5.A OPERATING RESULTS Introduction This MD&A included in Item 5.A of this Form 20-F covers the financial position of the partnership as at December 31, 2025 and December 31, 2024, and the partnership’s results of operations for the years ended December 31, 2025, 2024 and 2023. The information in this MD&A should be read in conjunction with the audited consolidated financial statements as at December 31, 2025 and December 31, 2024, and for the years ended December 31, 2025, 2024 and 2023 included elsewhere in this Form 20-F, which are prepared in accordance with IFRS Accounting Standards as issued by the IASB. Holders of the Redemption-Exchange Units, Special LP Units, LP units, GP Units and BBUC exchangeable shares will be collectively referred to throughout Item 5 as “Unitholders”, “Units”, or as “per Unit”, unless the context indicates or requires otherwise. In addition to historical information, this MD&A contains forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. See “Special Note Regarding Forward-Looking Statements” in the forepart of this Form 20-F. Basis of Presentation The audited annual consolidated financial statements of the partnership have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. The audited annual consolidated financial statements are prepared on a going concern basis and have been presented in U.S. dollars rounded to the nearest million, unless otherwise indicated. The audited annual consolidated financial statements include the accounts of the partnership and its consolidated subsidiaries, which are the entities over which the partnership has control. Certain comparative figures have been reclassified to conform to the current year’s presentation. We also discuss the results of operations on a segment basis, consistent with how the CODM manages and views our business. Our operating segments are: (i) business services, (ii) infrastructure services, (iii) industrials and (iv) corporate. Non-IFRS measures used in this MD&A are reconciled to the most directly comparable IFRS measure. All dollar references, unless otherwise stated, are in millions of U.S. dollars. Australian dollars are identified as “A$” or “AUD”, Brazilian reais are identified as “R$” or “BRL”, British pounds are identified as “£” or “GBP”, euros are identified as “€” or “EUR”, Canadian dollars are identified as “C$” or “CAD” and Indian rupees are identified as “INR”. Overview of our Business The partnership is a Bermuda exempted limited partnership registered under the Bermuda Limited Partnership Act 1883, as amended, and the Bermuda Exempted Partnerships Act 1992, as amended. On March 27, 2026, the Arrangement was completed, following which the partnership became a subsidiary of the Corporation. The partnership was established by Brookfield to be its flagship public partnership for its business services and industrial operations. Our operations are primarily located in the United States, Europe, Australia, Brazil, and Canada. We are focused on owning and operating high-quality operations that benefit from a strong competitive position and provide essential products and services. We seek to build value through enhancing the cash flows of our businesses, pursuing an operations oriented acquisition strategy and opportunistically recycling capital generated from operations and dispositions into our existing operations, new acquisitions and investments. Prior to completion of the Arrangement, the partnership’s goal was to generate Unitholder returns primarily through capital appreciation with a modest distribution yield. Operating Segments We have four operating segments which are organized based on how the CODM manages and views the business: (i) business services, (ii) infrastructure services, (iii) industrials and (iv) corporate. Our business services segment includes our (i) dealer software and technology services operation, (ii) non-bank financial services operations, (iii) residential mortgage insurer, (iv) fleet management and car rental services, (v) construction operation, (vi) payment processing services operation and (vii) other operations. Our infrastructure services segment includes our (i) modular building leasing services, (ii) lottery services operation, (iii) offshore oil services and (iv) work access services. Brookfield Business Corporation 65 Our industrials segment includes our (i) advanced energy storage operation, (ii) engineered components manufacturing operation, (iii) water and wastewater operation, (iv) electric heat tracing systems manufacturer and (v) other industrials operations. Our corporate segment includes corporate cash and liquidity management, as well as activities related to the management of the partnership’s relationship with Brookfield. Refer to Item 4.B, ‘Business Overview’ for additional information about our businesses included in each operating segment. The table below provides a breakdown by operating segment of total assets of $75.8 billion as at December 31, 2025 and of total revenues of $27.5 billion for the year ended December 31, 2025. Assets Revenues As at For the year ended (US$ MILLIONS) December 31, 2025 December 31, 2025 Business services $ 28,578 $ 9,368 Infrastructure services 16,270 3,153 Industrials 29,914 14,936 Corporate 999 — Total $ 75,761 $ 27,457 Outlook We target long-term capital appreciation driven by our ability to acquire for value and execute on our operational value creation plans to improve performance and enhance cash flows. We believe our global scale and leading operations allow us to efficiently allocate capital around the world toward those sectors and geographies where we see the greatest opportunities to realize our targeted returns. We also actively seek to monetize business interests as they mature and reinvest the proceeds into higher yielding investment strategies, further enhancing returns. Most of our global operations are market leaders, largely providing goods and services where they are sourced, and as a result, are not overly reliant on cross-border trade. As global trade policies continue to evolve, we do not expect the impact of tariffs to have a material effect on the cash flows of our operations. Where there are effects, we anticipate we will be able to implement operational and commercial plans to mitigate the impacts. An overall higher inflationary environment could delay long-term investment decisions, impact growth and result in a more pronounced pullback in global demand. While we have seen the resiliency of our operations demonstrated through past cycles, we are working with all our management teams to ensure our businesses are well positioned in any economic environment. Business services Our residential mortgage insurer continues to perform well. New insurance premiums written increased compared to the prior year, supported by the introduction of new mortgage insurance products and improved homebuyer affordability. Recent vintages of the insurance book continue to trend in line with expectations, with loss ratios normalizing toward long-term average levels which the business is well positioned to manage. At our dealer software and technology services operation, we are progressing planned modernization and technology upgrades to enhance the user experience and overall customer service levels. We recently signed a multi-year extension with a large publicly traded auto dealership as renewal activity is helping offset the impact of churn. Costs associated with these modernization initiatives will continue to impact near-term financial performance but will position the business for improved long-term profitability. Infrastructure services Improved margins, favorable mix and the ongoing ramp-up of recent commercial wins contributed to performance at our lottery services operation. The business continues to execute on a strong pipeline of new commercial opportunities including the full roll-out of its U.K. digital service offering early this year. Lower activity levels and fleet utilization at our modular building leasing services operation impacted results during the year, partially offset by continued growth of value-added products and services. We are supporting the business to accelerate growth and operational initiatives and to support profitability in the current environment. 66 Brookfield Business Corporation Industrials Performance at our advanced energy storage operation continues to benefit from favorable mix due to the growing demand for higher margin advanced batteries and strong execution of commercial and operational initiatives. Earlier this year, the business announced a multi-billion-dollar capital reinvestment program focused on expanding U.S. manufacturing capacity, developing state-of-the-art facilities and enhancing recycling and crucial mineral recovery capabilities. These investments are supported by strong cash flow generation and U.S. manufacturing tax credits. Improved contribution at our engineered components manufacturer was driven by new business wins, commercial actions and cost optimization initiatives. Underlying end market demand has been slow to recover and remains below normal cycle levels. While the timing of a full volume recovery is uncertain, the business is well positioned to capitalize even in a more modest end market recovery scenario. Our electric heat tracing systems manufacturer continues to benefit from durable aftermarket replacement demand across a large installed base. The business is off to a strong start, led by a newly strengthened management team and continues to execute initiatives to streamline product portfolio, refine the go-to-market strategy and refocus the business on profitable, sustainable growth. Brookfield Business Corporation 67 Review of Consolidated Results of Operations The following table summarizes the partnership’s results of operations for the years ended December 31, 2025, 2024 and 2023. Further details on our results of operations and our financial performance are presented within the “Segment Analysis” section. Year ended December 31, Change (US$ MILLIONS, except per unit amounts) 2025 2024 2023 2025 vs 2024 2024 vs 2023 Revenues $ 27,457 $ 40,620 $ 55,068 $ (13,163) $ (14,448) Direct operating costs (22,151) (34,883) (50,021) 12,732 15,138 General and administrative expenses (1,151) (1,267) (1,538) 116 271 Interest income (expense), net (3,139) (3,104) (3,596) (35) 492 Equity accounted income (loss), net 42 90 132 (48) (42) Impairment reversal (expense), net (88) (981) (831) 893 (150) Gain (loss) on dispositions, net 325 692 4,686 (367) (3,994) Other income (expense), net (815) (573) (178) (242) (395) Income (loss) before income tax 480 594 3,722 (114) (3,128) Income tax (expense) recovery Current (583) (646) (775) 63 129 Deferred 490 947 830 (457) 117 Net income (loss) $ 387 $ 895 $ 3,777 $ (508) $ (2,882) Attributable to: Limited partners $ (26) $ (37) $ 482 $ 11 $ (519) Non-controlling interests attributable to: Redemption-exchange units (9) (35) 451 26 (486) Special limited partner 95 — — 95 — BBUC exchangeable shares (17) (37) 472 20 (509) Preferred securities 52 52 83 — (31) Interest of others in operating subsidiaries 292 952 2,289 (660) (1,337) $ 387 $ 895 $ 3,777 $ (508) $ (2,882) Basic and diluted earnings (loss) per limited partner unit (1) (2) $ (0.30) $ (0.50) $ 6.49 ____________________________________ (1)Average number of LP Units outstanding for the year ended December 31, 2025 was 86.5 million (2024: 74.3 million, 2023: 74.5 million). (2)Net income (loss) attributable to LP Units is reduced by incentive distributions paid to special limited partnership unitholders during the year ended December 31, 2025. Comparison of the years ended December 31, 2025 and December 31, 2024 For the year ended December 31, 2025, net income was $387 million, with $43 million of net income attributable to Unitholders ($(0.30) per LP unit). For the year ended December 31, 2024, net income was $895 million, with $109 million of net loss attributable to Unitholders ($(0.50) per LP unit). The decrease in net income was primarily due to the impact of dispositions completed in the trailing twenty-four months, combined with lower tax benefits at our advanced energy storage operation in the current year of $1,071 million, compared to $1,341 million in the prior year. 68 Brookfield Business Corporation Revenues For the year ended December 31, 2025, revenues decreased by $13,163 million to $27,457 million, compared to $40,620 million for the year ended December 31, 2024. Revenues in our business services segment decreased by $13,081 million, primarily due to the disposition of our road fuels operation in July 2024 and the deconsolidation of our healthcare services operation in May 2025, which reduced revenues by $12,904 million. Revenues in our infrastructure services segment decreased by $586 million, primarily due to the disposition of our offshore oil services’ shuttle tanker operation in January 2025. Revenues in our industrials segment increased by $504 million primarily due to contribution from our electric heat tracing systems manufacturer acquired in January 2025, combined with strong performance at our advanced energy storage operation during the year driven by favorable pricing and growing demand for higher margin advanced batteries. The increase was partially offset by the deconsolidation of our returnable plastic packaging operation in July 2025. Direct operating costs For the year ended December 31, 2025, direct operating costs decreased by $12,732 million to $22,151 million, compared to $34,883 million for the year ended December 31, 2024. The decrease was primarily due to the disposition of our road fuels operation in July 2024 and the deconsolidation of our healthcare services operation in May 2025, which reduced direct operating costs by $12,737 million. The decrease was partially offset by contributions from our electric heat tracing systems manufacturer acquired in January 2025. General and administrative expenses For the year ended December 31, 2025, general and administrative expenses decreased by $116 million to $1,151 million, compared to $1,267 million for the year ended December 31, 2024. The decrease was primarily due to the deconsolidation of our healthcare services operation in May 2025 and the deconsolidation of our returnable plastic packaging operation in July 2025. The decrease was partially offset by contributions from our electric heat tracing systems manufacturer acquired in January 2025. Impairment reversal (expense), net For the year ended December 31, 2025, net impairment expense of $88 million primarily relates to an impairment of goodwill of $71 million recognized in our solar power solutions due to revised expectations of cash flows as a result of increased competition and challenging market conditions. Gain (loss) on dispositions, net For the year ended December 31, 2025, gain (loss) on dispositions, net was $325 million primarily driven by a $214 million net gain recognized from the disposition of our offshore oil services’ shuttle tanker operation and a $110 million net gain from the disposition of our Indian non-bank financial services’ non-core home financing operation. Other income (expense), net For the year ended December 31, 2025, net other expense increased by $242 million to $815 million, compared to $573 million for the year ended December 31, 2024. Other income (expense), net corresponds to amounts that are not directly related to revenue generating activities and are not normal, recurring income or expenses necessary for business operations. For the year ended December 31, 2025, the components of other income (expense), net include $467 million of expenses for employee incentive payments linked to the realization of value at our operations, $236 million of net gain recognized upon deconsolidation of our healthcare services operation, $224 million of business separation expenses, stand-up costs and restructuring charges, $152 million of net revaluation losses, $128 million of net losses on debt modification and extinguishment, $125 million of gains recorded at our offshore oil services due to completed upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $44 million of transaction costs, $35 million of expense related to the write-down of an earn-out associated with the sale of our automotive aftermarket parts remanufacturer, $14 million of unrealized loss recognized on the partial sale of an interest in our work access services operation to a Brookfield-managed evergreen fund, and $112 million of other expenses. For the year ended December 31, 2024, the components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $251 million related to provisions recorded at our construction operation, $168 million of net revaluation gains, $158 million of business separation expenses, stand-up costs and restructuring charges, $108 million of net gains on the sale of property, plant and equipment and other assets, $52 million of net gains on debt modification and extinguishment, $50 million of other income related to a distribution at our entertainment operation, $35 million in transaction costs, $15 million of expenses for employee incentive payments linked to the realization of value at our operations, and $85 million of other expenses. Brookfield Business Corporation 69 Income tax (expense) recovery For the year ended December 31, 2025, current income tax expense decreased by $63 million to $583 million, compared to current income tax expense of $646 million for the year ended December 31, 2024. The decrease in current income tax expense is primarily due to a current income tax recovery related to the impact of a litigation settlement within our dealer software and technology services operation and the impact of enacted tax legislation within our dealer software and technology services operation and our engineered components manufacturing operation. Deferred income tax recovery decreased by $457 million to $490 million, compared to deferred income tax recovery of $947 million for the year ended December 31, 2024. The decrease in deferred income tax recovery was primarily due to non-recurring deferred tax recoveries in the prior period relating to a litigation settlement at our dealer software and technology services operation and tax benefits recognized within our advanced energy storage operation, partially offset by the derecognition of deferred tax assets within our healthcare services in the prior period. Comparison of the years ended December 31, 2024 and December 31, 2023 For the year ended December 31, 2024, net income was $895 million, with $109 million of net loss attributable to Unitholders ($(0.50) per LP unit). For the year ended December 31, 2023, net income was $3,777 million, with $1,405 million of net income attributable to Unitholders ($6.49 per LP unit). The decrease in net income was primarily due to the gain on disposition of our nuclear technology services operation in November 2023. Revenues For the year ended December 31, 2024, revenues decreased by $14,448 million to $40,620 million, compared to $55,068 million for the year ended December 31, 2023. Revenues from our business services segment decreased by $9,961 million, primarily due to the disposition of our road fuels operation in July 2024 which reduced revenues by $10,520 million. Included in the revenues and direct operating costs of our road fuels operation, was a duty payable to the government of the United Kingdom of $4,705 million (2023: $8,033 million), which was recorded gross within revenues and direct costs without impact on the margin generated by the business. Revenues from our infrastructure services segment decreased by $3,718 million primarily due to the disposition of our nuclear technology services operation in November 2023. Revenues from our industrials segment decreased by $769 million primarily due to lower volumes at our engineered components manufacturing operation due to weak market conditions, combined with dispositions the partnership completed throughout 2024. The decrease was partially offset by an increase in revenues from our advanced energy storage operation driven by commercial actions, continued execution of optimization initiatives and growing demand for higher margin advanced batteries. Direct operating costs For the year ended December 31, 2024, direct operating costs decreased by $15,138 million to $34,883 million, compared to $50,021 million for the year ended December 31, 2023. The decrease was primarily due to the disposition of our road fuels operation in July 2024 which reduced direct operating costs by $10,381 million, combined with other business dispositions completed in 2024 and a benefit of $1,341 million recognized at our advanced energy storage operation related to tax benefits. As noted above, included in the revenues and direct operating costs of our road fuels operation, was a duty payable to the government of the United Kingdom of $4,705 million (2023: $8,033 million), which was recorded gross within revenues and direct costs without impact on the margin generated by the business. General and administrative expenses For the year ended December 31, 2024, general and administrative expenses decreased by $271 million to $1,267 million, compared to $1,538 million for the year ended December 31, 2023. The decrease was primarily due to the dispositions of our road fuels operation in July 2024 and our nuclear technology services operation in November 2023, combined with the impact of other business dispositions completed throughout 2024. Interest income (expense), net For the year ended December 31, 2024, net interest expense decreased by $492 million to $3,104 million, compared to $3,596 million for the year ended December 31, 2023. The decrease in net interest expense was primarily due to reduced borrowings within our operations as a result of dispositions and the impact of refinancings which lowered the cost of debt at select operations. Impairment reversal (expense), net For the year ended December 31, 2024, net impairment expense of $981 million primarily related to an impairment of goodwill of $661 million recognized in our healthcare services due to revised expectations of cash flows as a result of updated estimates for hospital admissions, revenue rates and operating costs and impairment of $168 million recognized on property, plant and equipment at our natural gas production as a result of a decline in forecast natural gas prices. 70 Brookfield Business Corporation Gain (loss) on dispositions, net For the year ended December 31, 2024, net gain (loss) on dispositions, net was $692 million. The net gain includes a $483 million gain recognized from the disposition of our road fuels operation, a $110 million gain recognized from the deconsolidation of our payment processing services operation, an $84 million gain recognized on the sale of our Canadian aggregates production operation and a $15 million gain recognized from the disposition of our general partner interest and residential real estate brokerage portfolio to Bridgemarq, a publicly listed real estate services operation and brokerage business. Other income (expense), net For the year ended December 31, 2024, net other expense increased by $395 million to $573 million, compared to $178 million for the year ended December 31, 2023. Other income (expense), net corresponds to amounts that are not directly related to revenue generating activities and are not normal, recurring income or expenses necessary for business operations. For the year ended December 31, 2024, the components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $251 million related to provisions recorded at our construction operation, $168 million of net revaluation gains, $158 million of business separation expenses, stand-up costs and restructuring charges, $108 million of net gains on the sale of property, plant and equipment and other assets, $52 million of net gains on debt modification and extinguishment, $50 million of other income related to a distribution at our entertainment operation, $35 million in transaction costs, $15 million of expenses for employee incentive payments linked to the realization of value at our operations, and $85 million of other expenses. For the year ended December 31, 2023, the components of other income (expense), net include $446 million of net gains on debt modification and extinguishment,$247 million loss related to a fair value adjustment as a result of the reclassification of our graphite electrode operation as a financial asset, $246 million of business separation expenses, stand-up costs and restructuring charges, $116 million in transaction costs, $93 million of net revaluation gains, $35 million of expenses for employee incentive payments linked to the realization of value at our operations, and $73 million of other expenses. Income tax (expense) recovery For the year ended December 31, 2024, current income tax expense decreased by $129 million to $646 million, compared to current income tax expense of $775 million for the year ended December 31, 2023. The decrease in current income tax expense was primarily due to lower taxable income at our dealer software and technology services operation and lower income tax expense in our operations due to dispositions completed in 2023. Deferred income tax recovery increased by $117 million to $947 million, compared to deferred income tax recovery of $830 million for the year ended December 31, 2023. The increase in deferred income tax recovery was primarily driven by an increase in deferred tax assets within our advanced energy storage operation due to tax benefits recognized in 2024. Results in 2023 included a deferred income tax recovery related to the recognition of previously unrecognized deferred tax assets in our solar power solutions. Brookfield Business Corporation 71 Summary of Results Quarterly results Total revenues and net income (loss) for the eight most recent quarters were as follows: 2025 2024 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 (US$ MILLIONS, except per unit amounts) Revenues $ 7,094 $ 6,919 $ 6,695 $ 6,749 $ 7,427 $ 9,232 $ 11,946 $ 12,015 Direct operating costs (5,621) (5,663) (5,465) (5,402) (6,008) (7,069) (10,928) (10,878) General and administrative expenses (291) (278) (271) (311) (324) (319) (307) (317) Interest income (expense), net (784) (784) (801) (770) (752) (778) (778) (796) Equity accounted income (loss), net 19 8 23 (8) 35 1 31 23 Impairment reversal (expense), net (74) — (14) — (991) — — 10 Gain (loss) on dispositions, net — 105 6 214 — 593 84 15 Other income (expense), net (167) (462) (103) (83) (360) (229) (100) 116 Income (loss) before income tax 176 (155) 70 389 (973) 1,431 (52) 188 Income tax (expense) recovery Current (137) (130) (119) (197) (158) (276) (122) (90) Deferred 79 163 184 64 23 580 239 105 Net income (loss) $ 118 $ (122) $ 135 $ 256 $ (1,108) $ 1,735 $ 65 $ 203 Attributable to: Limited partners $ (42) $ (25) $ 11 $ 30 $ (150) $ 103 $ (7) $ 17 Non-controlling interests attributable to: Redemption-exchange units (24) (14) 6 23 (141) 97 (6) 15 Special limited partner 95 — — — — — — — BBUC exchangeable shares (33) (20) 9 27 (147) 101 (7) 16 Preferred securities 13 13 13 13 13 13 13 13 Interest of others in operating subsidiaries 109 (76) 96 163 (683) 1,421 72 142 $ 118 $ (122) $ 135 $ 256 $ (1,108) $ 1,735 $ 65 $ 203 Basic and diluted earnings (loss) per limited partner unit (1) (2) $ (0.48) $ (0.28) $ 0.12 $ 0.38 $ (2.02) $ 1.39 $ (0.10) $ 0.23 ____________________________________ (1)Average number of LP Units outstanding for the three months ended December 31, 2025 was 88.3 million (December 31, 2024: 74.3 million). (2)Net income (loss) attributable to LP Units is reduced by incentive distributions paid to special limited partnership unitholders during the three months ended December 31, 2025. Revenues and direct operating costs vary from quarter to quarter primarily due to acquisitions and dispositions of businesses, fluctuations in foreign exchange rates, business and economic cycles, weather and seasonality, broader economic factors, and commodity market volatility. Within our industrials segment, at our natural gas production operation, the ability to move heavy equipment safely and efficiently in Western Canadian oil and gas fields is dependent on weather conditions. In addition, the demand for batteries at our advanced energy storage operation as well as electric heat management products and services at our electric heat tracing systems manufacturer is typically higher in the colder seasons. Within our infrastructure services segment, our work access services operation is impacted by seasonality in the industries it services; for example, most refineries tend to close down for turnarounds during the spring and fall. In addition, cold temperatures in the first and fourth fiscal quarters typically limit activity on maintenance and capital projects in cold climates. In our modular building leasing services, business activity peaks in the summer months while the fourth fiscal quarter is a seasonal low as deliveries typically reduce in the winter. Some of our business services activities are seasonal in nature and are affected by the general level of economic activity and related volume of services purchased by our clients. The mortgage insurance premiums underwritten at our residential mortgage insurer fluctuate based on the general seasonality and macroeconomic conditions affecting the Canadian housing market. Net income is impacted by periodic monetization gains and impairment losses. 72 Brookfield Business Corporation Review of Consolidated Financial Position The following is a summary of the consolidated statements of financial position of the partnership as at December 31, 2025 and December 31, 2024: Change (US$ MILLIONS) December 31, 2025 December 31, 2024 December 31, 2025 vs December 31, 2024 Assets Cash and cash equivalents $ 3,546 $ 3,239 $ 307 Financial assets 12,483 12,371 112 Accounts and other receivable, net 7,725 6,279 1,446 Inventory and other assets 4,594 5,728 (1,134) Property, plant and equipment 11,013 13,232 (2,219) Deferred income tax assets 2,083 1,744 339 Intangible assets 18,513 18,317 196 Equity accounted investments 2,494 2,325 169 Goodwill 13,310 12,239 1,071 $ 75,761 $ 75,474 $ 287 Liabilities and Equity Liabilities Accounts payable and other $ 14,188 $ 16,691 $ (2,503) Corporate borrowings 1,325 2,142 (817) Non-recourse borrowings in subsidiaries of the partnership 42,424 36,720 5,704 Deferred income tax liabilities 2,513 2,613 (100) $ 60,450 $ 58,166 $ 2,284 Equity Limited partners $ 2,294 $ 1,752 $ 542 Non-controlling interests attributable to: Redemption-exchange units 1,350 1,644 (294) Special limited partner — — — BBUC exchangeable shares 1,807 1,721 86 Preferred securities 740 740 — Interest of others in operating subsidiaries 9,120 11,451 (2,331) 15,311 17,308 (1,997) $ 75,761 $ 75,474 $ 287 Financial assets Financial assets increased by $112 million to $12,483 million as at December 31, 2025, compared to $12,371 million as at December 31, 2024. The balance comprised marketable securities, loans and notes receivable, derivative assets and other financial assets including $584 million of marketable securities within our corporate segment related to units in a new Brookfield-managed evergreen private equity fund we received as consideration for the sale of partial interests in three businesses completed in July 2025. The increase was partially offset by a reduction in other financial assets within our offshore oil services, and a net reduction in the mortgages receivable at our Australian asset manager and lender as a result of higher loan repayments compared to new loan originations. Brookfield Business Corporation 73 The following table presents financial assets by segment as at December 31, 2025 and December 31, 2024: (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total December 31, 2025 $ 11,664 $ 27 $ 207 $ 585 $ 12,483 December 31, 2024 $ 11,713 $ 253 $ 404 $ 1 $ 12,371 Accounts and other receivable, net Accounts and other receivable, net increased by $1,446 million to $7,725 million as at December 31, 2025, compared to $6,279 million as at December 31, 2024. The increase was primarily due to timing of billed receivables within our water and wastewater operation, combined with the acquisition of our electric heat tracing systems manufacturer in January 2025, partially offset by the receipt of payments relating to projects within our construction operation. Included in accounts receivable is an additional $1,071 million recorded during the year at our advanced energy storage operation related to tax benefits. Inventory and other assets Inventory and other assets decreased by $1,134 million to $4,594 million as at December 31, 2025, compared to $5,728 million as at December 31, 2024. The decrease in inventory and other assets was primarily due to the disposition of our offshore oil services’ shuttle tanker operation in January 2025, and our Indian non-bank financial services’ non-core home financing operation in July 2025, which were both previously classified as assets held for sale. The decrease was partially offset by higher other assets within our offshore oil services due to the recognition of a finance lease receivable and an increase in inventory of $146 million primarily due to higher units on hand at our advanced energy storage operation, combined with the acquisition of our electric heat tracing systems manufacturer in January 2025. Property, plant & equipment and intangible assets Property, plant & equipment (“PP&E”) decreased by $2,219 million to $11,013 million as at December 31, 2025, compared to $13,232 million as at December 31, 2024. The decrease was primarily due to the deconsolidation of our healthcare services operation which reduced PP&E by $2,320 million, and the reclassification of certain vessels within our offshore oil services from PP&E to finance leases of $1,419 million, combined with regular depreciation expense of $1,428 million. These factors were partially offset by additions to PP&E of $3,028 million, primarily due to growth capital expenditures within our offshore oil services which are contractually reimbursed. As at December 31, 2025, PP&E included $767 million of right-of-use assets (2024: $874 million). Intangible assets increased by $196 million to $18,513 million as at December 31, 2025, compared to $18,317 million as at December 31, 2024. The increase was primarily due to additions of $1,176 million, combined with the impact of foreign exchange movements of $861 million, partially offset by amortization expense of $1,606 million and dispositions of $87 million. Capital expenditures represent additions to PP&E and certain intangible assets. Included in capital expenditures are maintenance capital expenditures, which are required to sustain the current performance of our operations, and growth capital expenditures, which are made for incrementally new assets that are expected to expand existing operations. Within our business services segment, capital expenditures were primarily related to production costs associated with developing or enhancing proprietary technology as well as maintenance of computer and hosting equipment at our dealer software and technology services operation and maintenance and expansion of the fleet at our fleet management and car rental services operation. Within our infrastructure services segment, capital expenditures were primarily vessel dry-docking costs at our offshore oil services which are contractually reimbursed by our customer, and fleet investment at our modular building leasing services. Within our industrials segment, capital expenditures were primarily related to expansions and equipment replacement at our advanced energy storage operation. We also include additions to intangible assets in our water and wastewater operation within capital expenditures due to the nature of its concession agreements. Maintenance and growth capital expenditures for the year ended December 31, 2025 were $868 million and $1,320 million, respectively (2024: $853 million and $1,886 million, 2023: $833 million and $2,100 million). Growth capital expenditures include fleet expansion capital expenditures at our fleet management and car rental services presented as cash used in operating activities in the consolidated statement of cash flows. Deferred income tax assets Deferred income tax assets increased by $339 million to $2,083 million as at December 31, 2025, compared to $1,744 million as at December 31, 2024. The increase was primarily due to the recognition of deferred tax assets within our advanced energy storage operation and our natural gas production operation, combined with the impact of foreign exchange movements within our operations. 74 Brookfield Business Corporation Equity accounted investments Equity accounted investments increased by $169 million to $2,494 million as at December 31, 2025, compared to $2,325 million as at December 31, 2024. The increase was primarily due to the acquisition of our specialty consumables and equipment manufacturer in May 2025, the acquisition of our Canadian residential and multi-family mortgage lender in October 2025, and the merger of our returnable plastic packaging operation with a North American packaging solutions provider in July 2025, partially offset by distributions received from equity accounted investments within our operations, and the partial sale of an interest in our work access services operation. Goodwill Goodwill increased by $1,071 million to $13,310 million as at December 31, 2025, compared to $12,239 million as at December 31, 2024. The increase was primarily due to the acquisition of our electric heat tracing systems manufacturer and the impact of foreign exchange movements. Accounts payable and other Accounts payable and other decreased by $2,503 million to $14,188 million as at December 31, 2025, compared to $16,691 million as at December 31, 2024. The decrease was primarily due to the deconsolidation of our healthcare services operation in May 2025 which reduced liabilities by $1,969 million, combined with the disposition of our offshore oil services’ shuttle tanker operation and our Indian non-bank financial services’ non-core home financing operation, whose liabilities were previously classified as liabilities held for sale. These factors were partially offset by an increase in other liabilities at our advanced energy storage operation due to provisions recognized for expected employee incentive payments linked to the realization of value. Corporate and non-recourse borrowings Borrowings are discussed in Item 5.B, “Liquidity and Capital Resources” below. Deferred income tax liabilities Deferred income tax liabilities decreased by $100 million to $2,513 million as at December 31, 2025, compared to $2,613 million as at December 31, 2024. The decrease was primarily due to the reduction of acquisition related deferred tax liabilities within our advanced energy storage operation, our engineered components manufacturing operation and our modular building leasing services, partially offset by deferred tax liabilities recognized upon the acquisition of our electric heat tracing systems manufacturer. Equity attributable to Unitholders As at December 31, 2025, our capital structure comprised two classes of partnership units: LP Units and GP Units. LP Units entitle the holder to their proportionate share of distributions. GP Units entitle the holder the right to govern our financial and operating policies. See Item 10.B, “Memorandum and Articles of Association - Description of the Holding LP Limited Partnership Agreement”. As at December 31, 2025, the Holding LP’s capital structure comprised three classes of partnership units: managing general partner units held by BBU, Special LP Units and Redemption-Exchange Units held by Brookfield Holders. In its capacity as the holder of the Special LP Units of the Holding LP, the special limited partner was entitled to receive incentive distributions based on 20% of the growth in the market value of the Units quarter-over-quarter, but only after the market value exceeds the Incentive Distribution Threshold. During the fourth quarter of 2025, the volume-weighted average price per LP Unit was $33.81 and above the previous incentive distribution threshold of $31.53 per LP Unit. This resulted in a total incentive distribution of $95 million (2024: $nil). The incentive distribution threshold as at December 31, 2025 was $33.81 per LP Unit. As at December 31, 2025, BBHC’s capital structure comprised BBUC exchangeable shares held by Brookfield Holders and public shareholders. Each BBUC exchangeable share has been structured with the intention of providing an economic return equivalent to one LP Unit, and BBHC targeted to pay identical dividends on a per share basis to the distributions paid on each LP Unit. Each BBUC exchangeable share is exchangeable, at the BBHC shareholder’s option, for one LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent. During the year ended December 31, 2025, 190 BBUC exchangeable shares were exchanged into LP Units (December 31, 2024: 4 BBUC exchangeable shares). Brookfield Business Corporation 75 On August 15, 2025, the TSX accepted a notice filed by the partnership of its intention to renew the normal course issuer bid for its LP Units. Under the normal course issuer bid of the partnership, BBU and Brookfield Corporation were collectively authorized to repurchase up to 5% of the partnership’s issued and outstanding LP Units as at August 8, 2025, or 4,441,425 LP Units, including up to 10,076 LP Units on the TSX during any trading day. During the year ended December 31, 2025, the partnership repurchased 4,667,060 LP Units (December 31, 2024: nil LP Units). Following the year ended December 31, 2025 and up to the date of this Form 20-F, the partnership repurchased 499,420 LP Units under its normal course issuer bid. During the year ended December 31, 2025, Brookfield Corporation did not purchase any LP Units under the partnership’s normal course issuer bid (December 31, 2024: 443,722 LP Units). Following the year ended December 31, 2025 and up to the date of this Form 20-F, Brookfield Corporation repurchased 98,088 LP Units. On August 15, 2025, the TSX accepted a notice filed by BBHC, a consolidated subsidiary of the partnership, of its intention to renew its normal course issuer bid in respect of BBUC exchangeable shares (the “NCIB”). Under the NCIB, BBHC and Brookfield Corporation are collectively authorized to repurchase up to 5% of the issued and outstanding BBUC exchangeable shares as at August 8, 2025 or 3,499,836 BBUC exchangeable shares, including up to 11,100 BBUC exchangeable shares on the TSX during any trading day. During the year ended December 31, 2025, BBHC repurchased 3,876,525 BBUC exchangeable shares under its NCIB (December 31, 2024: nil BBUC exchangeable shares). Following the year ended December 31, 2025 and up to the date of this Form 20-F, BBHC repurchased 891,240 BBUC exchangeable shares under its NCIB. During the year ended December 31, 2025, Brookfield Corporation did not purchase any BBUC exchangeable shares under the NCIB (December 31, 2024: nil BBUC exchangeable shares). Following the year ended December 31, 2025 and up to the date of this Form 20-F, Brookfield Corporation repurchased 98,336 BBUC exchangeable shares. Following the Arrangement, the NCIB will become the normal course issuer bid of the Corporation such that the Corporation is permitted to repurchase up to 1,640,326 Class A Shares under the NCIB. As at December 31, 2025 and December 31, 2024, the total number of Units outstanding are as follows: UNITS December 31, 2025 December 31, 2024 GP Units 4 4 LP Units 87,720,678 74,281,767 Non-controlling interests: Redemption-Exchange Units 51,599,716 69,705,497 BBUC exchangeable shares 69,077,731 72,954,446 Special LP Units 4 4 Segment Analysis Our operations are organized into four operating segments which are regularly reviewed by the CODM for the purpose of allocating resources to the segment and to assess its performance. The key measures used by the CODM in assessing performance and in making resource allocation decisions are Adjusted EFO and Adjusted EBITDA. Adjusted EFO is our segment measure of profit or loss reported in accordance with IFRS 8. The CODM uses Adjusted EFO to assess performance and make resource allocation decisions. Adjusted EFO is used by the CODM to evaluate our segments on the basis of return on invested capital generated by the underlying operations and is used by the CODM to evaluate the performance of our segments on a levered basis. Adjusted EFO is calculated as net income and equity accounted income at our economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment reversals or expenses and other income or expense items that are not directly related to revenue generating activities. Our economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how we determine net income attributable to non-controlling interests in our IFRS consolidated statements of operating results. In order to provide additional insight regarding our operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses, recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s (or following completion of the Arrangement, the Corporation’s) operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. 76 Brookfield Business Corporation Adjusted EBITDA, a non-IFRS measure of operating performance, provides a comprehensive understanding of the ability of the partnership’s (or following completion of the Arrangement, the Corporation’s) businesses to generate recurring earnings and assists our CODM in understanding and evaluating the core underlying financial performance of our businesses. For further information on Adjusted EBITDA, see the “Reconciliation of Non-IFRS Measures” section of this MD&A. The following table presents net income (loss), net income (loss) attributable to Unitholders and Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Net income (loss) $ 387 $ 895 $ 3,777 Net income (loss) attributable to Limited partners $ (26) $ (37) $ 482 Net income (loss) attributable to Redemption-exchange units held by Brookfield Holders (9) (35) 451 Net income (loss) attributable to Special limited partner 95 — — Net income (loss) attributable to BBUC exchangeable shares (17) (37) 472 Net income (loss) attributable to Unitholders $ 43 $ (109) $ 1,405 Adjusted EBITDA $ 2,409 $ 2,565 $ 2,491 The following table presents Adjusted EFO by segment for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Business services $ 492 $ 641 $ 636 Infrastructure services 295 287 2,070 Industrials 665 935 492 Corporate (273) (331) (335) Comparison of the years ended December 31, 2025 and December 31, 2024 Net income attributable to Unitholders for the year ended December 31, 2025 was $43 million, representing an increase of $152 million compared to net loss attributable to Unitholders of $109 million for the year ended December 31, 2024. Prior year net income attributable to Unitholders included an impairment expense at our healthcare services operation and provisions at our construction operation. Adjusted EBITDA for the year ended December 31, 2025 was $2,409 million, representing a decrease of $156 million compared to $2,565 million for the year ended December 31, 2024. Current year results include $297 million of tax benefits from our advanced energy storage operation, and reflect the impact of lower ownership in three businesses following the partial sale of interests to a Brookfield-managed evergreen private equity fund. Prior year results included $371 million of tax benefits at our advanced energy storage operation, and $200 million of contribution from disposed operations. Comparison of the years ended December 31, 2024 and December 31, 2023 Net loss attributable to Unitholders for the year ended December 31, 2024 was $109 million, representing a decrease of $1,514 million compared to a net income attributable to Unitholders of $1,405 million for the year ended December 31, 2023. Net loss attributable to Unitholders for the year ended December 31, 2024 includes an impairment expense recorded at our healthcare services operation, combined with provisions at our construction operation. Results for the year ended December 31, 2023 included net gains primarily related to the sale of our nuclear technology services operation. Adjusted EBITDA for the year ended December 31, 2024 was $2,565 million, representing an increase of $74 million compared to $2,491 million for the year ended December 31, 2023, reflecting improved performance of operations and tax benefits recorded at our advanced energy storage operation. Results for the year ended December 31, 2023 included contributions from our nuclear technology services operation and other disposed operations. Brookfield Business Corporation 77 The tables below provide each segment’s results in the format that the CODM organizes its reporting segments to make resource allocation decisions and assess performance. Each segment is presented taking into account the partnership’s economic ownership interest in operations accounted for using the consolidation and equity methods under IFRS. See “Reconciliation of Non-IFRS Measures” for additional discussion, including a reconciliation to the partnership’s IFRS consolidated statements of operating results. Business services The following table presents Adjusted EFO and Adjusted EBITDA for our business services segment for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Adjusted EFO $ 492 $ 641 $ 636 Adjusted EBITDA $ 823 $ 832 $ 900 The following table presents equity attributable to Unitholders for our business services segment as at December 31, 2025, 2024 and 2023: (US$ MILLIONS) 2025 2024 2023 Total assets $ 28,578 $ 31,583 $ 38,066 Total liabilities 21,149 24,185 29,435 Interests of others in operating subsidiaries 3,751 3,925 5,213 Equity attributable to Unitholders 3,678 3,473 3,418 Total equity $ 7,429 $ 7,398 $ 8,631 Comparison of the years ended December 31, 2025 and December 31, 2024 Adjusted EFO in our business services segment for the year ended December 31, 2025 was $492 million, representing a decrease of $149 million compared to $641 million for the year ended December 31, 2024. The decrease in Adjusted EFO was primarily due to the factors described below, combined with net gains recognized on the disposition of our road fuels operation and the deconsolidation of our payment processing services operation recognized in the prior year. Adjusted EBITDA in our business services segment for the year ended December 31, 2025 was $823 million, representing a decrease of $9 million compared to $832 million for the year ended December 31, 2024, reflecting the sale of a partial interest in our dealer software and technology services operation in July 2025 to a Brookfield-managed evergreen fund, partially offset by improved performance at our construction operation. Prior year results included contribution from our healthcare services operation which was deconsolidated in May 2025 and our road fuels operation which was sold in July 2024. Our residential mortgage insurer contributed $234 million to Adjusted EBITDA for the year ended December 31, 2025 compared to $249 million for the year ended December 31, 2024. Results reflected the timing impact of slower revenue recognition under the IFRS 17 accounting standard, reflecting more conservative model assumptions in an uncertain Canadian economic environment. Underlying performance continued to benefit from resilient demand across the business’ served market segment, including first-time homebuyers. Volumes of new insurance premiums written increased year over year and losses on claims remained below historical long-term levels. Our dealer software and technology services operation contributed $151 million to Adjusted EBITDA for the year ended December 31, 2025 compared to $175 million for the year ended December 31, 2024. Results reflected an impact of $21 million related to the secondary sale of a 7% interest in the business in July 2025 to a Brookfield-managed evergreen fund. Performance during the year was impacted by higher modernization costs, while stable renewals and commercial initiatives largely offset the impact of churn. 78 Brookfield Business Corporation Comparison of the years ended December 31, 2024 and December 31, 2023 Adjusted EFO in our business services segment for the year ended December 31, 2024 was $641 million, representing an increase of $5 million compared to $636 million for the year ended December 31, 2023. The increase in Adjusted EFO was primarily due to the factors described below, combined with net gains recognized on the disposition of our road fuels operation and the deconsolidation of our payment processing services operation as a result of combining the business with Network. Adjusted EBITDA in our business services segment for the year ended December 31, 2024 was $832 million, representing a decrease of $68 million compared to $900 million for the year ended December 31, 2023. Strong performance at our residential mortgage insurer was primarily offset by the impact of a cyber incident at our dealer software and technology services operation and reduced performance at our construction and healthcare services operations during the year. Results for the year ended December 31, 2023 included contribution from our road fuels operation which was sold in July 2024. Our residential mortgage insurer contributed $249 million to Adjusted EBITDA for the year ended December 31, 2024 compared to $217 million for the year ended December 31, 2023. Performance benefited from an overall stable Canadian housing market and relatively low losses on claims as a result of low unemployment and high levels of embedded equity which is enabling borrowers to self-cure mortgage delinquencies. While losses are expected to increase to long-term levels over time, normalizing mortgage rates and gradually improving affordability contributed to higher new insurance premiums and is expected to support moderate home price appreciation this year. Our dealer software and technology services operation contributed $175 million of Adjusted EBITDA for the year ended December 31, 2024 compared to $217 million for the year ended December 31, 2023. Results reflected higher costs associated with ongoing investments in modernization and technology upgrades to enhance customer service levels, product functionality and long-term growth of the business, combined with the impact of costs incurred and billing credits provided to customers related to the disruption of operations during a cybersecurity incident in June 2024. Our healthcare services contributed $36 million to Adjusted EBITDA for the year ended December 31, 2024 compared to $54 million for the year ended December 31, 2023. Business performance remained challenged given the impact of significantly higher costs which continued to exceed reimbursement levels from private health insurers. Infrastructure services The following table presents Adjusted EFO and Adjusted EBITDA for our infrastructure services segment for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Adjusted EFO $ 295 $ 287 $ 2,070 Adjusted EBITDA $ 436 $ 606 $ 853 The following table presents equity attributable to Unitholders for our infrastructure services segment as at December 31, 2025, 2024 and 2023: (US$ MILLIONS) 2025 2024 2023 Total assets $ 16,270 $ 17,489 $ 17,180 Total liabilities 11,033 11,729 10,874 Interests of others in operating subsidiaries 2,213 2,465 2,772 Equity attributable to Unitholders 3,024 3,295 3,534 Total equity $ 5,237 $ 5,760 $ 6,306 Comparison of the years ended December 31, 2025 and December 31, 2024 Adjusted EFO in our infrastructure services segment for the year ended December 31, 2025 was $295 million, representing an increase of $8 million compared to $287 million for the year ended December 31, 2024. The increase in Adjusted EFO was primarily due to a net gain of $114 million recognized on the sale of our offshore oil services’ shuttle tanker operation in January 2025, partially offset by the factors described below. Brookfield Business Corporation 79 Adjusted EBITDA in our infrastructure services segment for the year ended December 31, 2025 was $436 million, representing a decrease of $170 million compared to $606 million for the year ended December 31, 2024. Current year included an impact of $14 million related to the secondary sale of a 5% interest in our work access services operation in July 2025 to a Brookfield-managed evergreen fund. Prior year included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025. Our modular building leasing services contributed $160 million to Adjusted EBITDA for the year ended December 31, 2025, compared to $163 million for the year ended December 31, 2024. Current year results were impacted by lower activity levels and fleet utilization, partially offset by continued growth of value-added products and services. The business remains focused on accelerating growth and operational initiatives to support profitability in the current environment. Our lottery services operation contributed $136 million to Adjusted EBITDA for the year ended December 31, 2025, compared to $139 million for the year ended December 31, 2024. Current year results were impacted by the timing impact of reduced terminal deliveries and hardware sales, partially offset by margin enhancement initiatives and the ongoing ramp-up of recent commercial wins. The business continues to execute on a strong pipeline of new commercial opportunities including the full roll-out of its U.K. digital service offering early this year. Comparison of the years ended December 31, 2024 and December 31, 2023 Adjusted EFO in our infrastructure services segment for the year ended December 31, 2024 was $287 million, representing a decrease of $1,783 million compared to $2,070 million for the year ended December 31, 2023. The decrease in Adjusted EFO was primarily due to lost contribution from our nuclear technology services operation that was sold in November 2023. Adjusted EBITDA in our infrastructure services segment for the year ended December 31, 2024 was $606 million, representing a decrease of $247 million compared to $853 million for the year ended December 31, 2023. Results for the year ended December 31, 2023 included $236 million of contribution from our nuclear technology services operation which was sold in November 2023. Results for the year ended December 31, 2024 benefited from improved performance at our offshore oil services, offset by reduced contribution from our work access services operation. Our offshore oil services contributed $202 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $200 million for the year ended December 31, 2023. New contracts and higher utilization levels in shuttle tanker operations was offset by reduced contributions from FPSO operations due to lower activity. Our modular building leasing services contributed $163 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $164 million for the year ended December 31, 2023. Performance was impacted by lower units on rent primarily in the United Kingdom, France and Germany. The business is focused on initiatives to redeploy units to more resilient segments of the European market. Our lottery services operation contributed $139 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $140 million for the year ended December 31, 2023. Improved industry retail sales, margin enhancement initiatives and the timing of terminal deliveries benefited performance. Recent commercial wins are expected to contribute to higher annual earnings and cash flows once fully ramped. Industrials The following table presents Adjusted EFO and Adjusted EBITDA for our industrials segment for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Adjusted EFO $ 665 $ 935 $ 492 Adjusted EBITDA $ 1,281 $ 1,247 $ 855 80 Brookfield Business Corporation The following table presents equity attributable to Unitholders for our industrials segment as at December 31, 2025, 2024 and 2023: (US$ MILLIONS) 2025 2024 2023 Total assets $ 29,914 $ 26,097 $ 26,822 Total liabilities 23,623 18,684 20,436 Interests of others in operating subsidiaries 3,156 5,061 4,231 Equity attributable to Unitholders 3,135 2,352 2,155 Total equity $ 6,291 $ 7,413 $ 6,386 Comparison of the years ended December 31, 2025 and December 31, 2024 Adjusted EFO in our industrials segment for the year ended December 31, 2025 was $665 million, representing a decrease of $270 million compared to $935 million for the year ended December 31, 2024. The decrease in Adjusted EFO was primarily due to prior year results from our advanced energy storage operation including $371 million of tax benefits compared to $297 million of tax benefits recorded in the current year, and gains recognized on dispositions completed in the prior year. Adjusted EBITDA in our industrials segment for the year ended December 31, 2025 was $1,281 million, representing an increase of $34 million compared to $1,247 million for the year ended December 31, 2024. Current year results include contributions from our electric heat tracing systems manufacturer acquired in January 2025 and our specialty consumables and equipment manufacturer acquired in May 2025. Our advanced energy storage operation contributed $984 million to Adjusted EBITDA for the year ended December 31, 2025, compared to $996 million for the year ended December 31, 2024. Performance during the year continued to benefit from favorable mix due to the growing demand for higher margin advanced batteries and strong execution of commercial and operational initiatives. Our engineered components manufacturing operation contributed $94 million to Adjusted EBITDA for the year ended December 31, 2025, compared to $109 million for the year ended December 31, 2024. Current year results included an impact of $18 million related to the secondary sale of a 12% interest in the business in July 2025 to a Brookfield-managed evergreen fund. This is partially offset by improved contribution supported by margin optimization initiatives and commercial discipline, despite the impact of weak market conditions and reduced volumes. Comparison of the years ended December 31, 2024 and December 31, 2023 Adjusted EFO in our industrials segment for the year ended December 31, 2024 was $935 million, representing an increase of $443 million compared to $492 million for the year ended December 31, 2023. The increase in Adjusted EFO was primarily due to a reduction in direct operating costs of $371 million related to tax benefits recorded at our advanced energy storage operation, partially offset by gains recognized on dispositions completed in the year ended December 31, 2023. Adjusted EBITDA in our industrials segment for the year ended December 31, 2024 was $1,247 million, representing a increase of $392 million compared to $855 million for the year ended December 31, 2023. Results for the year ended December 31, 2024 included $371 million of tax benefits at our advanced energy storage operation. Strong underlying performance at our advanced energy storage operation and growing contribution from our water and wastewater operation offset reduced performance at our engineered components manufacturing operation due to weak market conditions. Results for the year ended December 31, 2023 included contribution from disposed operations including our Canadian aggregates production operation which was sold in June 2024. Our advanced energy storage operation contributed $996 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $559 million for the year ended December 31, 2023. Results included $371 million of tax benefits. Business performance reflected the ongoing execution of commercial actions, growing demand for higher margin advanced batteries which now represent 32% of overall battery volumes, combined with continued progress on operational efficiency initiatives. Aftermarket demand led by stable replacement volumes offset the impact of reduced original equipment battery volumes as a result of lower automotive production activity. Our engineered components manufacturing operation contributed $109 million to Adjusted EBITDA for the year ended December 31, 2024 compared to $149 million for the year ended December 31, 2023 due to overall weak market conditions and lower volumes. The business continues to generate positive cash flow supported by a strong focus on optimizing costs and working capital. Brookfield Business Corporation 81 Corporate The following table presents Adjusted EFO and Adjusted EBITDA for our corporate segment for the years ended December 31, 2025, 2024 and 2023: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Adjusted EFO $ (273) $ (331) $ (335) Adjusted EBITDA $ (131) $ (120) $ (117) The following table presents equity attributable to Unitholders for our corporate segment as at December 31, 2025, 2024 and 2023: (US$ MILLIONS) 2025 2024 2023 Total assets $ 999 $ 305 $ 317 Total liabilities 4,645 3,568 3,108 Equity attributable to preferred securities 740 740 740 Equity attributable to Unitholders (4,386) (4,003) (3,531) Total equity $ (3,646) $ (3,263) $ (2,791) Comparison of the years ended December 31, 2025 and December 31, 2024 Pursuant to our Master Services Agreement, we pay Brookfield a quarterly base management fee equal to 0.3125% (1.25% annually) of our total market capitalization, plus recourse debt, net of cash, and other securities held by corporate entities. Management fees for the years ended December 31, 2025 and 2024 were $97 million and $92 million, respectively. General and administrative costs comprise management fees and corporate expenses, including audit and other expenses. Adjusted EFO for the year ended December 31, 2025 included lower interest expense due to repayments of borrowings on our corporate credit facilities earlier in the year. Comparison of the years ended December 31, 2024 and December 31, 2023 Pursuant to our Master Services Agreement, we pay Brookfield a quarterly base management fee equal to 0.3125% (1.25% annually) of our total market capitalization, plus recourse debt, net of cash, and other securities held by corporate entities. Management fees for the years ended December 31, 2024 and 2023 were $92 million and $87 million, respectively. General and administrative costs comprise management fees and corporate expenses, including audit and other expenses. Adjusted EFO for the year ended December 31, 2024 included lower distributions on preferred equity securities due to the partial redemption of preferred equity securities held by Brookfield during the fourth quarter of 2023. 82 Brookfield Business Corporation Reconciliation of Non-IFRS Measures Adjusted EBITDA To measure our performance, amongst other measures, we focus on Adjusted EBITDA. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at our economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. Adjusted EBITDA excludes other income (expense), net as reported in our IFRS consolidated statements of operating results, because this includes amounts that are not related to revenue earning activities, and are not normal, recurring operating income or expenses necessary for business operations. Other income (expense), net includes revaluation gains and losses, transaction costs, restructuring charges, stand-up costs and business separation expenses, gains or loss on debt extinguishments or modifications, gains or losses on dispositions of property, plant and equipment, non-recurring and one-time provisions that may occur from time to time at one of the partnership’s (or following completion of the Arrangement, the Corporation’s) operations that are not reflective of normal operations, and other items. Our economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how we determine net income attributable to non-controlling interests in our IFRS consolidated statements of operating results. Due to the size and diversification of our operations, including economic ownership interests that vary, Adjusted EBITDA is critical in assessing the overall operating performance of our business. When viewed with our IFRS results, we believe Adjusted EBITDA is useful to investors because it provides a comprehensive understanding of the ability of our businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of our operations and excludes items we believe do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Our presentation of Adjusted EBITDA also gives investors comparability of our ongoing performance across periods. Adjusted EBITDA has limitations as an analytical tool as it does not include interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment reversals or expenses and other income (expense), net. As a result of these limitations, Adjusted EBITDA should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our results as reported under IFRS. However, Adjusted EBITDA is a key measure that we use to evaluate the performance of our operations. Brookfield Business Corporation 83 Adjusted EBITDA Reconciliations The following table reconciles Adjusted EBITDA to net income (loss) for the year ended December 31, 2025. Year ended December 31, 2025 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Net income (loss) $ 419 $ (355) $ 479 $ (156) $ 387 Add or subtract the following: Depreciation and amortization expense 806 715 1,509 — 3,030 Impairment reversal (expense), net — 4 84 — 88 Gain (loss) on dispositions, net (111) (214) — — (325) Other income (expense), net (1) (115) 202 726 2 815 Income tax (expense) recovery 113 9 35 (64) 93 Equity accounted income (loss) (27) (8) (7) — (42) Interest income (expense), net 909 596 1,547 87 3,139 Equity accounted Adjusted EBITDA (2) 116 148 85 — 349 Amounts attributable to non-controlling interests (3) (1,287) (661) (3,177) — (5,125) Adjusted EBITDA $ 823 $ 436 $ 1,281 $ (131) $ 2,409 ____________________________________ (1)Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $467 million of expenses for employee incentive payments linked to the realization of value at our operations, $236 million of net gain recognized upon deconsolidation of our healthcare services operation, $224 million of business separation expenses, stand-up costs and restructuring charges, $152 million of net revaluation losses, $128 million of net losses on debt modification and extinguishment, $125 million of gains recorded at our offshore oil services due to completed upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $44 million of transaction costs, $35 million of expense related to the write-down of an earn-out associated with the sale of our automotive aftermarket parts remanufacturer, $14 million of unrealized loss recognized on the partial sale of an interest in our work access services operation to a Brookfield-managed evergreen fund, and $112 million of other expenses. (2)Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method. (3)Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries. 84 Brookfield Business Corporation The following table reconciles Adjusted EBITDA to net income (loss) for the year ended December 31, 2024. Year ended December 31, 2024 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Net income (loss) $ (169) $ (347) $ 1,654 $ (243) $ 895 Add or subtract the following: Depreciation and amortization expense 961 888 1,355 — 3,204 Impairment reversal (expense), net 686 (11) 306 — 981 Gain (loss) on dispositions, net (608) — (84) — (692) Other income (expense), net (1) 365 32 164 12 573 Income tax (expense) recovery 75 6 (341) (41) (301) Equity accounted income (loss) (4) (23) (63) — (90) Interest income (expense), net 972 701 1,279 152 3,104 Equity accounted Adjusted EBITDA (2) 79 168 61 — 308 Amounts attributable to non-controlling interests (3) (1,525) (808) (3,084) — (5,417) Adjusted EBITDA $ 832 $ 606 $ 1,247 $ (120) $ 2,565 ____________________________________ (1)Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $407 million related to a provision for payment of a litigation settlement at our dealer software and technology services operation, $251 million related to provisions recorded at our construction operation, $168 million of net revaluation gains, $158 million of business separation expenses, stand-up costs and restructuring charges, $108 million of net gains on the sale of property, plant and equipment and other assets, $52 million of net gains on debt modification and extinguishment, $50 million of other income related to a distribution at our entertainment operation, $35 million in transaction costs, $15 million of expenses for employee incentive payments linked to the realization of value at our operations, and $85 million of other expenses. (2)Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method. (3)Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries. Brookfield Business Corporation 85 The following table reconciles Adjusted EBITDA to net income (loss) for the year ended December 31, 2023. Year ended December 31, 2023 (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total Net income (loss) $ 602 $ 3,616 $ (245) $ (196) $ 3,777 Add or subtract the following: Depreciation and amortization expense 1,045 1,174 1,373 — 3,592 Impairment reversal (expense), net 656 (13) 188 — 831 Gain (loss) on dispositions, net (720) (3,916) (50) — (4,686) Other income (expense), net (1) (138) (90) 396 10 178 Income tax (expense) recovery 245 (6) (218) (76) (55) Equity accounted income (loss) (25) (51) (56) — (132) Interest income (expense), net 1,031 1,051 1,369 145 3,596 Equity accounted Adjusted EBITDA (2) 61 183 63 — 307 Amounts attributable to non-controlling interests (3) (1,857) (1,095) (1,965) — (4,917) Adjusted EBITDA $ 900 $ 853 $ 855 $ (117) $ 2,491 ____________________________________ (1)Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include a $247 million loss related to a fair value adjustment as a result of the reclassification of our graphite electrode operation as a financial asset, $93 million of net revaluation gains, $246 million of business separation expenses, stand-up costs and restructuring charges, $116 million in transaction costs, $446 million of net gains on debt modification and extinguishment, $35 million of expenses for employee incentive payments linked to the realization of value at our operations, and $73 million of other expenses. (2)Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method. (3)Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries. Discussion of reconciling items 2025 vs. 2024 Depreciation and amortization expense includes depreciation of PP&E, amortization of intangible assets and depletion related to our energy assets. The depreciation and amortization expense in our infrastructure services segment is mainly due to the amortization of intangibles at our modular building leasing services and our lottery services operation and the depreciation of vessels at our offshore oil services operation. The depreciation and amortization expense in our industrials segment is primarily related to the depreciation of PP&E and amortization of intangibles at our advanced energy storage operation and our engineered components manufacturing operation. Depreciation and amortization expense in our business services segment is primarily due to amortization of intangible assets in our dealer software and technology services operation. Depreciation and amortization expense is generally consistent period-over-period with large changes typically attributable to the addition or disposal of depreciable assets and the impact of foreign exchange movements. Depreciation and amortization expense decreased by $174 million to $3,030 million for the year ended December 31, 2025 compared to $3,204 million for the year ended December 31, 2024. The decrease is primarily due to recent dispositions including our offshore oil services’ shuttle tanker operation in January 2025 and the deconsolidation of our healthcare services operation in May 2025, partially offset by higher contribution from our advanced energy storage operation. Impairment reversal (expense), net decreased by $893 million to $88 million for the year ended December 31, 2025 compared to $981 million for the year ended December 31, 2024. The net impairment expense in the current year primarily relates to an impairment of goodwill recognized within our solar power solutions due to revised expectations of cash flows as a result of increased competition and challenging market conditions. Gain (loss) on dispositions, net decreased by $367 million to a net gain of $325 million for the year ended December 31, 2025 compared to a net gain of $692 million for the year ended December 31, 2024. The decrease was primarily driven by a $483 million gain recognized in the prior period related to the disposition of our road fuels operation. 86 Brookfield Business Corporation Income tax (expense) recovery, net was a net income tax expense of $93 million for the year ended December 31, 2025 compared to net income tax recovery of $301 million for the year ended December 31, 2024. The decrease in deferred income tax recovery was primarily due to non-recurring deferred tax recoveries in the prior period relating to a litigation settlement at our dealer software and technology services operation and tax benefits recognized within our advanced energy storage operation, partially offset by a derecognition of deferred tax assets within our healthcare services in the prior period. Interest expense, net increased by $35 million to $3,139 million for the year ended December 31, 2025 compared to $3,104 million for the year ended December 31, 2024. The increase was primarily due to higher borrowings in our advanced energy storage operation and borrowings associated with our recently acquired electric heat tracing systems manufacturer. These factors were partially offset by reduced borrowings as a result of dispositions completed over the last twelve months and the repayment of borrowings on our corporate credit facilities in the first quarter of 2025. Amounts attributable to non-controlling interests decreased by $292 million to $5,125 million for the year ended December 31, 2025 compared to $5,417 million for the year ended December 31, 2024. The decrease in amounts attributable to non-controlling interests was primarily due to higher tax benefits of $1,341 million recognized at our advanced energy storage operation in the prior year, compared to $1,071 million of tax benefits recognized in the current year, combined with the acquisition of our electric heat tracing systems manufacturer in January 2025, partially offset by the impact of dispositions completed in the year. 2024 vs. 2023 Depreciation and amortization expense includes depreciation of PP&E, amortization of intangible assets and depletion related to our energy assets. The depreciation and amortization expense in our infrastructure services segment is mainly due to the amortization of intangibles at our modular building leasing services and our lottery services operation and the depreciation of vessels at our offshore oil services operation. The depreciation and amortization expense in our industrials segment is primarily related to the depreciation of PP&E and amortization of intangibles at our advanced energy storage operation and our engineered components manufacturing operation. Depreciation and amortization expense in our business services segment is primarily due to amortization of intangible assets in our dealer software and technology services operation. Depreciation and amortization expense is generally consistent period-over-period with large changes typically attributable to the addition or disposal of depreciable assets and the impact of foreign exchange movements. Depreciation and amortization expense decreased by $388 million to $3,204 million for the year ended December 31, 2024 compared to $3,592 million for the year ended December 31, 2023. The decrease is primarily due to the disposition of our nuclear technology services operation in November 2023. Impairment reversal (expense), net increased by $150 million to $981 million for the year ended December 31, 2024 compared to $831 million for the year ended December 31, 2023. The net impairment expense in the current year relates to an impairment of goodwill recognized within our healthcare services due to revised expectations of cash flows as a result of updated estimates for hospital admissions, revenue rates and operating costs, and an impairment of property, plant and equipment within our natural gas production due to a decline in forecast natural gas prices. Gain (loss) on dispositions, net decreased by $3,994 million to a net gain of $692 million for the year ended December 31, 2024 compared to a net gain of $4,686 million for the year ended December 31, 2023. The decrease was primarily driven by a $3,902 million gain recognized in 2023 related to the disposition of our nuclear technology services operation. Income tax (expense) recovery, net was a net income tax recovery of $301 million for the year ended December 31, 2024 compared to $55 million for the year ended December 31, 2023. The increase in income tax recovery was primarily driven by an increase in deferred tax assets within our advanced energy storage operation due to tax benefits recorded in 2024, combined with lower taxable income within our dealer software and technology services operation and lower income tax expense in our operations due to dispositions completed in 2023. Interest expense, net decreased by $492 million to $3,104 million for the year ended December 31, 2024 compared to $3,596 million for the year ended December 31, 2023. The increase was primarily due to reduced borrowings within our operations as a result of dispositions and the impact of refinancings which lowered the cost of debt at select operations. Amounts attributable to non-controlling interests increased by $500 million to $5,417 million for the year ended December 31, 2024 compared to $4,917 million for the year ended December 31, 2023. The increase is primarily due to non-controlling interest’s share of the $1,341 million tax benefits recognized at our advanced energy storage operation. The benefit was recorded as a reduction to direct operating costs in 2024. This increase was partially offset by the disposition of our road fuels operation in July 2024, combined with the deconsolidation of our payment processing services operation and the impact of business dispositions completed in 2024 and 2023. Brookfield Business Corporation 87 The following table presents equity attributable to LP Units, GP Units, Redemption-Exchange Units, BBUC exchangeable shares and Special LP Units to equity attributable to Unitholders for the periods indicated. Year ended December 31, (US$ MILLIONS) 2025 2024 Limited partners $ 2,294 $ 1,752 General partner — — Non-controlling interests attributable to: Redemption-exchange units 1,350 1,644 Special LP Units — — BBUC exchangeable shares 1,807 1,721 Equity attributable to Unitholders $ 5,451 $ 5,117 The following table is a summary of our equity attributable to Unitholders by segment as at December 31, 2025 and December 31, 2024. This is determined based on the partnership’s economic ownership interest in the equity within each portfolio company. The partnership’s economic ownership interest in the equity within each portfolio company excludes amounts attributable to non-controlling interests consistent with how the partnership determines the carrying value of equity in its consolidated statements of financial position. Equity attributable to Unitholders reconciles to limited partners, redemption-exchange units, special limited partners and BBUC exchangeable shares in the consolidated statements of financial position. (US$ MILLIONS) Business services Infrastructure services Industrials Corporate Total December 31, 2025 $ 3,678 $ 3,024 $ 3,135 $ (4,386) $ 5,451 December 31, 2024 $ 3,473 $ 3,295 $ 2,352 $ (4,003) $ 5,117 5.B LIQUIDITY AND CAPITAL RESOURCES Liquidity and capital requirements are managed through cash flows from operations, use of credit facilities, opportunistically monetizing mature operations and refinancing existing debt. The Corporation aims to maintain sufficient financial liquidity to meet our ongoing operating requirements and to fund debt service payments, recurring expenses, required capital expenditures, and acquisition opportunities as they arise. In addition, an integral part of our strategy is to pursue acquisitions through Brookfield-led consortium arrangements with institutional partners or strategic partners, and to form partnerships to pursue acquisitions on a specialized or global basis. Brookfield has an established track record of leading such consortiums and partnerships and actively managing underlying assets to improve performance. Overall, we believe our liquidity profile is strong, positioning us and our businesses well to take advantage of accretive investment opportunities. Our principal sources of liquidity are financial assets, undrawn credit facilities, cash flows from operations, monetizations of businesses, and access to public and private capital markets. 88 Brookfield Business Corporation The following table presents non-recourse borrowings in subsidiaries of the partnership by segment as at December 31, 2025 due over the next five years: (US$ MILLIONS) Business services Infrastructure services Industrials Total borrowings 2026 $ 1,121 $ 73 $ 174 $ 1,368 2027 3,229 807 356 4,392 2028 1,675 1,328 3,376 6,379 2029 6,087 3,023 1,288 10,398 2030 194 825 4,257 5,276 Thereafter 2,848 2,735 9,566 15,149 Total - principal repayments $ 15,154 $ 8,791 $ 19,017 $ 42,962 Deferred financing costs and other accounting adjustments (195) (121) (222) (538) Total - December 31, 2025 14,959 8,670 18,795 42,424 Total - December 31, 2024 $ 15,800 $ 7,736 $ 13,184 $ 36,720 As at December 31, 2025, the partnership had non-recourse borrowings in subsidiaries of $42,424 million compared to $36,720 million as at December 31, 2024. Non-recourse borrowings in subsidiaries of the partnership comprised the following: (US$ MILLIONS) December 31, 2025 December 31, 2024 Term loans $ 21,852 $ 17,372 Notes and debentures 13,073 11,983 Credit facilities (1) 3,714 3,063 Securitization program (2) 2,528 3,284 Project financing 1,257 1,018 Total non-recourse borrowings in subsidiaries of the partnership $ 42,424 $ 36,720 ____________________________________ (1)Includes borrowings made under subscription facilities of Brookfield-sponsored private equity funds. (2)Our securitization program is related to the securitization of residential mortgages at our Australian asset manager and lender, and securitization at our Indian non-banking financial services operation. The partnership has financing arrangements within its operating businesses that trade in public markets or are held at major financial institutions. The financing arrangements of the partnership’s operating businesses totaled $42,424 million as at December 31, 2025, compared to $36,720 million as at December 31, 2024. The increase of $5,704 million was primarily due to $5 billion of new debt raised at our advanced energy storage operation to fund a special distribution to owners, of which the partnership's share was approximately $1.2 billion, combined with the recent acquisition of our electric heat tracing systems manufacturer. As at December 31, 2025, we had $43,749 million in total borrowings with an additional capacity of $8,782 million in undrawn credit facilities at the corporate and subsidiary level. This debt has varying maturities ranging from less than one year to 55 years. The weighted average maturity of total borrowings as at December 31, 2025 was 5.7 years and the weighted average interest rate on debt outstanding was 7.3%, including the impact of hedges. Approximately 68% of our non-recourse borrowings are either fixed or hedged through derivatives or naturally hedged within our operations. The use of credit facilities, term loans and debt securities is primarily related to ongoing operations, capital expenditures and to fund acquisitions. Interest rates charged on these facilities are based on market interest rates. The majority of borrowings drawn are not subject to financial maintenance covenants, however, some are subject to fixed charge coverage ratios, leverage ratios and minimum equity or liquidity covenants. As at December 31, 2025, the partnership’s operations were in compliance with all material covenant requirements and we continue to work with our businesses to monitor performance against such covenant requirements. Brookfield Business Corporation 89 The partnership has bilateral credit facilities backed by large global banks that continue to be highly supportive of our business. The credit facilities are available in Euros, British pounds, Australian, U.S. and Canadian dollars. Advances under the credit facilities bear interest at the specified SOFR, SONIA, EURIBOR, CORRA or BBSY rate plus 2.50%, or the specified base rate or prime rate plus 1.50%. The credit facilities require us to maintain a minimum tangible net worth and deconsolidated debt-to-capitalization ratio at the corporate level. The total capacity on the bilateral credit facilities is $2,350 million with a maturity date of June 29, 2030, and the partnership had $1,020 million available as at December 31, 2025. The partnership also has a revolving acquisition credit facility with Brookfield that permits borrowings of up to $1 billion. The credit facility is guaranteed by the partnership, the Holding LP and certain of our subsidiaries. The credit facility is available in U.S. or Canadian dollars, and advances are made by way of SOFR, CORRA, base rate or prime rate loans. The credit facility bears interest at the specified SOFR or CORRA rate plus 3.45%, or the specified base rate or prime rate plus 2.45%. The credit facility requires us to maintain a minimum deconsolidated net worth and contains restrictions on the ability of the borrowers and the guarantors to, among other things, incur certain liens or enter into speculative hedging arrangements. The maturity date of the credit facility is April 27, 2030, subject to automatic one year extensions occurring on April 27 of each year unless Brookfield provides written notice of its intention not to further extend their prevailing maturity date. The total available amount on the credit facility will decrease to $500 million on April 27, 2026. As at December 31, 2025, the credit facility remained undrawn. The partnership also has deposit agreements with Brookfield whereby we may place funds on deposit with Brookfield and whereby Brookfield may place funds on deposit with the partnership. Any deposit balance due to the partnership is due on demand and bears interest at SOFR plus 40 basis points. Any deposit balance due to Brookfield is due on demand and bears interest at SOFR plus 160 basis points, subject to the terms of such interest more particularly described in the deposit agreement. As at December 31, 2025, the amount of the deposit from Brookfield was $nil (2024: $nil) and the amount on deposit with Brookfield was $nil (2024: $nil). The partnership has an agreement with Brookfield to subscribe for up to $1.5 billion of perpetual preferred equity securities, whereby proceeds are available for us to draw upon for future growth opportunities as they arise. Brookfield has the right to cause the partnership to redeem the preferred securities at par to the extent of any asset sales, financings or equity issuances. Brookfield has the right to waive its redemption option. As at December 31, 2025, the amount subscribed from subsidiaries of the partnership was $725 million (2024: $725 million) with an annual dividend of 7%. The remaining capacity on the commitment agreement with Brookfield is $25 million, expiring on December 31, 2026. For the year ended December 31, 2025, distributions of $52 million have been declared on the perpetual preferred equity securities (2024: $52 million). The table below outlines the partnership’s consolidated net debt-to-capital ratio as at December 31, 2025 and 2024: (US$ MILLIONS, except as noted) December 31, 2025 December 31, 2024 Corporate borrowings $ 1,325 $ 2,142 Non-recourse borrowings in subsidiaries of the partnership 42,424 36,720 Cash and cash equivalents (3,546) (3,239) Net debt $ 40,203 $ 35,623 Total equity 15,311 17,308 Total capital $ 55,514 $ 52,931 Net debt-to-capital ratio 72% 67% The partnership’s general partner has implemented a distribution policy pursuant to which we intend to make quarterly cash distributions in an initial amount currently anticipated to be approximately $0.25 per unit on an annualized basis. On March 12, 2026, the partnership’s board of directors declared a quarterly distribution in the amount of $0.0625 per unit payable on March 31, 2026 to Unitholders of record as at the close of business on March 23, 2026. After giving effect to the Arrangement, the Corporation has implemented a dividend policy pursuant to which the Corporation intends to make quarterly cash dividends in an initial amount currently anticipated to be approximately $0.25 per Class A Share on an annualized basis. During the fourth quarter of 2025, the volume-weighted average price per LP Unit was $33.81 and above the previous incentive distribution threshold of $31.53 per LP Unit, which resulted in a total incentive distribution of $95 million (2024: $nil). The incentive distribution threshold as at December 31, 2025 was $33.81 per LP Unit. After giving effect to the Arrangement, the incentive dividend threshold on the Special Shares was $33.81 per Class A Share. 90 Brookfield Business Corporation Cash Flow We believe that we have sufficient liquidity and access to capital resources and will continue to use our available liquidity and capital resources to fund our operations and to finance anticipated acquisitions and other material cash requirements. Our future capital resources include cash flow from operations, borrowings, proceeds from asset monetizations and proceeds from potential future equity issuances, if any. As at December 31, 2025, the partnership had cash and cash equivalents of $3,546 million, compared to $3,239 million as at December 31, 2024 and $3,252 million as at December 31, 2023. The net cash flows for the years ended December 31, 2025, 2024 and 2023 were as follows: Year ended December 31, (US$ MILLIONS) 2025 2024 2023 Cash flow provided by (used in) operating activities $ 3,230 $ 3,281 $ 2,130 Cash flow provided by (used in) financing activities 72 (505) (4,371) Cash flow provided by (used in) investing activities (3,183) (2,327) 2,537 Impact of foreign exchange on cash 203 (323) 86 Net change in cash classified within assets held for sale (15) (139) — Change in cash and cash equivalents $ 307 $ (13) $ 382 Cash flow provided by (used in) operating activities Total cash flow provided by operating activities for the year ended December 31, 2025 was $3,230 million compared to cash flow provided by operating activities of $3,281 million for the year ended December 31, 2024. Net of non-cash working capital changes, the cash flow provided by operating activities was $3,216 million for the year ended December 31, 2025 compared to $3,776 million for the year ended December 31, 2024, primarily attributable to cash generated by our advanced energy storage operation, our residential mortgage insurer, our offshore oil services and our modular building leasing services. Total cash flow provided by operating activities for the year ended December 31, 2024 was $3,281 million compared to $2,130 million provided for the year ended December 31, 2023. Net of non-cash working capital changes, the cash flow provided by operating activities was $3,776 million for the year ended December 31, 2024 compared to $1,914 million for the year ended December 31, 2023, primarily attributable to cash generated by our advanced energy storage operation, our residential mortgage insurer, our dealer software and technology services operation and our modular building leasing services. Cash flow provided by (used in) financing activities Total cash flow provided by financing activities was $72 million for the year ended December 31, 2025, compared to $505 million cash flow used in financing activities for the year ended December 31, 2024. During the year ended December 31, 2025, our financing activities included net proceeds from non-recourse borrowings of the partnership of $4,740 million, primarily related to debt raised which funded the special distribution at our advanced energy storage operation and the acquisition of our electric heat tracing systems manufacturer. Financing activities also included capital provided by others who have interests in operating subsidiaries of $808 million primarily related to the acquisition of our electric heat tracing systems manufacturer. This was partially offset by $4,153 million of distributions and capital paid to others who have interests in operating subsidiaries, primarily related to the special distribution at our advanced energy storage operation, combined with net repayments of corporate borrowings of $820 million using proceeds from our advanced energy storage operation’s special distribution and the disposition of our offshore oil services’ shuttle tanker operation. Total cash flow used in financing activities was $505 million for the year ended December 31, 2024, compared to $4,371 million cash flow used by financing activities for the year ended December 31, 2023. During the year ended December 31, 2024, our financing activities included distributions and capital paid to others who have interests in operating subsidiaries of $779 million, which was primarily related to dividend distributions from our residential mortgage insurer, distributions of proceeds from the sale of our road fuels operation and dividend distributions from our Australian asset manager and lender. Financing activities also included distributions to preferred security holders of $52 million, which was partially offset by net proceeds from corporate borrowings of $710 million related to acquisitions in 2024. Brookfield Business Corporation 91 Cash flow provided by (used in) investing activities Total cash flow used in investing activities was $3,183 million for the year ended December 31, 2025, compared to cash flow used in investing activities of $2,327 million for the year ended December 31, 2024. During the year ended December 31, 2025, cash flows used in investing activities were primarily related to the acquisition of our electric heat tracing systems manufacturer and the investment in our specialty consumables and equipment manufacturer. Investing activities also included capital expenditures for property, plant and equipment and intangible assets of $2,060 million primarily at our offshore oil services operation, which is contractually reimbursed by our customer, as well as at our advanced energy storage operation. This was partially offset by proceeds of $484 million received from the disposition of our offshore oil services’ shuttle tanker operation and $196 million received from the disposition of our Indian non-bank financial services’ non-core home financing operation. Total cash flow used in investing activities was $2,327 million for the year ended December 31, 2024, compared to cash flow provided by investing activities of $2,537 million for the year ended December 31, 2023. Cash flows used in investing activities were driven by capital expenditures for property, plant and equipment and intangible assets of $2,520 million primarily at our offshore oil services, which is contractually reimbursed by our customer, our advanced energy storage operation and our modular building leasing services. This was partially offset by proceeds received from the disposition of our road fuels operation and our Canadian aggregates production operation, combined with net proceeds received from the disposition of financial assets at our residential mortgage insurer in Canada. Market Risk Market risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the partnership will fluctuate because of changes in market factors. Market risk includes the risk of changes in interest rates, foreign currency exchange rates, equity prices and commodity prices. Financial instruments held by the partnership that are subject to market risk include loans and notes receivable, other financial assets, borrowings, derivative contracts, such as interest rate and foreign currency contracts, and marketable securities. Price risk As at December 31, 2025, the partnership was exposed to price risk arising from marketable securities and other financial assets, with a balance of $5,721 million (2024: $5,492 million). A 10% change in the fair value of these assets would impact the consolidated statements of comprehensive income by $572 million (2024: $549 million). Interest rate risk Interest rate risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the partnership will fluctuate because of changes in interest rates. The partnership monitors interest rate fluctuations and may enter into interest rate derivative contracts to mitigate the impact from interest rate movements. A 50 basis point increase in interest rates is expected to decrease pre-tax net income by $47 million, and a 50 basis point decrease in interest rates is expected to increase pre-tax net income by $47 million. A 50 basis point increase in interest rates is expected to increase other comprehensive income by $2 million, and a 50 basis point decrease in interest rates is expected to decrease other comprehensive income by $2 million. Foreign currency risk We have operations in international markets denominated in currencies other than the U.S. dollar, primarily the Australian dollar, the Canadian dollar, the Brazilian real and Euros. As a result, we are subject to foreign currency risk due to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar. We structure our operations such that foreign operations are primarily conducted by entities with a functional currency which is the same as the economic environment in which the operations take place. As a result, the net income impact to the partnership of currency risk associated with financial instruments is limited as its financial assets and liabilities are generally denominated in the same currency as the functional currency of the subsidiary that holds the financial instrument. However, we are exposed to foreign currency risk on the net assets of the partnership’s foreign currency denominated operations and foreign currency denominated debt. We manage foreign currency risk through hedging contracts, typically foreign exchange forward contracts. There is no assurance that hedging strategies, to the extent used, will fully mitigate the risk. 92 Brookfield Business Corporation The table below outlines the impact on pre-tax net income and other comprehensive income of a 10% increase to the exchange rates relative to the U.S. dollar: 2025 2024 2023 (US$ MILLIONS) OCI Net Income OCI Net Income OCI Net Income USD/AUD $ 41 $ 4 $ 33 $ (14) $ 84 $ — USD/CAD 86 3 5 9 115 10 USD/BRL 59 40 37 6 23 (1) USD/EUR 89 (92) 89 (72) 109 (19) USD/Other 136 64 122 187 111 59 A 10% decrease to the exchange rates relative to the U.S. dollar is expected to have an equal but opposite impact on pre-tax net income and other comprehensive income to that described in the table above. Refer to Note 27 “Financial Risk Management” for further details, in addition to Note 4, “Fair Value of Financial Instruments” and Note 26, “Derivative Financial Instruments” in our consolidated financial statements included in this Form 20-F. To the extent that we believe it is economical to do so, our strategy is to hedge all or a portion of our equity investments and/or cash flows exposed to foreign currencies by the partnership. The partnership’s foreign currency hedging policy includes leveraging any natural hedges that may exist within our operations, utilizing local currency debt financing to the extent possible, and utilizing derivative contracts to minimize any residual exposures where natural hedges are insufficient. The following table presents a summary as at December 31, 2025 of partnership Unitholder equity positions by functional currency and our derivative contract net investment hedges: Net Unitholder Equity by Functional Currency (US$ MILLIONS) CAD AUD BRL GBP EUR INR Other Net Equity $ 832 $ 813 $ 588 $ 564 $ 924 $ 150 $ 1,580 FX Contacts - US$ (602) (403) — — (33) (56) — As at December 31, 2025, approximately 24% of partnership Unitholder equity with foreign currency exposure was hedged using derivative contracts. Commodity price risk As certain of the partnership’s operating subsidiaries are exposed to commodity price risk, the fair value of financial instruments will fluctuate as a result of changes in commodity prices. A 10 basis point increase or decrease in commodity prices, as it relates to financial instruments, is not expected to have a material impact on the partnership’s net income and other comprehensive income. Our commodity exposure is primarily in our industrials segment. We hedge this exposure where appropriate. Related Party Transactions We entered into a number of related party transactions with Brookfield as described in Item 7.B, “Related Party Transactions” of this Form 20-F as well as in Note 25 in our consolidated financial statements included in this Form 20-F. Critical Accounting Policies, Estimates and Judgments The preparation of financial statements requires management to make critical judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses that are not readily apparent from other sources, during the reporting period. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Brookfield Business Corporation 93 Critical judgments made by management and utilized in the normal course of preparing the partnership’s annual consolidated financial statements are outlined below. Following the Arrangement the below disclosure will apply to the Corporation in the normal course of preparing the Corporation’s consolidated financial statements. For further reference on accounting policies, critical judgments and estimates, see our “Material Accounting Policy Information” contained in Note 2 of our annual consolidated financial statements as at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, included in this Form 20-F. Business combinations The partnership accounts for business combinations using the acquisition method of accounting. The allocation of fair values to assets acquired and liabilities assumed through an acquisition requires numerous estimates that affect the valuation of certain assets and liabilities acquired including discount rates, customer attrition rates and estimates of future operating costs, revenues, commodity prices, capital costs and other factors. The determination of the fair values may remain provisional during the measurement period due to the time required to obtain independent valuations of individual assets and to complete assessments of provisions. When the accounting for a business combination has not been completed as of the reporting date, the partnership will disclose that fact in the consolidated financial statements, including observations on the estimates and judgments made as of the reporting date. Determination of control The partnership consolidates an investee when it controls the investee, with control existing if, and only if, the partnership has power over the investee; exposure or rights to variable returns from its involvement with the investee; and the ability to use that power over the investee to affect the amount of the partnership’s returns. In determining if the partnership has power over an investee, judgments are made when identifying which activities of the investee are relevant in significantly affecting returns of the investee and the extent of existing rights that give the partnership the current ability to direct the relevant activities of the investee. Judgments are made as to the amount of potential voting rights that provide voting powers, the existence of contractual relationships that provide voting power and the ability for the partnership to appoint directors. The partnership enters into voting agreements which provide it the ability to contractually direct the relevant activities of the investee (referred to as “power” within IFRS 10, Consolidated Financial Statements). In assessing if the partnership has exposure or rights to variable returns from its involvement with the investee, judgments are made concerning whether returns from an investee are variable and how variable those returns are on the basis of the substance of the arrangement, the magnitude of those returns and the magnitude of those returns relative to others, particularly in circumstances where the partnership’s voting interest differs from the ownership interest in an investee. In determining if the partnership has the ability to use its power over the investee to affect the amount of its returns, judgments are made when the partnership is an investor as to whether the partnership is a principal or agent and whether another entity with decision making rights is acting as the partnership’s agent. If it is determined that the partnership is acting as an agent, as opposed to a principal, the partnership does not control the investee. Common control transactions IFRS 3 does not include specific measurement guidance for the acquisition of a business from an entity that is under common control. Accordingly, the partnership has developed an accounting policy to account for such transactions taking into consideration other guidance in IFRS Accounting Standards and pronouncements of other standard-setting bodies. The partnership’s policy is to record assets and liabilities recognized as a result of an acquisition of a business from an entity that is under common control at the carrying values in the transferor’s financial statements. Indicators of impairment Judgment is applied when determining whether indicators of impairment exist when assessing the carrying values of the partnership’s assets, including the determination of the partnership’s ability to hold financial assets, the estimation of a cash-generating unit’s future revenues and direct costs, the determination of discount rates, and when an asset’s or cash-generating unit’s carrying value is above its recoverable amount. For some of the partnership’s assets, forecasting the recoverability and economic viability of property and equipment requires an estimate of reserves. The process for estimating reserves is complex and requires significant interpretation and judgment. It is affected by economic conditions, production, operating and development activities, and is performed using available geological, geophysical, engineering and economic data. 94 Brookfield Business Corporation Revenue recognition Judgment is applied where certain of the partnership’s subsidiaries use the cost-to-cost method to account for their contract revenue. The stage of completion is measured by reference to actual costs incurred to date as a percentage of estimated total costs for each contract. Significant assumptions are required to estimate the total contract costs and the recoverable variation works that affect the stage of completion and the contract revenue, respectively. In making these estimates, management has relied on past experience or the work of experts, where necessary. Judgment is also applied where certain of the partnership’s subsidiaries generate revenues from contracts with multiple performance obligations. The partnership applies judgment in order to identify and determine the number of performance obligations, estimate the total transaction price, determine the allocation of the transaction price to each identified performance obligation, and determine the appropriate method and timing of revenue recognition. Financial instruments Judgments inherent in accounting policies relating to derivative financial instruments relate to applying the criteria to the assessment of the effectiveness of hedging relationships and estimates and assumptions used in determining the fair value of financial instruments, such as: equity or commodity prices; future interest rates; the creditworthiness of the partnership relative to its counterparties; the credit risk of the partnership’s counterparties; estimated future cash flows; discount rates and volatility utilized in option valuations. Decommissioning liabilities Decommissioning costs will be incurred at the end of the operating life of some of the partnership’s oil and gas facilities, mining properties and manufacturing facilities. These obligations are typically many years in the future and require judgment to estimate. The estimate of decommissioning costs can vary in response to many factors including changes in relevant legal, regulatory, and environmental requirements, the emergence of new restoration techniques or experience at other production sites. Inherent in the calculations of these costs are assumptions and estimates including the ultimate settlement amounts, inflation factors, discount rates, and timing of settlements. Insurance contracts The partnership has applied critical judgments and estimates in the application of IFRS 17, including: (i) estimates and underlying assumptions in determining fulfillment cash flows related to the liability for remaining coverage; (ii) discount rate used to account for time value of money for all cash flows; (iii) the estimated risk adjustment for non-financial risk; (iv) timing of revenue recognition for the liability for remaining coverage; (v) estimated cash flows for settling claims; and (vi) estimated recoveries including recoveries from real estate included in the liability for incurred claims, based on third party property appraisals or other types of third party valuations deemed to be appropriate for a particular property in the event of default. Measurement of expected credit losses The partnership exercises judgment when determining expected credit losses on financial assets. Judgment is applied in the determination of probability-weighted expected cash flows, the probability of default of borrowers, and in selecting forward looking information to determine increase in credit risk and other risk parameters. Uncertainty of income tax treatments The partnership applies IFRIC 23. The interpretation requires an entity to assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings and to exercise judgment in determining whether each tax treatment should be considered independently or whether some tax treatments should be considered together. The decision should be based on which approach provides better predictions of the resolution of the uncertainty. An entity is required to make its assessment assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. Going concern Brookfield Business Corporation 95 In assessing whether the going concern assumption is appropriate and whether there are material uncertainties that cast significant doubt on the partnership’s ability to continue as a going concern, management has made certain estimates and assumptions about future cash flows. These judgments considered various forward-looking factors, such as forecasted cash flows, access to financing and liquidity reserves, planned capital expenditures and debt repayment obligations. The assumptions underlying this assessment are based on actual operating results and the most relevant available information about the future, including the partnership’s strategic initiatives and business plans and may be affected by market conditions, regulatory developments, and macroeconomic risks. Other Other estimates and assumptions utilized in the preparation of the partnership’s consolidated financial statements are: depreciation and amortization rates and useful lives; estimation of recoverable amounts of assets and cash-generating units for impairment assessment of long-lived assets and goodwill; and the ability of the partnership to utilize tax losses and other tax measurements. Other critical judgments include the determination of the functional currency of the partnership’s subsidiaries. U.S. legislation for domestic energy production and manufacturing On August 16, 2022, the United States enacted laws providing incentives for domestic energy production and manufacturing. In December 2023, the United States Department of the Treasury issued proposed regulations, which were subsequently finalized in October 2024, that provided guidance in determining eligibility to claim tax benefits. The tax benefits are available for qualifying activities from 2023 to 2032, subject to phase out beginning in 2030. For qualified business activities in the partnership’s advanced energy storage operation beginning in its fiscal year 2024, these tax benefits are eligible to be refundable or transferable, and therefore the benefits are accounted for in accordance with IAS 20. IAS 20 permits a policy choice to present benefits of a similar nature as income or an offset to a related expense. The partnership has elected to present these benefits as a reduction to direct operating costs. During the year ended December 31, 2025, the partnership recorded a cumulative benefit of $1,071 million (December 31, 2024: $1,341 million and December 31, 2023: $nil). Future Changes in Accounting Policies (i).Amendments to IFRS 9, Financial Instruments (“IFRS 9”) and IFRS 7, Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments In May 2024, the IASB issued amendments which clarify the requirements for the timing of recognition and derecognition of financial liabilities settled through an electronic cash transfer system, add further guidance for assessing the contractual cash flow characteristics of financial assets with contingent feature, and add new or amended disclosures relating to investments in equity instruments designated at FVOCI and financial instruments with contingent features. The amendments to IFRS 9 and IFRS 7 are effective for periods beginning on or after January 1, 2026, with early adoption permitted. The partnership has assessed these amendments and determined that they are not expected to have a material impact on the consolidated financial statements, other than additional disclosures relating to equity instruments designated at FVOCI, once effective. (ii).IFRS 18, Presentation and Disclosure in Financial Statements (“IFRS 18”) In April 2024, the IASB issued IFRS 18 to replace IAS 1 Presentation of Financial Statements (“IAS 1”). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 aims to improve financial reporting by requiring additional defined subtotals in the statement of profit or loss, requiring disclosures about management-defined performance measures, and adding new principles for the aggregation and disaggregation of items. The partnership is currently assessing the impact of these amendments. There are currently no other future changes to IFRS Accounting Standards with expected material impacts on the partnership. Off-Balance Sheet Arrangements In the normal course of operations, our operating subsidiaries have bank guarantees, insurance bonds and letters of credit outstanding to third parties. As at December 31, 2025, the total outstanding amount was approximately $2.1 billion. If these letters of credit or bonds are drawn upon, our operating subsidiaries will be obligated to reimburse the issuer of the letter of credit or bonds. The partnership does not conduct its operations, other than those of equity accounted investments, through entities that are not consolidated in the consolidated financial statements and has not guaranteed or otherwise contractually committed to support any material financial obligations not reflected in the consolidated financial statements. 96 Brookfield Business Corporation Our construction operation and other operations may be called upon to give, in the ordinary course of business, guarantees and indemnities in respect of the performance of controlled entities, associates and related parties of their contractual obligations. Any known losses have been brought to account. In the normal course of operations, our operating subsidiaries will execute agreements that provide for indemnification and guarantees to third parties in transactions such as business dispositions and acquisitions, construction projects, capital projects, and sales and purchases of assets and services. We have also agreed to indemnify our directors and certain of our officers and employees. The nature of substantially all of the indemnification undertakings prevents us from making a reasonable estimate of the maximum potential amount that we could be required to pay third parties, as many of the agreements do not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, we have made no significant payments under such indemnification agreements. In addition, we have also entered into indemnity agreements with Brookfield that relate to certain construction projects in the Middle East region that have been in place for several years. Under these indemnity agreements, Brookfield has agreed to indemnify us or refund us, as appropriate, for the receipt of payments relating to such projects. From time to time, we may be contingently liable with respect to litigation and claims that arise in the normal course of operations. In our construction operation, this may include litigation and claims from clients or subcontractors, in addition to our associated counterclaims. Our dealer software and technology services operation has become subject to several class action lawsuits in connection with the cybersecurity incident and the operation may be subject to further lawsuits, claims, inquiries or investigations. We believe that the legal proceedings are without merit and intend to vigorously contest them. On an ongoing basis, we assess the potential impact of these events. Aside from the costs to defend against these claims, the potential loss amount from these claims cannot be measured and is not probable at this time. Contractual Obligations An integral part of the partnership’s strategy is to participate with institutional investors in Brookfield-sponsored private equity funds that target acquisitions that suit the partnership’s investment mandate. In the normal course of business, the partnership has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. For information regarding our partnership’s commitments in respect of pending acquisitions, see Item 4.A, “History and Development of the Company”. In the ordinary course of business, we enter into contractual arrangements that may require future cash payments. The table below outlines our undiscounted contractual obligations as at December 31, 2025: Payments as at December 31, 2025 (US$ MILLIONS) Total < 1 Year 1-2 Years 3-5 Years 5+ Years Borrowings $ 44,292 $ 1,368 $ 4,392 $ 23,383 $ 15,149 Interest expense 15,162 2,739 2,701 5,274 4,448 Lease liabilities 957 241 200 265 251 Decommissioning liabilities 783 5 6 25 747 Commitments for capital expenditures (1) 533 452 26 55 — Pension obligations 361 28 28 85 220 Total $ 62,088 $ 4,833 $ 7,353 $ 29,087 $ 20,815 ____________________________________ (1)Includes approximately $424 million of contractual commitments in the form of shipbuilding contracts at our offshore oil services. The capital expenditures relate to a customer contract and will be funded by proceeds to be contractually received from the customer. 5.C RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. Not applicable. 5.D TREND INFORMATION See Item 5.A, “Operating Results”. 5.E CRITICAL ACCOUNTING ESTIMATES See Item 5.B, “Liquidity and Capital Resources - Critical Accounting Policies, Estimates and Judgments”. Brookfield Business Corporation 97