Operational Value Creation At Portfolio CompaniesSubstantial, sustained EBITDA improvements at Clarios and Nielsen indicate genuine operational leverage and integration capability across acquisitions. This drives durable margin expansion, stronger recurring cash flows, and greater capacity to fund growth or reduce leverage over multiple years.
Strong Liquidity And Active Capital RecyclingMaintaining several billion in corporate liquidity and converting assets to cash through disciplined recycling provides durable optionality. It lowers refinancing risk, supports opportunistic acquisitions or buybacks, and cushions the portfolio versus cyclical downturns over the medium term.
Improved Financing Terms And Interest SavingsLowered financing costs and completed large refinancings materially reduce cash interest expense and increase free cash flow persistence. These structural savings improve coverage metrics, ease deleveraging paths, and enhance resilience to rate volatility over multiple reporting periods.