Brazil's Industrial Entrepreneur Confidence Index (ICEI) rose to 47.2 in October 2025, up from 41.9 in September, signaling a mild improvement in sentiment but still below the 50-point threshold that separates optimism from pessimism. The Current Conditions Index reached 43.2, reflecting better assessments of both company conditions (46.5, +1.3 points) and the Brazilian economy (36.7, +1.4 points). Meanwhile, the Expectations Index increased for the third consecutive month to 49.1 (from 48.3), indicating that confidence about the next six months remains cautious but less negative. Business owners reported improved expectations for the economy (41.0, +1.5 points) and slightly greater optimism regarding their own companies (53.2, +0.5 points).