Brookfield Business Corp (BBUC) 2025 Q2 法說會逐字稿

Welcome to the Brookfield Business Partners, second quarter 2025 results conference call and webcast. (Operator Instructions) the conference is being recorded.

歡迎參加 Brookfield Business Partners 2025 年第二季業績電話會議及網路直播。 （操作員指示）會議正在錄製中。

(Operator Instructions) Now I'd like to turn the conference over to Alan Fleming, Head of Investor Relations. Please go ahead, Mr. Fleming.

（操作員指示）現在我想將會議交給投資者關係主管艾倫·弗萊明。弗萊明先生，請發言。

Thank you, operator, and good morning. 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.

謝謝接線員，早安。在開始之前，我想提醒您，在回答問題以及談論我們的成長計劃以及財務和營運績效時，我們可能會做出前瞻性的陳述。

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 US, which are both available on our website.

這些聲明受已知和未知風險的影響，未來結果可能存在重大差異。如需了解更多關於已知風險因素的信息，建議您查閱我們向加拿大和美國證券監管機構提交的文件，這些文件均可在我們的網站上查閱。

We'll begin the call today with Anuj Ranjan, our Chief Executive Officer, who will provide an update on our strategic initiatives. Anuj will then turn the call over to Adrian Letts, Head of our Business Operations team, to share an update on the global operating environment.

今天的電話會議將由執行長 Anuj Ranjan 主持，他將介紹我們最新的策略舉措。之後，Anuj 將把電話轉給業務營運團隊負責人 Adrian Letts，分享全球營運環境的最新情況。

Jaspreet Dehl, our Chief Financial Officer, will then discuss our financial results for the quarter. After we finish our prepared remarks, the team will be on and available to take your questions.

我們的財務長 Jaspreet Dehl 將隨後討論本季的財務表現。在我們完成準備好的演講後，我們的團隊將隨時準備好回答您的問題。

With that, I'd like to now pass the call over to Anuj.

說完這些，我現在想將電話轉給 Anuj。

Thanks, Alan. Good morning, everyone. Thank you for joining us on the call today. We had a great quarter. Our business continues to compound value and six months into the year, our overall per unit value is higher. Over the past few months, we realized more than $800 million from asset sales and distributions and invested $300 million to acquire two market leading businesses.

謝謝，艾倫。大家早安。感謝您今天參加我們的電話會議。我們本季表現非常出色。我們的業務持續複合成長，今年前六個月，我們的整體單位價值有所提升。在過去幾個月裡，我們透過資產出售和分配實現了超過8億美元的收益，並投資3億美元收購了兩家市場領先的企業。

We continue to buy back under our repurchase program. Which has returned nearly $160 million to our owners at the start of the year. We also generated strong financial results with adjusted EBITDA increasing to $591 million supported by resilient margins and improved performance of our existing operations.

我們繼續根據回購計劃進行回購。年初，該計劃已為股東返還近1.6億美元。我們也取得了強勁的財務業績，調整後息稅折舊攤銷前利潤（EBITDA）增至5.91億美元，這得益於強勁的利潤率和現有業務業績的提升。

As our business continues to scale, finding new ways to surface value will provide us flexibility to execute our playbook, and the growth of the secondaries market has become one of the options at our disposal. In simple terms, secondaries are the sale or transfer of a private investment from one investor to another, often at a 10% or more a discount in that asset value as a way for an existing investor to get liquidity.

隨著我們業務規模的不斷擴大，尋找新的價值挖掘途徑將為我們執行策略提供靈活性，而二級市場的成長已成為我們可用的選項之一。簡單來說，二級市場是指將一項私人投資從一個投資者出售或轉讓給另一個投資者，通常以該資產價值10%或更高的折扣出售或轉讓，作為現有投資者獲得流動性的一種方式。

If you think about BBU. It's really just a large private equity secondary which is publicly listed and should trade at a much narrower discount than it does. This should prove itself out as we continue to surface value in a creative ways, including the secondary sale of interests in our businesses and values that are accretive to our trading price.

如果你考慮一下BBU。它實際上只是一家大型私募股權二級市場，已經公開上市，其交易價格應該比現在低得多。隨著我們繼續以創新的方式提升價值，包括將我們業務的權益和價值進行二級市場出售，從而提升我們的交易價格，這一點應該會得到證明。

To that point last month we sold a portion of our interest in three of our businesses to see the new evergreen fund managed by Brookfield. In exchange, we took back units of the new fund that have an initial redemption value of $690 million which represents an aggregate 8.6% discount to the NAV of the interest that we sold.

上個月，我們出售了旗下三家公司的部分股權，以換取Brookfield管理的這檔新的常青基金。作為交換，我們收回了新基金的初始贖回價值為6.9億美元的份額，這比我們出售的權益的資產淨值總計折讓了8.6%。

At these values, the transaction is highly accretive to the market value of BBU. As the units are redeemed, the cash will provide us added flexibility to accelerate buybacks, reinvest in growth, and reduce debt, all of which will increase the per unit and share value of our business.

依照這些估值，此交易將大幅提升BBU的市值。隨著這些單位的贖回，現金將為我們提供更大的靈活性，以加速回購、再投資於成長並減少債務，所有這些都將提升我們業務的單位價值和每股價值。

We've also been putting capital to work. Earlier this week, we agreed to privatize First National Financial Corporation, a leading Canadian residential and multi-family mortgage lender.

我們也一直投入資本。本週早些時候，我們同意將加拿大領先的住宅和多戶型抵押貸款機構第一國民金融公司（First National Financial Corporation）私有化。

First National is an essential service provider to the Canadian housing market, serving a critical role across the mortgage life cycle from underwriting and origination to funding, distribution, servicing, and loan renewal.

第一國民銀行是加拿大房屋市場的重要服務供應商，在抵押貸款生命週期（從承保和發起到融資、分配、服務和貸款續約）中發揮關鍵作用。

Its highly resilient earnings and strong cash flows are supported by the fees and income it earns on large and growing base of mortgages that its services. Alongside our partners, we see opportunities to upgrade its systems, streamline operations, and strengthen its service model in a private setting which should enhance its already strong track record of returns and cash flows.

其高韌性的獲利和強勁的現金流得益於其龐大且不斷增長的抵押貸款服務所帶來的費用和收入。我們與合作夥伴攜手，在私人環境中，看到了升級系統、精簡營運和強化服務模式的機會，這將進一步提升其本已強勁的回報和現金流記錄。

BBU's share of the equity investment is expected to be about $145 million. Stepping back, we've made great progress since the start of the year, and the reasons to own BBU have arguably never been clearer.

BBU 的股權投資份額預計約為 1.45 億美元。回顧過去，自今年年初以來，我們取得了長足的進步，持有 BBU 的理由可以說從未如此清晰。

First, we trade at a material discount to the private market value of our assets. Second, those assets are mission critical providers of products and services which generate strong cash flow across economic cycles.

首先，我們的交易價格遠低於資產的私募市場價值。其次，這些資產是關鍵產品和服務的提供者，能夠在經濟週期中產生強勁的現金流。

And lastly, every dollar that is recycled and redeployed is done so by the same Brookfield team, which has generated tremendous returns on capital for decades.

最後，每一美元的回收和重新部署都是由同一支 Brookfield 團隊完成的，該團隊幾十年來已經創造了巨大的資本回報。

With that, I'll now pass the call over to Adrian Letts, our Global Head of Business Operations, to provide an update on the operating environment.

現在，我將把電話轉給我們的全球業務營運主管 Adrian Letts，以提供有關營運環境的最新情況。

Thank you Anuj, and good morning everyone. It's great to be joining you on the call today. With the first half of the year now behind us, I wanted to provide some observations on how the operating environment has evolved over the past few months and how our businesses have been responding.

謝謝Anuj，大家早安。很高興今天能參加這次電話會議。今年上半年已經過去，我想就過去幾個月營運環境的變化以及我們各業務的應對情況分享一些看法。

The global economy today is in a much different spot than the outlook most had expected at the start of this year. With inflation in check, unemployment levels low, and many central banks moving toward an easing cycle, growth expectations across most developed markets were high heading into the year.

當今全球經濟的處境與大多數人年初預期的前景大相逕庭。通膨受到控制，失業率處於低位，多國央行正進入寬鬆週期，大多數已開發市場在進入新一年時的成長預期都很高。

However, as we know, tariffs, rising global trade tensions, and geopolitical conflicts have introduced much more uncertainty in a relatively short time. While this continues, we do see signs that it is stabilizing. However, we remain cautious.

然而，眾所周知，關稅、不斷加劇的全球貿易緊張局勢以及地緣政治衝突在相對較短的時間內帶來了更多不確定性。儘管這種情況持續，但我們確實看到了趨於穩定的跡象。然而，我們仍保持謹慎。

The US has been very resilient. GDP expectations for the second half of the year have stabilized. Unemployment remains low and consumer sentiment has inched higher in the past few months.

美國經濟表現強勁。下半年GDP預期已趨於穩定。失業率維持在低位，消費者信心在過去幾個月略有上升。

In Europe, although it'll take a while for things to play through, stimulus spending is increasing, including Germany green lighting a $500 billion infrastructure fund, and other countries such as the UK have put forward plans to reduce barriers to competition and accelerate delivery of infrastructure projects.

在歐洲，儘管事情需要一段時間才能見效，但刺激支出正在增加，其中德國批准設立 5000 億美元的基礎設施基金，英國等其他國家也提出了減少競爭障礙和加快基礎設施項目交付的計劃。

Outside of Europe, it remains very clear that the GCC markets where we operate in the Middle East are very strong, and India remains a growth economy. Growth is very important to our value creation plans, and while our businesses have not been immune to slowdowns over the past few months, our principles are serving us very well.

在歐洲以外，我們營運的中東海灣合作委員會 (GCC) 市場依然表現強勁，印度仍然是一個成長型經濟體。成長對我們的價值創造計畫至關重要，儘管過去幾個月我們的業務也未能免受經濟放緩的影響，但我們的原則仍然對我們非常有益。

We deliberately buy high quality market leading businesses that have strong competitive advantages and provide mission critical products and services.

我們特意收購具有強大競爭優勢並提供關鍵產品和服務的高品質市場領導者。

This means they generally have pricing power which has enabled us to pass through the direct effects of tariffs in the select cases where we're seeing some impact in our operations. It also means that notwithstanding some pockets of softness, our volumes and activity levels on balance have held up well in spite of the backdrop.

這意味著他們通常擁有定價權，這使得我們能夠在特定情況下，將關稅的直接影響轉移到營運中。這也意味著，儘管存在一些疲軟因素，但我們的整體交易量和活動水平在這種背景下仍然保持良好。

Most importantly, we're not standing still. We have continued to make significant progress in our value creation plans across the business. As a result, we've been able to maintain and in some cases increase margins in more difficult near-term environments while continuing to strengthen the long-term position of our businesses.

最重要的是，我們不會停滯不前。我們在整個業務領域的價值創造計劃持續取得重大進展。因此，在短期內較為艱難的環境下，我們能夠維持利潤率，甚至在某些情況下提高利潤率，同時繼續鞏固我們業務的長期地位。

For example, at DexKo, while volumes have contracted, margins have increased approximately 200 basis points since our acquisition. This is the phenomenal job that business has done to right size its cost structure, strengthen its market position, and optimize productivity.

例如，DexKo雖然銷量有所下降，但自我們收購以來，利潤率卻增加了約200個基點。這體現了該公司在優化成本結構、鞏固市場地位和優化生產力方面所做的卓越工作。

Similarly, at Modulaire, where utilization levels have been impacted by overall sluggish capital investment in Europe, the team is continuing to drive growth and value added products and services and streamline the organizational structure which has contributed to resilient margins which are higher than when we bought the business four years ago.

同樣，在 Modulaire，其利用率水準受到歐洲整體資本投資低迷的影響，但團隊正在繼續推動成長和增值產品和服務，並精簡組織結構，這有助於提高利潤率，使其利潤率高於我們四年前收購該業務時的水平。

Even at Claris, where performance continues to exceed expectations, overall battery volumes have seen some impact from a slowdown in global automotive production levels. Yet margins, which exceeded 20% through the first half of the calendar year, continue to increase, supported by improved service levels, increased operational effectiveness, and a higher mix of technologically advanced batteries.

即使是業績持續超出預期的Claris，其整體電池銷售也受到了全球汽車產量放緩的影響。然而，由於服務水準的提升、營運效率的提升以及更多先進技術電池的採用，Claris的利潤率在上半年已超過20%，並持續成長。

These are just a few examples of the work underway across each of our businesses, including our more recent acquisitions like Network International and Chemelex, where our integration and value creation plans are off to very strong starts.

這些只是我們各項業務正在進行的工作的幾個例子，包括我們最近收購的 Network International 和 Chemelex，我們的整合和價值創造計劃已取得非常強勁的開端。

As Anuj said, we're really pleased with the progress we've made over the past six months. We've been through cycles like these before and our playbook is tested. All the work we've done to optimize the operating platform should amplify performance when a broader base recovery does take hold.

正如Anuj所說，我們對過去六個月的進展感到非常滿意。我們以前經歷過類似的周期，我們的策略也經過了檢驗。我們為優化營運平台所做的所有工作，在更廣泛的基礎復甦真正到來時，應該會提升業績。

With that, I'll hand it over to Jaspreet for a review of our financial results, and we'll stay on the line to take any more questions after prepared remarks.

接下來，我將把發言權交給 Jaspreet，讓他審查我們的財務結果，在準備好發言之後，我們將繼續在線回答任何問題。

Thanks, Adrian, and good morning everyone. Second quarter adjusted EBITDA of $591 million increased compared to $524 million in the prior period. Results reflected improved underlying operating performance, tax benefits, and contribution from recent acquisitions.

謝謝，Adrian，大家早安。第二季調整後息稅折舊攤提前利潤（EBITDA）為5.91億美元，較上一季的5.24億美元成長。業績反映了基礎營運績效的改善、稅收優惠以及近期收購帶來的貢獻。

Adjusted EFO of $234 million during the quarter benefited from lower interest expense due to a reduction in corporate borrowings compared to the prior period. Turning to segment performance, our industrial segment generated second quarter adjusted EBITDA of $307 million, an increase compared to $213 million in 2024.

本季調整後EFO為2.34億美元，得益於企業借款較上期減少導致利息支出下降。談到分部業績，我們的工業分部第二季調整後EBITDA為3.07億美元，較2024年的2.13億美元有所成長。

Results included $71 million of tax benefits at our advanced energy storage operation and contributions from recent acquisitions, including our electric heat tracing systems manufacturer, which we acquired in January.

結果包括我們先進的能源儲存業務獲得的 7,100 萬美元稅收優惠以及最近收購的貢獻，其中包括我們一月份收購的電熱追蹤系統製造商。

Strong performance at our advanced energy storage operations benefited from growing demand and increased volumes of advanced batteries, as well as continued strong commercial and operational execution. Volumes that are engineered components manufactured improved across many international and North American and markets, which contributed to increased contributions during the quarter.

我們先進的儲能業務表現強勁，得益於不斷增長的需求和先進電池產量的提升，以及持續強勁的商業和營運執行力。工程組件的產量在許多國際市場和北美市場均有所提升，這推動了本季貢獻的提升。

Moving to business services segment, which generated second quarter adjusted EBITDA of $205 million an increase compared to $182 million last year, which included the impact of $38 million related to one-time cost at our dealer software and technology services operation.

轉向商業服務部門，該部門第二季調整後的 EBITDA 為 2.05 億美元，較去年的 1.82 億美元有所增長，其中包括與經銷商軟體和技術服務業務的一次性成本相關的 3800 萬美元的影響。

A residential mortgage insurer is benefiting from increased volumes of new insurance premiums written and low losses on claims. Results during the quarter reflect the timing impact of slower revenue recognition under IFRS 17 accounting standards due to revised model assumptions, given the current macroeconomic uncertainty and consensus view of the Canadian housing market.

一家住宅抵押貸款保險公司受益於新保費收入的成長和理賠損失的降低。鑑於當前宏觀經濟的不確定性以及市場對加拿大房地產市場的普遍看法，本季業績反映了IFRS 17會計準則下收入確認速度放緩帶來的時間影響，這歸因於模型假設的修訂。

Dealer software and technology services operation, stable performance included costs associated with the ongoing investments in product modernization and technology upgrades. This is expected to continue over the next 12 to 18 months.

經銷商軟體和技術服務營運的穩定表現涵蓋了持續投資於產品現代化和技術升級的相關成本。預計未來12至18個月內，此趨勢將持續下去。

Finally, our infrastructure services segment generated second quarter adjusted EBITDA of $109 million compared to $157 million during the same quarter last year. This reflects the sale of our offshore oil services shuttle tanker operation early this year.

最後，我們的基礎設施服務部門第二季調整後息稅折舊攤提前利潤 (EBITDA) 為 1.09 億美元，而去年同期為 1.57 億美元。這反映了我們今年年初出售海上石油服務穿梭油輪業務的影響。

Industry fundamentals that our lottery service operations remained resilient, despite the impact of fewer hardware deliveries and lower lottery jackpot sizes compared to prior year. Turning to our balance sheet and capital allocation priorities.

行業基本面表明，儘管硬體交付量減少且彩票頭獎金額與去年同期相比有所下降，但我們的彩票服務業務依然保持韌性。接下來談談我們的資產負債表和資本配置重點。

Our strong balance sheet provides us options to support our capital allocation. We ended the quarter with approximately $2.9 billion of corporate liquidity pro forma for announced acquisitions and realizations, including the expected redemption value of the fund units we received in exchange for the sale of a partial interest in three businesses last month.

我們強勁的資產負債表為我們提供了支持資本配置的選擇。本季末，我們已宣布的收購和變現交易的企業流動性備考價值約為29億美元，其中包括我們上個月出售三家企業部分股權所獲得的基金單位的預期贖回價值。

During the quarter, we continue to maintain an increased pace of repurchase activity under our buyback program. As in each mentioned since February, we've acquired $6.5 million units and shares, returning nearly $160 million to our owners, including $56 million returned during the quarter.

本季度，我們繼續保持回購計畫下的快速回購活動。正如上述自2月以來的各項數據所示，我們已回購了價值650萬美元的股份和基金單位，向股東返還了近1.6億美元，其中本季返還了5,600萬美元。

Buying our own units and shares well below their fair value is an easy and efficient way for us to generate returns for our investors, then increase the per unit value of our business. We plan to renew our normal course issuer bid later this month, which will provide us capacity to repurchase an additional $8 million units and shares over the subsequent 12 months.

以遠低於公允價值的價格回購我們自己的單位和股票，是我們為投資者創造回報，進而提升我們業務單位價值的簡單有效方式。我們計劃在本月稍後更新常規發行人要約，這將使我們能夠在接下來的12個月內額外回購價值800萬美元的單位和股票。

With that, I'll close my remarks and we'll open up the call for questions.

我的發言就此結束，我們將開始提問環節。

(Operator Instructions)

（操作員指示）

Devin Dodge, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Devin Dodge。

All right, thank you. Good morning everybody. So I wanted to start with, scientific gains. So when we look at the earnings from this investment, call it over the last 12 months or so. The trajectory has been, flat to down.

好的，謝謝大家。大家早安。首先我想談談科學收益。讓我們來看看這項投資的收益，也就是過去12個月左右的收益。它的走勢是持平甚至下降。

Look, the business is having some, nice commercial wins, and I'm sure there's a lot of work being done in the background to improve the operating performance, but it just seems like this progress often gets offset by other factors, we've seen like hardware deliveries, lower jackpots, inflation was a challenge at one point.

你看，這項業務正在獲得一些不錯的商業勝利，而且我相信在幕後還有很多工作要做，以提高營運績效，但似乎這種進步常常被其他因素所抵消，我們已經看到硬體交付、較低的累積獎金、通貨膨脹等都曾是一個挑戰。

It just made it harder to assess the earnings power of the business. So the question for you is just how is scientific games performing relative to your underwriting assumptions and when do you expect all the work that's being done to show up in earnings?

這只會讓評估公司獲利能力變得更加困難。所以，你的問題是，相對於你的核保假設，Scientific Games 的表現如何？你預計所有投入的資金何時會在收益中反映出來？

Thanks, Devin, it's Adrian Letts. So look, I think the first thing to say, if you look at the results this quarter, you're absolutely right. Hardware deliveries were lower this year and we saw some impact, from a performance penalty at one of our JVs.

謝謝，Devin，我是 Adrian Letts。所以，我想首先要說的是，如果你看看本季的業績，你完全正確。今年硬體交付量較低，我們看到了一些影響，因為我們一家合資企業的效能下降了。

But if you adjust for those impacts, if our performance was flat, stepping back, the industry remains very resilient, which was central to our original investment thesis, and at the same time, overall industry growth has been a bit slower than we expected. We're continuing to scale up and put our shoulder behind digital capabilities, and we continue to see a high growth segment of the market.

但如果考慮到這些影響，如果我們的績效持平，退一步來看，這個產業仍然非常具有韌性，而這正是我們最初投資理念的核心。同時，整個產業的成長速度略低於我們的預期。我們正在繼續擴大規模，並全力支持數位化能力，我們也持續看到市場中一個高成長的細分領域。

We've talked about the work that we've done in realigning the business with digital, having its own reporting line under the new leadership. We hired a new business. Leader in that, part of the organization, it brings a strong depth of experience.

我們討論了在數位轉型方面所做的工作，在新的領導層下，我們建立了獨立的業務匯報線。我們聘請了一位新的業務負責人。作為公司的一部分，他在這方面擁有豐富的經驗。

But as it takes time for the legislation to be put in place in the US, which will allow a lottery operators, to introduce digital lottery. But we've been winning our fair share, including a significant digital lottery as part of the contract we were recently awarded, for the UK.

但美國需要時間才能立法允許彩票業者推出數位彩票。但我們一直在贏得應有的份額，包括最近為英國贏得的一份重要的數位彩票合約。

And today we're the largest digital lottery service provider globally. And while we've been winning these new opportunities, some of the contracts awards have been slower, to ramp up, and we're working and continuing to strengthen our capability to accelerate these.

如今，我們是全球最大的數位彩票服務提供者。雖然我們一直在贏得這些新機會，但一些合約的授予速度較慢，進展緩慢。我們正在努力並持續增強我們的能力，以加速這些合約的授予。

And as the contracts ramp up over the next 12 months, we fully expect to flow through the earnings, and cash flow. So look, it's in line with our investment thesis. It's a little bit behind in terms of where we'd like, but we're still incredibly positive on the business and see a big opportunity.

隨著未來12個月合約數量的增加，我們完全預期獲利和現金流將隨之增加。所以，這符合我們的投資理念。雖然目前距離我們的預期還有點差距，但我們仍然對這項業務非常樂觀，看到了巨大的機會。

Okay, that's a really good color. I appreciate that. Second question, brand safe way, I think the letter to unit holders mentioned the repositioning of the business towards higher growth markets. Just wondering if you could provide, a bit more color behind that initiative and how easily it can, that you can pivot the business toward those markets.

好的，這顏色真漂亮。我很感激。第二個問題，為了品牌安全，我記得致股東的信中提到了將業務重新定位到高成長市場。我想知道您能否更詳細地解釋一下這項計劃背後的原因，以及您如何輕鬆地將業務轉向這些市場。

Yeah, Devin, I'll take that one again. Look, lower expected volumes than across all segments, particularly in the rental business, which is higher margin. And North American industrials are recovering, but the commercial markets remain soft.

是的，德文，我再說一次。你看，預期銷售量低於所有細分市場，尤其是利潤率較高的租賃業務。北美工業正在復甦，但商業市場仍然疲軟。

We do see pockets of opportunity. We've begun to reposition the business to strengthen the regional focus, and we're starting to see some upturn, although it's early. Management is really focused on executing the transformation plan.

我們確實看到了一些機會。我們已經開始重新定位業務，以加強對區域的關注，儘管現在還為時過早，但我們已經開始看到一些改善。管理階層正專注於執行轉型計畫。

Pricing continues to be a bit challenging in the market, given some demand challenges and volume softness. We expect to continue through the second half of the year, but as we start to reposition into some of the growth markets we see, we do see some cautious optimism towards the next year.

由於需求挑戰和銷售疲軟，市場定價仍面臨一些挑戰。我們預計這種情況將持續到下半年，但隨著我們開始重新佈局一些我們看到的成長型市場，我們對明年的前景確實持謹慎樂觀的態度。

Okay, great. Thanks for that. I'll turn it over.

好的，太好了。謝謝。我這就翻過來。

Gary Ho, Desjardins.

加里·何（Gary Ho），德斯雅爾丹（Desjardins）。

Thanks, good morning. Thanks for taking my questions, a few high-level ones here for me. Maybe start with Anuj. I listened in one of your recent interviews and you mentioned leveraging. AI to improve productivity in your businesses, improving margins of those businesses.

謝謝，早安。感謝您回答我的問題，這裡有幾個比較高深的問題。或許可以從Anuj開始。我聽了您最近的一次採訪，您提到了利用人工智慧來提高您企業的生產力，提升這些企業的利潤率。

I think some of the examples you gave were automation, customer service, robotics. I'm wondering if I can pick your brain on kind of several of these larger projects you have ongoing in your portfolio, maybe highlighting ones that have more meaningful financial impact or provide a bit more kind of competitive mode or strengthen your market positions in those assets.

您舉的例子包括自動化、客戶服務和機器人技術。我想請您談談您投資組合中正在進行的幾個大型項目，能否重點介紹那些具有更重大財務影響、更具競爭力或能夠增強您在這些資產中的市場地位的項目。

Sure. Hi Gary. So yes, we definitely see AI as a great tool. Stepping back, we've always bought leading industrial businesses and improved their margins of operations, and AI is another tool in that toolkit to do it in a much more dramatic way and much faster.

當然。嗨，Gary。所以，是的，我們確實認為人工智慧是一個很好的工具。退一步來說，我們一直在收購領先的工業企業，並提高它們的營運利潤率，而人工智慧是這個工具包中的另一個工具，它能以更顯著、更快速的方式實現這一目標。

In terms of use cases, to be honest, there's probably 700 use cases right now that we're running across the portfolio, so it's pretty vast and pretty large. I can talk about a couple that are more higher impact in a few of our bigger operations.

就用例而言，說實話，我們目前在整個產品組合中運行的用例大概有700個，所以規模相當龐大。我可以談談一些在我們一些較大的業務中影響更大的用例。

In Clarios we've been implementing a way to optimize order intake, so have an executable shipment plan to all our servicing plants while optimizing service performance. In this we automated the analysis of a lot of business processes and we've had millions of dollars of saved from customer service penalties.

在 Clarios，我們一直在實施一種優化訂單接收的方法，即在優化服務績效的同時，為所有服務工廠提供可執行的發貨計劃。透過這種方式，我們實現了許多業務流程的自動化分析，並節省了數百萬美元的客戶服務罰款。

We've had a 10% improvement in the quantity that we can fulfill, 14% improvement in overall service performance. So that's been pretty meaningful. We're also working on a larger scale automation in terms of robotics that we could fit into some of our manufacturing facilities as well.

我們的訂單完成量提高了10%，整體服務品質提升了14%。這意義非凡。我們也正在推動更大規模的機器人自動化，以便將其應用於我們的部分生產設施。

In Everise, where we've been quite a leader, we've enabled automated AI-driven agent recruiting, screening, hiring, and training for our operations at scale. Just keep a reminder that this business employs, over I think 14,000 people, so there's quite a bit of HR work that you can automate.

在Everise，我們一直處於領先地位，並已大規模啟用了由AI驅動的自動化座席招募、篩選、聘用和培訓，以提升我們的營運效率。需要提醒的是，這家公司擁有超過1.4萬名員工，因此相當一部分人力資源工作可以自動化。

We've reduced trading time there by about 20%. We've reduced the cost of hiring an FTE by about 40%. And we've increased the speed to offer higher across five different countries by about 5 times. So that's another example.

我們在那裡的交易時間減少了約20%。我們將全職員工的招募成本降低了約40%。而且，我們在五個不同國家的服務速度提高了約5倍。這是另一個例子。

We've done similar things with CDK where we launched [AVA], which is artificial intelligence virtual assistant, and our core software offerings, which helps dealers do a more quick conversational responses to consumers in real time. Answers every call, schedules appointments, uses intuitive conversations, speaks 50 languages, and has a GPT-like experience for customers.

我們在CDK上也做了類似的事情，推出了人工智慧虛擬助理AVA，以及我們的核心軟體產品，幫助經銷商更快速地即時回應消費者的對話。它可以接聽每個電話，安排預約，使用直覺的對話，支援50種語言，並為客戶提供類似GPT的體驗。

We've got 4 times increase in touch points per lead. We have a 47% increase in sales calls per lead and overall improve the dealer experience. And I think the last one I touch on is Nielsen.

我們每個線索的接觸點增加了4倍。每條線索的銷售電話增加了47%，經銷商體驗也得到了全面提升。最後我想提一下尼爾森。

Where we've been able to reduce the manual effort required in video segmentation of our ad intelligence operations, and we've been able to reduce costs on labor. We've shifted away from manual video coding, which was done by 1,000 people.

我們能夠減少廣告智慧營運中視訊分割所需的人工工作量，進而降低人力成本。我們已經不再依賴手動視訊編碼，而這需要1000人來完成。

We've accelerated some market launches and we've also enhanced the data quality. This is about $10 million in annual run rate cost savings that we're projecting. And it achieves about an 80% accuracy across the segments.

我們加快了一些市場的發布，並提高了數據品質。預計每年可節省約1000萬美元的營運成本。而且，它在各個細分市場的準確率達到了約80%。

It's more faster, it's more scalable client delivery, down to days versus two plus months to do the same thing before. So these are just a few kind of like I guess key case studies, but I'd just say that there's hundreds and hundreds of more of these across the portfolio.

它速度更快，客戶交付也更具可擴展性，只需幾天就能完成，而以前相同的事情需要兩個多月。所以，這些只是一些關鍵的案例研究，但我要說的是，在整個產品組合中，還有數百個這樣的案例。

That's great. Thanks for providing the color there. The second one I have now that the one big beautiful bills signed, if your team kind of done some work on the potential read through, the positives and negatives, obviously you have the 45X.

太棒了。謝謝你提供的資訊。我現在拿到的第二份，是一份簽署的漂亮大鈔，如果你的團隊對潛在的利弊做了一些分析，顯然你得到了45倍的回報。

If you can elaborate on the status and what you hope to receive at Clarrios, and the second, how to see accelerated depreciation kind of impact some of your businesses in the US.

您能否詳細說明 Clarrios 的現狀以及您希望獲得什麼？其次，您如何看待加速折舊對您在美國的一些業務產生影響。

Hi Gary, it's Jaspreet. I'll take that. So the team's kind of working through all of the provisions in the big, beautiful bill. It's I'm sure 1,000 pages, so we're still going through it. But, no, I'd say overall, our assessment is that it's going to be a net positive. There's a number of tax changes or extensions that are being provided.

嗨，加里，我是賈斯普里特。我接聽。團隊正在研究這份龐大而精美的法案中的所有條款。我敢肯定它有1000頁，所以我們還在審閱中。不過，總的來說，我認為它將帶來淨利。法案中將包含一些稅收變更或延期。

You mentioned the bonus depreciation. So for our, specifically for our industrial businesses in the US, and we've got a number of them, Clarios being the largest, but DexKo now Chemelex, that should help all of those businesses with the accelerated depreciation. They're restoring the deduction on R&D.

您提到了獎金折舊。所以，對於我們在美國的一些工業企業來說，這應該可以幫助所有這些企業加速折舊。我們有很多這樣的企業，其中最大的是Clarios，現在還有DexKo和Chemelex。他們正在恢復研發費用抵扣。

And that will be helpful to CDK and then I'd say across kind of most of the businesses, the enhancement to the deductibility of interest, I think we'll also, because a number of our businesses were capped on the interest deductibility. And that capping increased is going to be helpful.

這對CDK很有幫助。我想說，在大多數業務中，提高利息抵扣率也是有益的，因為我們的許多業務都設有利息抵扣上限。提高上限將會很有幫助。

So I'd say overall, while we're still kind of working through all of the details and the exact impact, we expect it's going to be net positive for our business. The second part of your question on 45X. So now we're still waiting on the check for last year's filing.

所以我想說，總的來說，雖然我們仍在研究所有細節和確切的影響，但我們預計這將對我們的業務產生淨利好。關於您問題的第二部分，關於45X。所以現在我們還在等待去年申報的支票。

And again, we're not expecting, with the changes that were made, with the, bill that was passed, it's all positive, and it kind of keeps intact all of the benefits, so we're not expecting that there's going to be any change in our filing or our entitlement to the tax benefit, and it's more of a matter of time to get it processed.

再說一次，我們並不期望，隨著法案的通過，這些變化都是積極的，它保留了所有的福利，所以我們並不期望我們的申報或稅收優惠權利會發生任何變化，處理它只是時間問題。

And I think a lot of the tax processing this year has been slower than normal. So we still expect, we fully expect that we will get paid. It's just a matter of time.

我認為今年很多稅務處理都比往年慢。所以我們仍然期待，我們完全期待我們能拿到稅金。這只是時間問題。

Okay, great. Thanks for that. And then while I have you, it sounds like on the capital allocation you remain committed to renewing your buyback later this month. We have seen your BBUC shares versus units spread blown out.

好的，太好了。謝謝。另外，既然您說了，聽起來您在資本配置方面仍然承諾在本月稍後繼續進行回購。我們已經看到您的BBUC股票與單位利差大幅擴大。

Just remind me, you look at both structures economically the same, and any thoughts on narrowing that discount. I believe the IDR is tied to the unit's price and not the corporate shares.

提醒我一下，你認為這兩種結構在經濟上是相同的，你有沒有想過縮小折扣。我認為IDR與單位價格掛鉤，而不是公司股份。

Yes, that's right. The IDR is tied to the unit price, and I think it's really a matter of just the market activity, from a buyback perspective we've been buying back whatever is available in the market on both the units and the shares as you're aware, there's, limitations just on what we could buy on a daily or weekly basis, with our trading volumes. So we've been buying back equally on both BBU, LP units as well as BBC shares.

是的，沒錯。 IDR 與單位價格掛鉤，我認為這實際上取決於市場活動。從回購的角度來看，我們一直在回購市場上所有可用的單位和股票，正如您所知，由於我們的交易量，我們每日或每週的購買量是有限制的。因此，我們一直在平等地回購 BBU、LP 單位以及 BBC 股票。

So I don't, I don't think the buyback is necessarily kind of driving any of that, discrepancy between the price of the units versus shares. But the whole rationale for setting up BBUC was to attract kind of a broader base of investors.

所以，我不認為回購必然會導致單位價格與股票價格之間的差異。設立BBUC的初衷是為了吸引更廣大的投資人群。

So, we have had some net new investors buying into both the units and the shares, and maybe that explains some of it, the broadening of that premium. But, look, I think the shares and the units have both been trending in good direction. So, we're glad to see that, but also at these levels, we'll continue our buyback program because it still is very creative relative to intrinsic value.

所以，我們有一些淨新增投資者同時買了單位和股票，這或許可以部分解釋溢價的擴大。不過，我認為股票和單位的走勢都很好。我們很高興看到這一點，而且在目前的水平上，我們將繼續我們的回購計劃，因為相對於內在價值而言，它仍然非常具有創造性。

Okay, that all makes sense. Those are my questions. Thank you.

好的，說得通了。這些都是我的問題。謝謝。

Bart Jaworski, RBC Capital Markets.

巴特·賈沃斯基（Bart Jaworski），加拿大皇家銀行資本市場。

Hi, good morning. Thanks for taking my question. Just wanted to talk about the secondary transaction. Could you give us some color as to how you decided to on the three assets that were vended in versus, say, other portfolio investments like how did those three come about?

大家好，早安。感謝您回答我的問題。我只是想談談二級市場交易。您能否詳細介紹一下，您是如何決定出售這三種資產，而不是其他投資組合的？這三種資產是如何產生的？

Hi Bart, it's Jaspreet. Maybe I could get started and then I can add a new add to it. So we went through a process and we identified, investments where we had kind of an outsized share through co-investment or others, and just the equity that we had invested in certain businesses where we would look and be open to kind of selling down.

嗨，Bart，我是 Jaspreet。也許我可以先開始，然後再增加新的內容。所以我們經歷了一個流程，確定了哪些投資是我們透過共同投資或其他方式持有超額股份的，以及我們投資於某些企業的股權，我們會考慮並願意出售。

So we put a list together, we looked at valuations and we had discussions with the team that's running the new fund strategy, and we set up an independent special committee of our board, to oversee the process. The retail, the team that's looking after the evergreen fund strategy, they looked at the assets, they did a review based on, kind of the requirements of that fund and, came back to us on, which assets they would be open to buying from BBU.

因此，我們列出了一份清單，評估了估值，並與負責新基金策略的團隊進行了討論，並在董事會中設立了一個獨立的特別委員會來監督整個流程。負責常青基金策略的散戶團隊檢視了這些資產，並根據該基金的具體要求進行了評估，然後告訴我們他們願意從 BBU 購買哪些資產。

And we had a valuation discussion and looked at kind of where secondary trade and ended up kind of with the deal that we did. The independent committee of the board then hired, financial advisors to do a third party evaluation around the fairness of the transaction, and that's how we kind of ultimately ended up with that 8.6% discount.

我們進行了估值討論，考察了二級市場交易的情況，最終確定了這筆交易。之後，董事會的獨立委員會聘請了財務顧問，對交易的公平性進行了第三方評估，最後我們得到了8.6%的折扣。

Which, we think from a BBU perspective is very accretive just given, the fact that our units are trading at closer to a 50% discount relative to our view of NAV, so being able to monetize these assets at that 8.5% discount, getting that cash in the door and redeploying it, whether to buy back units, pay down debt, or find future growth, into new investments where we think we could earn a higher return.

我們認為，從 BBU 的角度來看，這是非常具有增值的，因為我們的單位交易價格相對於我們對 NAV 的看法接近 50% 的折扣，因此能夠以 8.5% 的折扣將這些資產貨幣化，獲得現金並重新部署，無論是回購單位、償還債務還是尋找未來的增長，投入到我們認為可以獲得更高回報的新投資中。

We thought was very good for BBU, and we're going to continue to like these are still businesses that we like and we have a lot of conviction around and we've retained, significant ownership and all of them. So we've only sold down, part of our ownership, so we expect that we'll continue to participate in the upside of these businesses through our retained ownership.

我們認為這對BBU來說非常有利，我們將繼續看好這些業務，我們仍然看好它們，並且對它們充滿信心，我們保留了它們的大部分所有權。我們只是出售了部分所有權，因此我們預計，我們將透過保留的所有權繼續參與這些業務的成長。

Very helpful, thank you. And if I could just follow up on the mark, so the 9% discount to NAV totally agree that it is highly agree to your unit. When we look at secondary pricing like pricing improved last year to about 6% call it and you know I would think BBU with your alpha generated versus other bio players over the long term would probably want a smaller discount.

非常有幫助，謝謝。如果我可以繼續補充一下，那麼9%的淨值折扣完全符合您的觀點。當我們考慮二級市場定價時，例如去年價格上漲至約6%，我認為BBU與其他生物製藥公司相比，長期來看，憑藉您創造的阿爾法收益，可能會希望獲得較小的折扣。

So can you just help us understand like how that 9% was sort of calibrated and triangulated against what you're seeing in the market?

那麼，您能否幫助我們理解，這 9% 是如何根據您在市場上看到的情況進行校準和三角測量的？

Yeah, I'd say there's a, there's a wide kind of range of discounts that secondaries trade at, and it's based on a lot of different factors, the age of the investments are kind of where they are on the maturity scale, the types of businesses, the control versus not, the vintage of the funds.

是的，我想說，二級市場交易的折扣幅度很大，這取決於許多不同的因素，投資的年資、成熟度等級、業務類型、有無控制、基金的年份。

So there, there's a lot of factors that go into the discounts and it's the discounts vary quite a bit, but broadly if you look over the years, about a 10% discount on average is pretty normal. You might have a year where there was a particular transactions that narrowed the discount a little bit, and there are years where it's been significantly wider, but based on kind of a lot of the work that we did, we were quite comfortable that around that 10% range is quite a normal, and a discount for secondary trades.

所以，影響折扣的因素很多，而且折扣幅度也差很多。但總的來說，如果回顧過去幾年的情況，平均10%左右的折扣是相當正常的。或許有些年份因為某些交易而導致折扣幅度略為縮小，也有些年份的折扣幅度明顯擴大。但根據我們所做的大量工作，我們相當確信10%左右的折扣幅度是相當正常的，而且是二級市場交易的折扣。

Awesome thanks Jaspreet.

太棒了，謝謝 Jaspreet。

Thank you.

謝謝。

Jaeme Gloyn, National Bank Financial.

Jaeme Gloyn，國家銀行金融部門。

Thanks, just wanted to follow up on that theme, on the secondary, and you talked about significant demand in secondaries increasing, over the past several years. And just curious as to the decision to place it with BAM and are you receiving other inbounds?

謝謝，我只是想繼續聊聊關於二級市場的問題。您提到過去幾年二級市場的需求大幅成長。我很好奇為什麼選擇BAM當發行平台？你們是否還收到其他入站申請？

Is it a case of, the bid ask is too wide or the discounts too wide, I should say from other third party players like maybe walk us through how this increase in secondary demand is starting to, or has been, flowing through into the BBU businesses that you might look to monetize.

這是買賣價差過大還是折扣過大的情況？我應該從其他第三方參與者那裡了解一下，二級需求的成長是如何開始或已經流入您可能想要貨幣化的 BBU 業務的。

Thanks for the question. It's Anuj here. I wouldn't say that we were actively, looking to monetize through secondary transactions time that we did this, although perhaps that could change in the future.

謝謝你的提問。我是 Anuj。我不會說我們當時積極地、透過二級交易來獲利，儘管這種情況在未來可能會改變。

The opportunity arose and it was quite a unique opportunity for you, BAM or Brookfield with its brand, its capability and its reach in the retail wealth markets to be able to provide something that we thought was quite a creative to our shareholders and that probably a better discount than what we felt could be achieved in the broader secondary markets just based on our analysis, given some of the criteria that we mentioned earlier about timing of investments, how close they are to liquidity otherwise and things like that.

機會出現了，對於你們、BAM 或 Brookfield 來說，這是一個非常獨特的機會，憑藉其品牌、能力和在零售財富市場的影響力，我們能夠為股東提供一些我們認為非常有創意的東西，而且根據我們的分析，考慮到我們之前提到的一些標準，比如投資時機、流動性的接近程度等等，我們認為這個折扣可能比在更廣泛的二級市場上可以實現的二級市場更好。

So it was more opportunistic, but there is definitely a growing secondary market. It is well established. There are, opportunities outside of this as well to explore secondaries if we chose to. We just weren't actively looking at that at the time that we came across this opportunity.

所以這更像是一個機會主義的舉動，但二級市場確實在不斷成長，而且已經相當成熟。如果我們願意，也有很多機會可以探索二級市場。只是我們當時遇到這個機會的時候，並沒有積極地去考慮。

Okay, understood. Shifting into the operations, looking at the other business services line nice step up and growth there, can you talk to some of the organic drivers and businesses that are that are supporting that result in the other business services segment?

好的，明白了。接下來我們轉向運營，看看其他業務服務線的良好發展和增長，您能否談談其他業務服務部門中一些有機驅動因素和支持這一成果的業務？

Yeah, it's Jaspreet. Just a couple of things, the biggest impact is probably coming through from our construction operations. So you might recall last year we had a couple of projects in Australia that were quite challenged and had some cost overruns.

是的，是Jaspreet。就說幾件事，最大的影響可能來自我們的施工運作。你可能還記得，去年我們在澳洲有幾個計畫面臨很大挑戰，而且成本超支了。

So we booked those cost overruns through EBITDA. And the business has now completed those projects and they're behind us and overall the book at a construction business is quite good.

因此，我們將這些成本超支計入了息稅折舊攤提前利潤 (EBITDA)。目前，這些項目已經完工，我們已取得進展。整體而言，建築業的帳面狀況相當不錯。

All the projects are performing well and you're seeing kind of, normalized EBITDA performance come through. So I'd say just that year over year depressed performance last year versus a more normalized performance this year, is accounting for that increase.

所有項目都表現良好，EBITDA 績效也趨於正常化。所以，我認為，正是去年業績年減，而今年業績趨於正常化，才導致了業績的成長。

And then I'd say broadly some of the other businesses are also marginally better and some of that is offset by the sale of our road fuels operations business. So that would have been in the results last year and since we sold the business, it's not in our results this year.

然後我想說，總體而言，其他一些業務的表現也略有好轉，其中一部分被我們出售道路燃料業務所抵消。所以這部分業務本來應該計入去年的業績，但由於我們出售了該業務，所以它不計入今年的業績。

Okay, on the buybacks, or I guess, maybe a broader capital allocation question here as well too, but, I believe you mentioned targeting [$250] million of share buybacks. I think that was in 2025, maybe just refresh me on that.

好的，關於股票回購，或者我想，這裡可能也涉及到一個更廣泛的資本配置問題，不過我記得你提到股票回購的目標金額是[2.5億美元]。我記得那是在2025年，或許可以讓我再回顧一下。

Previous guidance and does it still hold and then. The second question around this is you know how are you viewing the Brookfield preferred share and then pay down of corporate borrowings as part of the use of this liquidity today that is I believe it's like all-time highs for Brookfield or for BBU.

之前的指引是否仍然有效？第二個問題是，您如何看待 Brookfield 優先股以及償還公司借款作為今天流動性使用的一部分？我認為這對 Brookfield 或 BBU 來說都創下了歷史新高。

Yeah, so I think we've always talked about kind of our capital allocation priorities in three buckets, paying down the corporate leverage, just so that we can continue to have flexibility, at the BBU level to, fund the growth of the business and not have our bridge facilities or RCFs kind of fully drawn.

是的，所以我認為我們一直在談論我們的資本配置優先事項，分為三個部分，降低企業槓桿率，這樣我們就可以繼續在 BBU 層面擁有靈活性，為業務增長提供資金，而不會讓我們的過橋貸款或 RCF 被完全提取。

The second is around, funding growth of the business when we see, good opportunities to make a creative, acquisitions. And then finally at the current kind of trading price, repurchases continue to be, very good use of capital for us just because they're so accretive to underlying intrinsic values.

第二，當我們發現有好的時機進行創意收購時，我們會為業務成長提供資金。最後，在目前的交易價格下，回購對我們來說仍然是非常有效的資本利用方式，因為它能夠顯著提升公司的潛在內在價值。

So those are still kind of our three priorities and I think we've progressed on all three this year. And we paid down our corporate line by about a billion dollars. We've with the first national announcement, that'll be kind of the third acquisition for BBU and you know on each of the acquisitions we've committed $150 to $200 million.

所以這仍然是我們的三大優先事項，我認為我們今年在這三個方面都取得了進展。我們減少了約10億美元的公司級支出。隨著我們首次全國性公告的發布，這將是BBU的第三次收購，你知道，我們對每次收購都投入了1.5億到2億美元。

So I mean, decent size to continue to fund growth and then specifically on your question on repurchases at these trading levels, it makes a lot of sense to continue to buy back. You're exactly right, it was a $250 million dollars repurchase program that we announced earlier this year.

所以我的意思是，規模夠大才能繼續支持成長。具體到你提到的在當前交易水準進行回購的問題，繼續回購非常合理。你說得對，我們今年稍早宣布了一項2.5億美元的回購計畫。

We've now bought back $160 million on that $250. And we are at the point where we're bumping up against kind of our NCIB or normal course issuer bid limits, but that NCIB will renew mid-August and when that renews, we'll continue the buyback program so we're still committed to that 250.

我們現在已經回購了1.6億美元，用於之前2.5億美元的債券。目前，我們正處於接近NCIB（即正常發行人投標限額）的階段，但NCIB將於8月中旬續期，屆時我們將繼續執行回購計劃，因此我們仍將維持2.5億美元的回購規模。

Okay, and just a quick comment on the pressure.

好的，我只是想簡單評論一下壓力。

Yeah, so the prof shares we paid half of them down, and we've still got the other half outstanding. Brookfield does have a [BA] and Brookfield Corporation does have the right to ask for a redemption of those shares from either equity [assurances] or monetization activity.

是的，我們已經支付了一半的股息，還有一半未償還。 Brookfield 確實擁有[BA]，而 Brookfield Corporation 也有權要求透過股權[擔保]或貨幣化活動贖回這些股份。

So you know that is an ongoing dialogue that we have with Brookfield. But as you know there very supportive and our largest shareholder, so you know we'll continue to have those discussions as we continue to kind of generate proceeds. But I'd say, the priorities for capital allocations are kind of the things that I laid out.

你知道，我們與Brookfield一直在進行對話。如你所知，他們非常支持我們，也是我們最大的股東，所以你知道，隨著我們繼續創造收益，我們會繼續進行這些討論。不過，我想說的是，資本配置的優先事項是我之前列出的。

Yeah, last one. Just Jaspreet, can you just refresh? I noticed in the letter there's a couple of nice refinancing transactions, the operating companies levels. Can you just refresh where we are on let's say a debt maturity schedule, although the rates of upcoming maturities compared to current environment, just to comment on that for the operating companies.

是的，最後一個問題。 Jaspreet，您能簡單回顧一下嗎？我注意到信中提到了幾筆不錯的再融資交易，都是營運公司的水平。您能否簡單回顧一下我們目前的債務到期時間表，以及即將到期的利率與當前環境的比較，僅就營運公司的情況進行評論。

Sure. So we don't have really any large scale debt maturities in the next 12 months. We've gotten ahead of, all of those maturities. The things, the debt that is maturing over the next 12 months is all kind of more of the operating company debt.

當然。所以，我們未來12個月內實際上沒有任何大規模債務到期。我們已經提前償還了所有這些債務。未來12個月到期的債務，更多是營運公司的債務。

So if you think of, business like Latrobe in Australia where we've got debt to fund our, the mortgage loans that they make, so those are maturing and get refinanced on a regular basis. But if you think about kind of any of the debt in our larger businesses, there's nothing maturing over the next 12 months.

所以，想想像像澳洲拉特羅布這樣的企業，我們透過債務來融資，他們發放的抵押貸款，這些貸款正在到期，並定期進行再融資。但想想我們規模較大的企業的任何債務，未來12個月內都沒有到期債務。

We've been very proactive in pushing out any of our debt maturities. Most recently, we did two refinancing's. One was at Modulaire, where our debt was maturing in 2028, but the technical just around the debt markets have been very positive.

我們一直非常積極地推遲所有債務的到期日。最近，我們進行了兩次再融資。一次是Modulaire的債務，到期日為2028年，但債務市場的技術面一直非常積極。

So we decided to extend the maturity on that debt out another three years, and then we also did refinancing at Clarios for debt that was maturing in 2027. And that the maturity has now been pushed out five years.

因此，我們決定將該債務的到期日再延長三年，然後我們也在 Clarios 為 2027 年到期的債務進行了再融資。現在，債務到期日已延長了五年。

We also did something a little bit more opportunistic at, Chemelex where, we were able to reprice the spread on our debt, so the debt was priced at sulfur 350 and we were able to narrow that spread to sulfur 300. So that'll, be a nice interest expense savings for the business.

我們也在 Chemelex 做了一些更具機會主義的事情，我們能夠重新定價債務的利差，因此債務的定價為硫磺 350，我們能夠將利差縮小到硫磺 300。因此，這對企業來說將是一筆不錯的利息支出節省。

So we're very active, we stay on top of our debt maturities like the average weighted maturity in the portfolio is close to six years, just shy of six years now. And, we've got quite a bit of our debt hedged as well, so we feel pretty good about kind of managing the debt within the businesses.

所以，我們非常積極，密切關注債務期限，投資組合的平均加權期限接近六年，現在略低於六年。而且，我們也對相當一部分債務進行了對沖，因此我們對企業內部的債務管理感到相當滿意。

Great, thank you very much.

太好了，非常感謝。

That concludes today's question and answer session. I'd like to turn the call back to Anuj Ranjan for closing remarks.

今天的問答環節到此結束。我想請Anuj Ranjan致閉幕詞。

Thank you all for joining and we'll see you next quarter.

感謝大家的加入，我們下個季度再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。