BBU Investor Day 2026

Thank you, and good afternoon, everybody. I must say that I am really happy, Howard and Bruce, that you said the markets are getting right, that AI is going to change the world and transform business, because otherwise my presentation might be a little awkward. I am here to talk to you a little first about BBU, of course, and why we think this is the perfect environment for our business. I am really excited to have a few of my partners and colleagues here with me as well, who will speak about various other parts of the business, including Nate Harbasek, who is here with us from OpenAI, co-founder of OpenAI Deployment Company and head of global business at OpenAI, to speak with David Bonasia and Katie Zorbas, managing partners in our group, about the implications and deployment of AI across enterprise.

Something we have been talking about for a long time, but it is good for you all, for all of us, to hear about it more directly from those working closest with it. At the end, of course, Jaspreet will wrap up how this all comes together for BBU and our performance. To start with, I would like to say that if you think back, markets have always paid up for businesses that could scale fast, often asset-light companies. Today, markets are also paying up for things that cannot be tipped over. They want businesses that can withstand the test of time and still be around in a future where AI will transform many companies in times to come. We have been up here on the stage talking about how if we are in the fourth industrial revolution, that key word is industry, industrial.

How does all this technology help real-world businesses, the industrial economy? We are thrilled that today, it is actually universally agreed by all of the leading tech investors in the world. In fact, many of those tech investors have actually become, from asset light, asset heavy themselves, where they are focused today on things like land, steel, chips, and power to run their businesses. That has created a flow of capital, beyond what we have probably seen in the past, to businesses that have real durable cash flows. These are heavy asset businesses that have real manufacturing footprints, real supply chains, real distributed networks. They have real moats and they provide an essential product or service to their customers, and they can be profitable or cash flow generative through all cycles. These are companies that are not disrupted by AI, but actually propelled by it.

In fact, you would not believe how many times we buy a business that has $1 billion of revenue, $250 million of EBITDA, and they are still barely using Microsoft Excel. Forget about a CRM or an ERP, and not even close to utilizing AI at scale to propel that business. The opportunities for these companies are bigger than we have ever seen in the past.