeds represent after-tax proceeds at BBUC’s share from dispositions, partial dispositions and distributions from three monetizations. 3. Premium to NAV compares net asset value as at June 30, 2026 relative to net asset value one year prior to exit announcement. Page 43 1. Current trading price presented as at September 28, 2026. Represents BBUC (NYSE). 2. Clarios equity value per share as of June 30, 2026. 3. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50. Page 44 1. Current trading price presented as at September 28, 2026. Represents BBUC (NYSE). 2. NAV represents estimated view of value as at June 30, 2026. Includes BBUC’s proportionate share of cash and cash equivalents, corporate borrowings, preferred equity securities and operating company debt, as applicable. 3. Actual results may vary materially and are subject to market conditions and other factors and risks that are set forth in “Important Cautionary Notes” on page 50.
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BROOKFIELD.COM Important Cautionary Notes 50 NOTICE TO READERS Brookfield Business Corporation is not making any offer or invitation of any kind by communication of this presentation to the recipient and under no circumstances is it to be construed as a prospectus or an advertisement. All amounts in this presentation are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this presentation is presented as at June 30, 2026. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Corporation, expected future dividends, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Corporation to differ materially from anticipated future results, performance or achievements expressed or implied by such forward- looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and result of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions, including our ability to engage in certain activities or make distributions due to our indebtedness; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to our credit ratings; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in the annual report for the year ended December 31, 2025 filed by Brookfield Business Corporation on Form 20-F. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise. NON-SOLICITATION No securities regulatory authority has either approved or disapproved of the contents of this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. CAUTIONARY STATEMENT REGARDING THE USE OF A NON-IFRS MEASURE This presentation contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist users in assessing the financial performance of Brookfield Business Corporation and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For further information on Adjusted EBITDA, see the "Reconciliation of Non-IFRS Measures" section in our Management's Discussion and Analysis of Financial Condition and Results of Operations for the second quarter ended June 30, 2026 available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. References to Brookfield Business Corporation are inclusive of its subsidiaries, controlled affiliates and operating entities. Shareholders' results include class A subordinate voting shares, class B multiple voting shares and special incentive shares. For the periods prior to the completion of the corporate reorganization on March 27, 2026, reflects amounts previously attributable to limited partnership unitholders, redemption-exchange unitholders, exchangeable shareholders, general partnership unitholders, and special limited partnership unitholders. More detailed information on certain references made in this presentation are available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the second quarter ended June 30, 2026 furnished on Form 6-K.