Brookfield Business Corp reported a 12.7% decline in revenue to $7.17 billion in 2025, with net losses narrowing to $1 billion. The company’s operations include long-term service concessions, particularly in Brazilian water services, providing multi-year revenue visibility. High leverage persists with a net debt-to-capital ratio of approximately 77%. Capital allocation in 2025 prioritized share repurchases and dividends aligned with unit distributions despite losses. Following corporate restructuring, exchangeable shares were delisted from public markets in early 2026.