Brookfield Business Corporation

Before we begin, I'd like to remind you that in responding to questions and talking about our growth initiatives and our financial and operating performance, we may make forward-looking statements. These statements are subject to known and unknown risks, and future results may differ materially. For further information on known risk factors, I encourage you to review our filings with the securities regulators in Canada and the U.S., which are available on our website. We'll begin the call today with Anuj Ranjan, our Chief Executive Officer, who will provide an overview of the year and an update on our strategy. Anuj will then turn the call over to Adrian Letts, head of our global business operations team, to share some observations on the global operating environment and progress we've made on our value creation plans. Jaspreet Dal, our chief financial officer, will then discuss our financial results for the year. After we finish our prepared remarks, the team will be available to take your questions. I'd now like to pass the call over to Anuj.

Thanks, Alan, and good morning, everyone. Thank you for joining us on the call today. 2025 was an excellent year for BBU and the execution of our strategy to continue compounding value for our shareholders. Over the past year, we generated more than $2 billion of proceeds from capital recycling, repaid roughly $1 billion of our corporate borrowings, invested $700 million in four growth acquisitions, and we purchased about $235 million of stock at a significant discount to intrinsic value. We also delivered strong underlying financial performance, driven by the continued execution of our value creation plans, which Adrian will get into more later. In addition, we're close to completing our corporate reorganization, which will result in us being a single newly listed corporation. This is a big change, and we think that it will improve our trading liquidity, double the index-driven demand for our shares, and make it easier for investors globally to invest in our business. We received the acquired unit and shareholder approvals earlier this month and we're on track to complete the conversion over the coming weeks, pending final regulatory approval. Stepping back, we created our business about a decade ago with a simple purpose, to provide public market investors with access to Brookfield's global private equity capabilities, which has compounded value at exceptional rates for over 25 years. The strategy is straightforward. We find great businesses, we buy them for a reasonable value, and we execute on our operational plans to improve performance. More than half of the value we have historically realized has come from improving the businesses we own. In a world where returns can no longer depend on falling rates, cheap financing, or multiple expansion, our approach to operational excellence matters more than ever. This is the environment that our business was built for, and two forces are accelerating demand for that strategy. First, deglobalization is reshaping supply chains, causing businesses to rethink sourcing, manufacturing, and distribution strategies. which require both capital and significant change management expertise. Just to illustrate this, CapEx in U.S. manufacturing has grown from $50 billion in 2020 to nearly $250 billion in 2025. At the same time, AI is reshaping industrial and essential services businesses, not just technology platforms behind the models. The beneficiaries will be those who can implement tools to automate processes, reduce costs, address labor shortages, and transform analog systems to digital operations. The opportunity is massive, but the constraint isn't technology. It's experienced operators who can implement real change and properly transform businesses. That is where we stand apart. Our integrated operating model, combining investment capabilities with decades of operating expertise and leveraging the power of the $1 trillion Brookfield ecosystem has underpinned our returns for decades and will continue to differentiate our approach to value creation. It's an exciting time for BVU. The market backdrop for what we do is as attractive as it has been in years, but the value proposition for our investors is as strong as ever. First, our trading price is 50% higher than it was a year ago, but still at a material discount to NAV, which continues to grow. Second, we own market-leading providers of vital products and services, which underpin the durability of our cash flows. And lastly, every dollar that is recycled is reinvested by the same Brookfield team, which has compounded capital at exceptional rates for decades. We made great progress over the past year and are well positioned with the capital and capabilities to continue building value in 2026. With that, I'll turn it over to Adrian for an update on the operating environment and the progress we're making on our value creation plans.

Thank you, Anuj, and good morning, everyone. Starting with some observations on the operating environment, while select regions and sectors continue to have their challenges, the overall backdrop remains relatively stable. In North America, conditions are benefiting from easing rates, steady consumer spending, and resilient labor markets. Demand is holding up, although near-term growth is still hard to come by in certain end markets, where sentiment and the pace of capital spending remain more measured. Longer-term structural trends around reshoring, automation, and the repositioning of critical supply chains are taking hold as businesses respond to evolving trade policy and geopolitical uncertainty. In Europe, conditions are more challenging. Activity has been slower in some cyclical and industrial end markets, including construction and certain more CAPEX-sensitive manufacturing segments, where customer decision-making remains slow. That said, we're seeing some early signs of improvements supported by increases in fiscal spending in countries like Germany, stabilizing energy prices and more accommodative monetary policy across most parts of the region to promote growth. As you know, we have teams on the ground across all the regions we operate, deeply embedded within our businesses, focused on implementing our operating playbook and working closely with our management teams to advance our core, our value creation plans. One of the best examples of our approach in action is at Clarios, which is coming off another record calendar year of performance. Since our acquisition, underlying annual EBITDA has increased 40% or almost 700 million, and we see a path to a similar level of growth over the next five years as the team continues to execute. We're working closely with management on initiatives to strengthen operational efficiency, enhance Clarios' pricing and commercial strategy, and push forward the innovation of new product technologies. At the same time, to meet the growing demand for high-performance advanced batteries, the business is investing to expand its advanced battery manufacturing capacity, enhance recycling and critical mineral recovery capabilities, and accelerate its state-of-the-art manufacturing capabilities, all supported by strong cash generation and U.S. manufacturing tax credits. We've also made excellent progress over the past year at Nielsen, our audience measurement operation, Since our acquisition, the business has executed about $800 million of cost savings, including over $250 million achieved in the past year, increasing EBITDA margins by more than 350 basis points. Most of the improvements have been driven by organizational simplification, automation, and reduction of third-party spend. On the back of the strong performance, the business recently completed two refinancings, which combined with the debt paydown will result in about $90 million of annual interest savings. The team at Dexco has done great work to manage through a weak end market conditions. While overall volumes are down for the year, full year EBITDA was up low single digits and margins have held up in line with levels at acquisition. Driven by a continued focus on cost optimization, commercial execution and productivity improvements. It's still early days, but we're cautiously optimistic that volumes are stabilizing with new business wins, positioning Dexco well for a broader market recovery when it comes. Outside of North America, performance at Network, our Middle East payment processor, is tracking in line with our expectations. Over the past year, the team has driven meaningful operational improvements, upgrading the core technology platform, optimizing the cost base, improving Network's e-commerce offering, and expanding value-added services, particularly around data analytics, fraud, and loyalty solutions. We've also strengthened the leadership team, made significant progress on combining the business with our legacy payments processing operation in the region, and closed an add-on acquisition, driving both operational and scale efficiencies to position the business for its next phase of growth. We've been busy over the past year and are encouraged by the momentum we're seeing across our businesses. Execution has been strong, and our value creation plans are progressing well. Where we are seeing weaker market conditions, our teams have leaned in to protect margins and strengthen cash generation to ensure we're best positioned for when conditions improve. With that, I'll hand it over to Jaspreet for a review of our financial results, and I'll be available for questions.