Financial Data and Key Metrics Changes - Third quarter adjusted EBITDA was $575 million compared to $844 million in the prior period, reflecting lower ownership in three businesses following the partial sale of Anktrus and including $77 million of tax benefits [16] - Adjusted EFO for the quarter was $284 million, benefiting from lower current tax expense and reduced interest expense due to decreased corporate borrowings [16][20] - The company's market cap increased by nearly $1 billion following the announcement of a corporate structure simplification [5] Business Line Data and Key Metrics Changes - The industrial segment generated adjusted EBITDA of $316 million compared to $500 million in the prior period, with a 17% increase in underlying performance driven by higher volumes and demand for advanced batteries [16][17] - The business services segment's adjusted EBITDA was $188 million compared to $228 million last year, impacted by the sale of a partial interest in dealer software and technology services [18] - The infrastructure services segment's adjusted EBITDA was $104 million compared to $146 million in the same quarter last year, reflecting the sale of offshore oil services and a partial interest in work access services [19] Market Data and Key Metrics Changes - The broader global economy has remained resilient, with public markets at record highs and transaction activity increasing due to declining global interest rates [8] - The company noted that the capital markets environment in Brazil is challenging but showing signs of improvement, with interest rates having peaked [24] Company Strategy and Development Direction - The company is focused on capital recycling, having generated over $2 billion in proceeds and repaying $1 billion of borrowings [4] - Plans to simplify corporate structure aim to improve trading liquidity and increase demand for shares from index investors [5] - The company is leveraging AI to enhance operational capabilities and drive value creation across its businesses [7][50] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism heading into the fourth quarter, noting strong performance in public markets and transaction activity [8] - The company is confident in its growth prospects, particularly in sectors like water treatment and sewage, where significant opportunities exist [26] Other Important Information - The company has repurchased just over $160 million of its units and shares as part of its buyback program [4][20] - The company is actively pursuing strategic growth acquisitions, having invested $525 million in three acquisitions [4] Q&A Session Summary Question: Regarding BRK and potential IPO - Management indicated that an IPO is one option for monetizing BRK, but the capital markets environment in Brazil remains challenging [24] Question: On Latrobe and regulatory actions - Management clarified that the issues with Latrobe are primarily disclosure-related and have not impacted the underlying fundamentals of the business [27] Question: On Dexco's performance - Management expressed confidence in Dexco's performance, noting an improving market and signs of recovery [46] Question: On AI benefits across investments - Management highlighted the operational improvements and data opportunities being realized through AI across various businesses [48][50] Question: On capital allocation and liquidity - Management confirmed that while they are comfortable with current leverage, they remain opportunistic regarding new investments and buybacks [51]