Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 133

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 5
Chunk 133
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 1,588  
  Total equity                                       $          5,760      $          6,306      $          4,170  

  Brookfield Business Partners      87  

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

Adjusted EFO in our infrastructure services segment for the year ended December 31, 2024 was $287 million, representing a decrease of $1,783 million compared to $2,070 million for the year ended December 31, 2023. The decrease in Adjusted EFO was primarily due to lost contribution from our nuclear technology services operation that was sold in November 2023.

Adjusted EBITDA in our infrastructure services segment for the year ended December 31, 2024 was $606 million, representing a decrease of $247 million compared to $853 million for the year ended December 31, 2023. Prior year results included $236 million of contribution from our nuclear technology services operation which was sold in November 2023. Current year results benefited from improved performance at offshore oil services, offset by reduced contribution from work access services.

Our offshore oil services contributed $202 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $200 million for the year ended December 31, 2023. New contracts and higher utilization levels in shuttle tanker operations was offset by reduced contributions from FPSO operations due to lower activity.

Our modular building leasing services contributed $163 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $164 million for the year ended December 31, 2023. Performance was impacted by lower units on rent primarily in the United Kingdom, France and Germany. The business is focused on initiatives to redeploy units to more resilient segments of the European market.

Our lottery services operation contributed $139 million to Adjusted EBITDA for the year ended December 31, 2024, compared to $140 million for the year ended December 31, 2023. Improved industry retail sales, margin enhancement initiatives and the timing of terminal deliveries benefited performance. Recent commercial wins are expected to contribute to higher annual earnings and cash flows once fully ramped.

Comparison of the years ended December 31, 2023 and December 31, 2022

Adjusted EFO in our infrastructure services segment for the year ended December 31, 2023 was $2,070 million, representing an increase of