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Operator

Good morning, ladies and gentlemen, and welcome to the Third Quarter Earnings Call for Light. Today’s event will be in Portuguese and will be translated into English. If you would like to listen to the English language audio, you can click on the Interpretation button at the bottom of your screen. We’d like to inform you that this event is being recorded and it will be available at the company’s Investor Relations website along with the materials used in this presentation, which can be downloaded there. [Operator Instructions]

Before we continue, I would like to state that any remarks during this presentation about the company’s business perspectives, projections, operational and financial goals are simply based on the directors’ beliefs and assumptions. They are based on information that is currently available for the company. Remarks about the future are not a guarantee of performance as they involve risks and assumptions and refer to future events that, therefore, depend on circumstances that may or may not occur. Investors should understand that the general economic conditions, industry conditions and other operating factors may affect the company’s future results and lead to results that differ materially from those expressed in these forward-looking statements.

After that disclaimer, we will begin the company’s presentation with Mr. Alexandre Nogueira, CEO, who will make his opening remarks; and then we will hear from Rodrigo Tostes, CFO and Investor Relations Officer, who will talk about the company’s results.

Mr. Alexandre will begin. Go ahead, sir.

Alexandre Ferreira
CEO & Member of Executive Board

Good morning, everyone, and welcome to

“The assertions and innuendos in the article are completely false,” an Alibaba representative said. “We question the motivation behind the anonymous leak, which the FT admits that they cannot verify.”

The Alibaba representative called the article a “malicious PR operation” that appears to “undermine President Trump’s recent trade deal with China”.

Alibaba employees, according to the report, also transferred knowledge about “zero-day” vulnerabilities to the PLA.

Newsfrom Japan

Economy
Technology

Nov 15, 2025 14:33 (JST)

By Alexandre Rajbhandari

Warren Buffett’s Berkshire Hathaway Inc. acquired 17.9 million shares of Google parent Alphabet Inc. during the third quarter, while further trimming its holdings in Bank of America Corp. and Apple Inc.

Berkshire’s Alphabet stake, representing 0.31 per cent of the outstanding shares, according to a regulatory filing Friday, was worth about $4.9 billion as of the market close.

Shares of Alphabet rose 1.7 per cent to $281 in extended trading at 5:05 p.m. in New York.  

Buffett, 95, who plans to step down as chief executive officer at year-end, has been finding ways to deploy some of Berkshire’s cash pile, which rose to a record $382 billion at the end of the quarter. The Omaha, Nebraska-based conglomerate recently reached a deal to buy Occidental Petroleum Corp.’s petrochemical business for $9.7 billion and acquired a $1.6 billion stake in UnitedHealth Group Inc.

Berkshire also added 4.3 million shares of insurer Chubb Ltd., boosting the value of that holding to $8.8 billion at the end of the quarter.

Still, the company was a net seller of equities during the period, offloading $6.1 billion of stocks. 

Berkshire trimmed its Apple stake by 15 per cent, leaving it with a holding valued at $60.7 billion as of Sept. 30. The Cupertino, California-based iPhone maker still accounts for almost a quarter of Berkshire’s equity portfolio. 

The conglomerate sold 37.2 million Bank of America shares, leaving it with a 7.7 per cent stake in the Wall Street firm.

Berkshire also exited its position in US home builder D.R. Horton Inc., while it continued to add to its holding in Lennar Corp.