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Brookfield Business Corporation (NYSE, TSX: BBUC) reported financial results for the quarter ended March 31, 2026.
“Three things defined our quarter,” said Anuj Ranjan, CEO of Brookfield Business Corporation. “Clarios received $1 billion of cash tax credits, with similar amounts expected annually through the end of the decade. We sold a 27% interest in La Trobe, generating a 3x multiple of our original investment only four years after acquiring it. We also committed $500 million with our partners alongside OpenAI in The OpenAI Deployment Company, a new platform built to deploy enterprise AI inside real operating businesses.”
Net income attributable to shareholders for the three months ended March 31, 2026 was $40 million, or $0.19 per Class A Share, compared with $80 million, or $0.38 per Class A Share, in the prior period.
Adjusted EBITDA was $582 million, down from $591 million in the prior period. The prior period included $72 million of tax credits and $51 million of contribution from disposed operations. Excluding the impact of acquisitions, dispositions, and tax credits, Adjusted EBITDA was $488 million, an approximate 5% increase over the prior year.
Industrials: The Industrials segment generated $320 million of Adjusted EBITDA, up 7% versus the prior year excluding the impact of recent acquisitions, dispositions, and tax credits. Results benefited from strong performance at its advanced energy storage operation and at its engineered components manufacturer, which delivered more than 10% same-store growth in Adjusted EBITDA over the prior year driven by commercial actions and cost initiatives.
Business Services: Adjusted EBITDA was $208 million, up 7% compared with the prior year excluding the impact of recent acquisitions and dispositions. Performance included realized investment gains at its residential mortgage insurer, which continued to perform well despite a weaker Canadian housing market.
Infrastructure Services: Adjusted EBITDA was $90 million. The prior year included contribution from its offshore oil services shuttle tanker operation, which was sold in January 2025. Results were supported by its lottery services operation, driven by the ramp-up of recently secured contracts, and stable performance at its modular building leasing services operation, supported by increased sales of value-added products and services during the quarter.
Adjusted EFO reflected the benefit of lower current taxes at its advanced energy storage operation. In the prior year, Adjusted EFO included a $114 million net gain from the disposition of the shuttle tanker operation and the impact of withholding taxes on a distribution received from the advanced energy storage operation.
Brookfield also completed its previously announced corporate simplification. The newly issued Class A Shares began trading on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BBUC” on March 31, 2026. Since closing, daily trading volumes increased by approximately 40% versus average levels last year, and Brookfield said it expects incremental demand from index rebalancing over the next few months.
Brookfield said its balance sheet remains well capitalized, with liquidity of $2 billion at the end of the first quarter, including $1.9 billion of availability on its credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2.4 billion.
During the quarter, Brookfield completed the $250 million buyback program launched in February of the prior year. The company said it deployed approximately $285 million toward repurchases since that time, including approximately $65 million of repurchases during and subsequent to quarter end.
The Board of Directors declared a quarterly dividend of $0.0625 per Class A Share, payable on June 30, 2026 to shareholders of record as at the close of business on May 29, 2026.
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