Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 134

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 134
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 $1,557 million compared to $513 million for the year ended December 31, 2022. The increase in Adjusted EFO was primarily due to a net gain recognized on the disposition of our nuclear technology services operation.

Adjusted EBITDA in our infrastructure services segment for the year ended December 31, 2023 was $853 million, representing a decrease of $19 million compared to $872 million for the year ended December 31, 2022. Increased contribution from our lottery services operation which we acquired in April 2022 was offset by reduced contribution from our nuclear technology services operation which we sold in November 2023.

Our lottery services operation contributed $140 million to Adjusted EBITDA for the year ended December 31, 2023, compared to $98 million for the year ended December 31, 2022. The increase was primarily due to the impact of a full period of contribution in 2023, supported by improved business performance relative to the prior year driven by higher volumes and resilient industry fundamentals. Cost optimization initiatives and easing inflationary pressures contributed to 2023 results.

Our modular building leasing services contributed $164 million to Adjusted EBITDA for the year ended December 31, 2023, compared to $158 million for the year ended December 31, 2022. Results benefited from increased sales of higher margin value-added products and services and an add-on acquisition completed during 2023, partially offset by reduced activity, primarily in the United Kingdom.

Our offshore oil services contributed $200 million to Adjusted EBITDA for the year ended December 31, 2023, compared to $208 million for the year ended December 31, 2022. The decrease was primarily due to lower contribution from FPSO and shuttle tanker operations, partially offset by our increased ownership interest following the completion of a recapitalization at the beginning of 2023.

  88      Brookfield Business Partners  

Industrials

The following table presents Adjusted EFO and Adjusted EBITDA for our industrials segment for the years endedDecember 31, 2024, 2023 and 2022:

                       Year ended December 31,                                                   
  (US$ MILLIONS)       2024                                    2023               2022           
 ─────────────────────────────────────────────────────────────────────────────────────────────────
  Adjusted EFO         $                              935      $         492      $         473  
  Adjusted EBIT