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    Gary Ho • Desjardins Capital Markets

    Gary Ho's questions to Brookfield Business Partners LP (BBU) leadership

    Gary Ho's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2025

    Question

    Gary Ho of Desjardins Capital Markets asked for details on the use of AI to improve productivity, the financial impact of the recent tax bill, and the strategy regarding share buybacks, particularly the spread between BBU and BBUC shares.

    Answer

    CEO Anuj Ranjan provided several examples of high-impact AI projects at Clarios, EverRise, CDK, and Nielsen, detailing significant cost savings and efficiency gains. CFO Jaspreet Dehl confirmed the new tax bill is a net positive, benefiting businesses through accelerated depreciation and R&D deductions, and stated the company remains committed to its buyback program, viewing the share price as accretive.

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    Gary Ho's questions to Brookfield Business Partners LP (BBU) leadership • Q1 2025

    Question

    Gary Ho of BMO Capital Markets inquired about the quantifiable near-term EBITDA impact of tariffs on DexKo, its competitive positioning, the status of the Clarios 45X tax credit filing, and clarification on plans to accelerate capital returns to shareholders, including potential monetizations.

    Answer

    Adrian Letts, Head of Business Operations, stated that DexKo's performance was on plan with improved margins, and it is well-positioned to manage tariff impacts relative to competitors. CFO Jaspreet Dehl confirmed the Clarios tax filing is processing normally and the benefit is expected in the near term. CEO Anuj Ranjan added that the company will continue its balanced approach of deleveraging, buybacks, and new investments, leveraging creative monetization strategies without commenting on specific assets.

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    Gary Ho's questions to Brookfield Business Partners LP (BBU) leadership • Q4 2024

    Question

    Gary Ho asked about the market opportunity for Clarios's connected service solutions, Brookfield Corp.'s potential participation in the BBU buyback, BBU's corporate debt levels post-Clarios distribution, and the strategy to protect capital in the challenged Healthscope business.

    Answer

    Mark Wallace, CEO at Clarios, described how its service for a European fleet operator reduces engine idling by 40% and noted the pipeline is expanding to the U.S. Jaspreet Dehl, CFO, clarified the buyback is for BBU to repurchase shares in the open market and that post-monetizations, the pro forma liquidity of $2.7 billion is a comfortable level after paying down corporate debt. She also explained that for Healthscope, the focus is on operational improvements and negotiations with insurers and government to protect invested capital.

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    Gary Ho's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2024

    Question

    Gary Ho questioned the performance and outlook for DexKo amid market softness, the status of monetization plans for Clarios, and whether disclosing asset valuations could mitigate stock volatility.

    Answer

    Adrian Letts, a managing partner, stated that DexKo is managing costs effectively and expects the market to recover through late 2024 and into 2025. CEO Anuj Ranjan expressed encouragement about progress on all strategic alternatives for Clarios, including an IPO. CFO Jaspreet Dehl explained that BBU provides all the components for investors to calculate asset values themselves and that providing a specific NAV number is unlikely to have made a difference.

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