Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 130

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 130
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 liabilities                                            24,185                29,435                28,436  
  Interests of others in operating subsidiaries                 3,925                 5,213                 6,163  
  Equity attributable to Unitholders                            3,473                 3,418                 3,340  
  Total equity                                       $          7,398      $          8,631      $          9,503  

Comparison of the years ended December 31, 2024 and December 31, 2023

Adjusted EFO in our business services segment for the year ended December 31, 2024 was $641 million, representing an increase of $5 million compared to $636 million for the year ended December 31, 2023. The increase in Adjusted EFO was primarily due to the factors described below, combined with net gains recognized on the disposition of our road fuels operation and the deconsolidation of our payment processing services operation as a result of combining the business with Network.

Adjusted EBITDA in our business services segment for the year ended December 31, 2024 was $832 million, representing a decrease of $68 million compared to $900 million for the year ended December 31, 2023. Strong performance at our residential mortgage insurer was primarily offset by the impact of a cyber incident at our dealer software and technology services operation and reduced performance at our construction and healthcare services operations during the year. Prior year results included contribution from our road fuels operation which was sold in July 2024.

Our residential mortgage insurer contributed $249 million to Adjusted EBITDA for the year ended December 31, 2024 compared to $217 million for the year ended December 31, 2023. Performance benefited from an overall stable Canadian housing market and relatively low losses on claims as a result of low unemployment and high levels of embedded equity which is enabling borrowers to self-cure mortgage delinquencies. While losses are expected to increase to long-term levels over time, normalizing mortgage rates and gradually improving affordability contributed to higher new insurance premiums and is expected to support moderate home price appreciation this year.

Our dealer software and technology services operation contributed $175 million to Adjusted EBITDA for the year ended December 31, 2024 compared to $217 million for the year ended December 31, 2023. Results reflected higher costs associated with ongoing investments in modernization and technology upgrades to enhance customer service levels, product functionality and long-term growth of the business,