Good morning everyone. Welcome to Q4 2025 and the year of 2025 of Ânima Educação conference call.

I am Carina Carreira of Ânima, and we have Paula Harraca, CEO; Átila Simões da Cunha, CFO; and Tiago Moraes, CFO of Inspirali. This presentation is being recorded, and it will be made available today on our IR website of the company, where you can find all the other materials of these earnings results.

At the end of the presentation, we'll have a Q&A session, and to ask a question, just use the raise hand button. Before turning over to Paula, we'd like to share with you our 2025 year.

It was a year of deliveries. What we promised, what we gained: purpose, sustainability, optimizing processes, results, reduced leverage, the power in decisions actually turned everyday academic quality that everything was in the center, learning flourished,

customer or student satisfaction increased, efficiency increased, discipline and focus, valuing, recognition, the heart of the experience. We launched Community, innovation, and creativity, teaching, technology, and we took the first steps in new projects, reformulating our Executive Committee, results consistency, and we keep flowing together with quality, discipline, and focus.

Good morning, everyone. I'm Paula Harraca.

I am CEO of Ânima, and I'd like to, first of all, thank you all for taking part, following us. I'd like to thank your participation and the delivery, the commitment, dedication of our educators, who are the protagonists of the results we're going to share, to each and every one of our students who choose us, and all the people that are part of the Ânima ecosystem.

Carina is going to share the results, but this video in the beginning has been trying to capture and summarize a year in a minute. Some of you might have seen, during our Ânima Investor Day in the Community, recently launched University for Creative Economy, at full speed.

This video tried to capture a bit of the essence, the energy, all the images are real. There's no AI.

Ânima is at full speed. So, 2025 is a very important year to us of a turning point, of consolidating our strategy that we call the third sustainable growth wave, because it's only possible because of the people that are there and the images that give life to our value proposal every day.

After this introduction, we can move to the results. I think you're going to share it.

Right. Very good.

We are presenting fourth quarter 2025, consolidated year as well. I, as a sports person, I was a grass hockey athlete in Argentina.

Something that athletes like the most is to exceed records, and this continuous improvement that is never-ending. In 2025, we delivered the best EBITDA of Ânima's history, the best revenue of Ânima's history, and we were able to have a cornerstone of over R$4 billion, growing almost 6% regarding 2024.

It was possible due to the ticket growth in all our segments, with the growth of our ability of intake. We became attractive again in our core business.

It's very significant. It represents that we are growing again.

What we proposed to do, we did. Inspirali is resilient, essential in our strategy, and good deliveries in all our business fronts.

Our profitability, as I said, continues to grow because we do an exercise that is very disciplined of fitness management of our cost and our efficiency. We were able to increase revenue and hold our cost.

This led to an EBITDA of over R$1 billion 200 million, growing over 11% regarding 2024 in the consolidated year, with net income of over R$124 million, growing over 45% regarding previous year. All of this in a context that is challenging, in which we were able to have healthy operating cash flow, R$1.5 billion, keeping our leverage at this level.

We reached 2.49 at year-end that allows us to keep our strategy of growth that is sustainable of our third wave. Moving on to the details so that we can dive into the businesses, I'm going to call my co-pilot, Átila, please.

I'll be back with you for the closing.

Thank you. Thank you, Paula.

Good morning, everyone. It's a pleasure to be with you on this Friday to present the results of a year, very important, showing the continuity of the core, the soundness of Inspirali, among several other things that we're going to see in a while.

The numbers first, they reflect the work of thousands of educators. Here we are just the spokespeople of the thousands of people that work with their hearts and minds every day for the purpose of transforming the country through education, taking quality education to Brazil, for Brazil.

To you, Ânima educators, our thank you very much, and congratulations. Those numbers have the hands, the heart, and minds, and dedication of each and every one of you.

Moving on to the numbers, on this first slide, we have very important piece of news for 2025: resuming growth and intake. All the work of strengthening brands, quality, reinforcement, resuming the academic strategies, investing, reinforcing academic quality has been actually echoing in our marketplace.

In 2025, we resumed the growth of intake, 7% of intake, 5% in the semester. Quite interesting number considering that we keep on following very careful regarding ticket.

We look at the chart on the right, we grow in intake, but also ticket, growing with quality, not just to grow, but it's with quality, with revenue quality, so that we can actually, at the end of the day, bring operating results that are increasingly sound. Core business is the largest one in our business.

It's been growing and driving Ânima's expansion, and it is firm in its trajectory of recovery. The other segment, Digital or distance learning, we have the focus of working on quality.

We have an offer that has been dedicating, had been dedicating to better quality products with higher ticket prices, and over the year, we had drops in intake, as you've seen, but was supported by the ticket within our strategy, making us to, despite the drop in volume, we were able to sustain growth in revenue and margin expansion, deriving from the reduction in drop-out rates. The margin increase is an intelligent work of our teams to use careful the money of students also in the core segment in the distance learning segment.

We have just despite the drop in volume, an expansion of the segment over the year, knowing that as of 2026, we have the regulatory framework of as of 2025 year-end, we have some impact of that in our results. The segment has an impact, but since we have the core segment very sound, consistently growing, we are very well-prepared for this change with the legal framework, and we're going to address that in a while.

I'd like to talk and actually turn the over to Tiago to talk about Inspirali. It's our health or medical school segment, and Tiago, up to you.

Good morning. Thank you very much.

Thank you, Paula, and Átila. It's a pleasure to talk about Inspirali.

Inspirali follows with great discipline and consistency, looking at our ticket year-over-year. We grow 100% in the quarter, 7.8%, if we reduce or take out the PVA, the present value adjustment, we would keep on growing quarter-over-quarter on the same levels.

Our student base is growing 24% in the year. Highlight to continuous medical education, growing over 75%, with the Eu Médico Residente entrance, or net revenue growing 9.8%.

We highlight continuous medical education, growing over 50% compared to previous year. Again, it's one of the growth verticals that we have internally.

Also graduate studies growing, and undergraduate studies growing, we have operating results of 9.1% growth and stable margins that we had in previous quarter, we kept the pace with great resilience. In addition to the financial highlights, it's important to stress our commitment to promoting health, linking our academic training.

Over 2025, we made over 200 humanitarian missions in our 15 schools, of the 15 care services in communities that are vulnerable, that we have our integrated health centers carrying out over 250,000 services or visits. The spaces are where there is care, teaching, commitment to our society.

I turn back to you, Átila. Thank you.

Great, Tiago. The work we carry out at Inspirali throughout Brazil is wonderful.

It's worthwhile knowing in depth the transformation Inspirali makes in its communities. Going back to our numbers, they reflect a company that grows in all its business segments.

We see consistency in the core, in distance learning, in Inspirali. We see an alignment of strategy, and we work volumes and also quality of revenue.

We see all the segments great operating efficiency, good use of students' resources. We know how difficult it is for our students to pay their tuition, and this is embedded in the minds of our educators, responsibility in the use of students' tuition fees, seeking efficiency.

This has led us to be able to grow in revenue, expand margin, and EBITDA. I think, as Paula said, we have yet another quarter of record EBITDA.

We have very high growth, a very important growth. Those of you that follow us in the long term can go back to 2022, we were talking about this number about R$700 million, some reais.

It's very important growth, like R$1.2 billion, and not only considering its magnitude, but due to the consistency and constant, as Paula said, sportspeople have to be constantly improving, and this is our philosophy at Ânima. The next round has to be faster, and that's the spirit we share.

Net revenue, even with a major impact of the expansion of the Selic or interest rate during the year, we are able to increase our net revenue quite significant of 45%, our net income. This shows the health of our business, the assertiveness of our choices, and the potential that we have ahead.

Moving on, the well, this bar hurts my heart, the impact of financial expenses. Even absorbing that, our income increases, but what is bad in the past may be good in the future.

We may see from now on, we have an expectation, obviously depending on how things behave, the bar will shrink. As it shrinks, you can feel what the impact may be to our results and how we have been doing very important work of liability management, compressing spreads, extending the debt.

On the next slide, we have been very efficient in the use of resources and very disciplined in our CAPEX, keeping our level at 5.4% of net income, investing in technology. This has been our main choice to improve students' experience, to bring more efficiency to our business.

This set on the left in systems and technology shows that, and we have attained the results that were expected. We have been bringing a lot of improvements.

Our app is very popular, and we have optimized our processes, the intensive use of AI in several internal processes, also bringing agility and savings. We've had, as Tiago said, we had two new Inspirali units that were opened in the fourth quarter for continued medical education, graduate medical school, one in São Paulo and other the other one in Recife, investing in the future, and we show discipline and, at the same time, assertive choice to where allocate resources of our investments.

On the next slide, all of it together shows a company with high ability of cash generation. The bar on the left is what we generated after CAPEX, working capital, payment of of financial expenses.

R$198 million is the basic math: EBITDA minus working capital, CAPEX, financial expenses. All of this is what generates cash, free cash.

This is very a sound company, very consistent, with robust cash generation despite the 15% Selic or interest rate rate. We are able to distribute dividends and invest in growth.

Over the year, we made important acquisitions of the minority at UNIFG, where we have 100%, before it was 75%, and and we bought 10% of FASEH. We moved from 73% to 84%, and we also acquired, in this first quarter of this year, in the explanatory note, we bought 10% more of FASEH.

We have 94% of it, in addition to investing in other initiatives that generate potential new growth avenues. As Paula put it quite well, the first most innovative and best university for content creators perhaps in the world, the Community Academy.

Allocating our resources, we have a cash position that feels us makes us feel very assured to face turmoil that we see ahead. We ended the year with a R$1.7 billion cash position, and we have we have enough cash to pay all our debts.

The company is very healthy, generating cash, and we have a position that puts us very comfortably in a situation that we can pay our debts, and our investors have to concern themselves, and educators have to focus on what is important, which is deliver the best quality teaching or education. We keep consistent leverage that is organic, totally disciplined.

We ended the year below 2.5 with 2.49 of deleveraging. Our leveraging is old-style EBITDA, all the liabilities, installments, accounts payable vis-à-vis EBITDA after the payment of rent, and we keep on improving consistently quarter after quarter, showing the resilience and soundness and ability of cash generation for our business.

Paula, I turn back to you for our final remarks.

Thank you, co-pilot. Those results, as Átila said, reflect a trajectory.

This is not just one quarter. When he shows this chart, you can make those charts for various indicators, economic and financial ones: leverage, EBITDA, revenue.

This great move that Ânima has been making that we call the third wave is at full speed, sound, consistent, with no pyrotechnics, no magics, doing very well what Ânima has always been and has known how to do, which is having quality education to all and scale our value proposal. We continue committed to this movement, looking up our revenue.

We know we can take and we are taking our value proposal to more students. These numbers are about 2025, but this is 2026 at full speed.

We are on our final lap of our growth, and we do this through prioritizing, as Átila said, this binomial, which is the heart of our business, of our transformation, which is, okay, student and professor and teacher-centered. We're investing in the development of our students, engagement of our students.

We've seen our indicators how many faculty members are taking part in all activities that we propose, keeping this responsibility in the use of our resources, students' money. Átila mentioned it.

It's not a controller. It's not financial department control.

It's discipline. It's the muscle.

It's part of our veins, our DNA of all our educators, of our entrepreneurs that make the Ânima system. Looking at the context, we're still optimistic.

We know the scenario brings challenges, but great opportunities. They are happening.

We remain optimistic, and this to us, it's a road with no return, and we reinforce that our protagonism of transforming Brazil through education demands our future in education. We are building the future of education as protagonists, and the future education once again.

I'd like to thank everyone because I know those results that are very important, they sustain our growth trajectory in our third wave, supports the results we're going to deliver in 2026. They result from the commitment, engagement, the ownership, the competence of this incredible team of educators that are part of Ânima Educação.

Now, Carina, without further ado, I turn over to you, and I'm available for the Q&A session.

Thank you. We'll start the Q&A session, and if you want to ask a question, just raise your hand.

The first question today is from Flavio Yoshida from Bank of America.

Good morning, Flavio.

Hello, good morning. Good morning, Paula, Átila, Carina.

We have two questions on our side. The first regarding student base dynamics when we look at Ânima Core to understand what we could expect for 2026, if you see a possibility of growing the base in 2026.

We've seen that the drop-out has increased a bit in Q4. I'd like to know how you see this dynamics for 2026, and if you could comment on the intake process that is taking place in this quarter.

My second point is bad debt, and I'd like to have some color on what we should expect for 2026, if you see some room for improvement in 2026. You had improvement in 2025, even in Q4 a bit above what we expected, those are the two points: dynamic of student base and bad debt.

I'm going to start talking about our intake, and then I turn over to Átila to talk about bad debt. Our performance is very good, as I said.

We started this intake continuing or keeping our strategy, just as we ran 2025, with strengthening the brands even better. We prepared very well.

We started with a planning knowing that we had challenges of the legal framework, and this does not impact Ânima. Much on the contrary, we see it as an opportunity.

If you look at how we're doing today is the 13th, the snapshot until yesterday, 12th of March we're doing very well on-campus. We are exceeding our own performance, exceeding market in intake in terms of volume and ticket.

Same in the semi-on-campus in attraction and volume or intake and volume and ticket. In digital distance, there is a drop naturally.

It was expected below the market drop because we had prepared ourselves adjusting, making all the necessary adjustments. It's not significant when we consider the three businesses: core, which is your main question.

We're going to grow. We're going to deliver an intake.

Let me add something. That is something I believe, Ânima, the team knows about that.

I learned that in sports. A coach, trainer that I had in Argentina, Marcelo, technical director.

You can only go through the white line at maximum speed. We only celebrate victory on the 31st of March, when our track ends in on-campus, semi-on-campus.

On the 7th of May, we're going to be here together. I trust that we're going to present to you, unless there's something very weird happens, we're doing very well, neatly a commercial cycle of growth in the core business, both in volume and ticket, and that's our strategy and your question.

Átila, turn over to you if you wanted to comment on bad debt. You've asked about drop-out rates.

Flavio, something that we've done late last year and is running, doing quite well in our strategy, we created a cell that is dedicated to student experience focused on the journey of a student end-to-end. Many times, what happens with freshmen first semester, it's got to do with engagement challenges that are academic or monitoring and the lack of follow-up.

We hadn't that, and we created that with all the areas, all the deans, and we do that with data. We have a predictive model telling us the chance of the person considering the activity, the performance, all data-driven.

I've been telling you a lot about that: power to the edge and data-driven with this intelligence cell that is working in dedication. We call it student experience for the success of the student to keep them with us and help them sort the possible hurdles they may face in their journey, leading them to disengage or drop out.

This is a strategic front of ours. We created an area, we have a group of experts, and we're working very much focused on that, Flavio.

Thank you for your question. Átila, would you like to add and talk about bad debt?

Sure. Flavio, thank you for your question.

We have been able to, over 2025, to grow revenue and reduce 8% of revenue and reduced 4% of bad debt. We keep accounts receivable in the control.

It grows in line with our revenue growth, DSO is totally stable year-over-year. We have a healthy growth and a drop in bad debt.

Great sign of quality of revenue. In Q4, we had a growth of 4Q over Q4.

We have R$50 million of bad debt. Last year was about R$25 million.

If you go back Q4 '23, was about R$50 million. It's a specific comeback that does not reflect a trend.

We follow very focused on quality revenue, and this has been yielding results. It shows that we have been able to reduce delinquency in our portfolio, which to us is a reason for great pride of the work carried out and assertiveness of choices.

Something that are not in our hands, well, we cannot promise the future. We'll keep on working to improve delinquency, more assertive collection.

We've made changes working with AI to help us in the collection actions and selecting how to address each type of student. Our delinquency or default management team is doing a right job.

We have very unexpected events. We do not make promises on the future on that.

What we do is what we're doing. What we're doing, we keep on doing, which is paying attention to quality of revenue, to have an intake cycle that does not use pyrotechnic tools to attract students.

Students start paying from the beginning. They start knowing what their commitments are.

They know what they will have to pay, and we do not let go of our ticket. We bring students that are more committed to their choice and the university that they've chosen.

We are loyal to our choices and what results are we going to reap from now on, we'll see. We keep on being very consistent and confident on our choices.

If it's going to increase and decline, we'll work on it to be reduced.

Thank you. Very good.

Have a good day.

Thank you, Flavio.

Our next question is from Samuel Alves from BTG Pactual.

Good morning.

Good morning, everyone. Two questions on our side.

First, if you could comment a bit on the drop of Inspirali's margin in the fourth quarter, 100 bps year-over-year, if there is a specific cause and how you see the increase in margin at Inspirali from now on. Second question, a bit more encompassing regarding capital allocation.

The company has been able to deleverage itself, removing seasonality in the quarter that is very consistent, again, descent. How do you see dynamics of dividends, environment for M&As, if there is room for CAPEX, organic CAPEX improvement, a question on capital allocation.

Thank you.

Samuel, good morning. Thank you for your question.

I'll start talking about our margin dynamics, and Átila, feel free to add on capital allocation, M&A. The Inspirali margin follows somehow within resilience, Samuel, and what we have of effect here specifically the quarter, we have the PVA, present value adjustment.

We have from the accounting standpoint has an impact. As we grow the continuous medical education within the Inspirali, and we have a movement and sensitization that is more in terms of margin, that should happen.

If you look at our student base, removing the Eu Médico Residente, we keep on growing in the graduate studies. As the pie grows, it is expected that we have some sensitivity there.

Átila, could you address the M&A part?

Thank you, Tiago. Thank you, Samuel.

If you look at the debt chart, we generated cash, we distributed dividends, we invested in the future in new growth avenues, our base segment, buying some stakes, and we understand the company is in a trajectory of a solid company that is eager to grow, that understands the importance of compensating its shareholders and the importance of reducing financial expenses, reducing its net debt. It's a day-to-day exercise for us to balance those three allocations, and this is how we should proceed: concerned with a good use of resources, but without this mind that is unidirectional.

Our mind is of balance of a company that has to seek these three things: to remunerate shareholders, reduce debt, and sow seeds for the future, be it in innovation and our core base business.

Thank you. Átila, if you allow me to do some follow-up.

Do you have some target leverage for the company as mid-term goal?

Samuel, we don't have a target leverage for the company in the short, mid, long term. We've had times in which we worked with net cash, times we worked with, as you've seen in the chart, leverage about 4.

We understand that our organic capability to reduce 0.3, 0.4 always every quarter year-over-year, we have this consistency of deleveraging. We've worked for years after years between 2 and 1/2.

It was possible to have an M&A, had set some growth and then deleverage quickly and resumed this consistency and deleveraging strategy. Naturally, with the Selic rate at 15, we have higher pressure.

If it were 2, the pressure would be smaller. Again, our mind set is to follow balancing these three elements: reduce debt, invest in the future, and compensation to our shareholders.

This is our mind. Thank you.

It's okay, Átila. You've answered quite well.

I would just like to add that this sound position of the company gives us this possibility, Átila, that you're mentioning, deciding with intent. We're no longer in this condition that we need to make decisions.

We can make decisions. This is very good for our strategy to actually balance on these three points that Átila put quite well.

Thank you.

Thank you, Samuel.

Our next question is from Mauricio Cepeda from Morgan Stanley. Mauricio, please.

Hi Paula, Átila, Carina. Thank you for the time.

Good morning. Two questions on our side.

The first is regarding well, we mentioned Paula Paula at the Investor Day, to me was one of the most important points, a Smart Campus. If you could share with us the roll-out, how partners see that, if they are adhering, and the demand of semi-on-campus in those places that you're offering.

Also, now that you have the first cycle over, what is the expansion potential that you see in the model, and if you see that you should have some CAPEX or OPEX additionally in those Smart Campus? The second question on another topic, I've been asking companies on that in general, is regarding ENAMED, the examination, if the industry see some kind of judicial measures, if those sanctions could impact you, and how you're preparing for the new waves of the ENAMED, the medical school tender examination.

Thank you, Mauricio. Our strategy of expansion has already started.

You can see intake, it's at full speed. We started offering with 14 units that have been opened in this intake.

Yesterday, we had UniFG in Lauro de Freitas. We had the opening of that.

I was online. I was actually a participant on the semi-on-campus benefiting from the hybridity.

Embu das Artes, Tijuca, over the next 15 days, we have 14 units. We see, Mauricio, yesterday I was talking to Moema, our partner there.

She was present. She was so excited.

We know intake is coming. There's lots of learnings because it's totally new initiative.

We have several variables that we're defining, adjusting, testing, gauging: brand positioning, product, pricing, partners, the right partner, the people that are on board, all the Ânima team dedicated to enable this new implementation. It is a really new avenue bringing learnings, adjustments all over the place.

Next week, we have an event at Mooca with our current partners to have a learning session with them, and new partners that are joining. What is cool in this learning process is that we are discovering things that we hadn't planned, and things that we planned that are not working so well.

We are gauging it's good and contributing to intake. Those are opening in the four areas of knowledge.

We're confident knowing, again. You asked about CAPEX.

It's not the heaviest in this thing. The model that we have made of Smart Campus is being light, providing through agility through partnership, having time to learn and adjust.

This is new and innovative, and also helps strengthen our offerings of this new modality that will officially gain a market category of semi-on-campus. The market, as we think about that, for students is different, but this concept of hybrid education is working in our marketplaces.

Lessons learned, the Smart Campuses, and our market's doing better and correction, adjustment that we make. The second question on the ENAMED, the examination, Tiago, would you like to comment on it?

Yes. Thank you, Mauricio, for your question.

It's worth mentioning that we are in favor of every initiative of the Ministry of Education of evaluation, any kind of measurements that leads to enhancement of quality of our courses. Despite having most schools with 3, 4, we had, unfortunately, our schools with grades 1 and 2.

This is not where we want to do. The Inspirali project is a quality one.

We don't want to be there. You've asked how we're preparing for that.

We've mapped out all the specificities of the schools that had the scores between 1 and 2. We have work teams that are in those schools working on those gaps.

Another strength that we have is the use of the Eu Médico Residente tool, geared to preparing students, we are offering this program to 100% of students from the fourth to the sixth year. We're following them.

We have a schedule of mock exams. We have robust work to ensure good results, and this is where we want to be.

In addition to ENAMED, we have other evaluation criteria. ENAMED is one of them from the Ministry.

The schools with ministry visits, we always get high scores. We always want to be differentiated in terms of quality.

The other point you brought up is penalties. As the Ministry has not officially pronounced itself, there's nothing formal informed by the Ministry.

We don't know what penalties will be, if there is judicial measure. We have to wait for something formal from the Ministry of Education to position ourselves, Mauricio.

To add to what Tiago said, I'd just like to reinforce what he said, because this to us is very important. I'm in the Inspirali board.

This is a serious conversation to us. The quality of the training of professionals is very important in all knowledge areas, especially doctors.

Our level of conversation in our Board of Directors is focusing on strengthening all kinds of evaluation that ensures the quality of medical preparation or training. ENAMED, well, all it is that we don't question, we actually want to bring it as mandatory for students to be promoted.

This is our approach for you to understand the tint and the tone that we give to it. As Tiago said, with tools, understanding where we need to move up or raise the bar, course by course, making analysis of microdata to help students to get to the performance they have to be, the preparation level they have to reach.

This is a topic we take very seriously, Mauricio. Supporting, not against it, much on the contrary, we're in favor of all kinds of assessment that ensure quality of students' training.

Thank you, Paula. Thank you, Tiago.

Our next question is from Eduardo Resende from UBS.

Good morning.

Good morning, everyone. Two questions on my side.

The first is more specific on the sale of portfolio of receivables of Pravaler that is stronger in the fourth quarter. I'd like to have some color on the strategy of this front, looking at the year, if the company intends to speed up this kind of early payment or if this is something more restricted to the fourth quarter.

This is the first question. The second is on the offer on Digital with the regulatory framework being in effect.

I'd like to have an idea on the portfolio of courses, if the cycle of intake, if there's been any more structured measures on the courses, if something that you stopped providing. Any color that you can provide will be very useful.

Thank you.

I start here, Eduardo. Thank you for your question.

It's important to say that it's nothing in this quarter done that hadn't been done in previous quarters, including Q4 previous years. We sold, actually, receivable portfolios, Pravaler.

The same way, Q4 last year, we did less Pravaler, more credit cards, and so we changed a bit the dynamics last one, and we follow consistent in our trajectory, taking care so that receivables are of quality, are of liquidity, and that can always keep turning the portfolio. What happens, this was a sale of a portfolio with a duration that was a bit longer.

Since the duration was a bit longer in this Pravaler portfolio, it has a financial impact that was provisioned in our balance sheet. It's important to say that, an assertiveness of accounting is very evident once we have long-term receivable, we actually have the present value adjustment.

This present value adjustment was recognized there, and when we had that, what was present value adjustment became a financial expense, and this value was the same with no impact to our balance sheet. There's no change in the dynamics of working capital neither for receivable.

There's only consistency. This was done previously, and this Q4 2025, in the consolidate of Pravaler and card, it was less than what we did in Q4 2024.

What has changed was only that. The portfolio has a duration that was longer.

We had a reallocation of items with no impact to our bottom line or our financial results. I would talk about that.

Paula, feel free to complement. We keep following our legal framework, the adjustment of our portfolio.

Part of it had already been made in previous years when we stopped offering medical courses for strategic choices. Now we have no offerings of our teacher training courses and engineering, and we keep on enhancing our products.

We keep on working on quality, increasingly better in our digital education product, and we're firm betting on this segment, on the courses that will continue and betting on a quality offering, seeking better quality, more value to students, and charging more for that.

Átila answered very well, Eduardo. Just to reinstate that since this was a movement that was already in motion, when he said we want to offer health, I think it was '22, '23, this was a time ago.

I wasn't here. It was strategic choice geared to conviction.

We believe you cannot prepare a professional in nursing that lives with a human being through a screen. You cannot teach them the hands-on practical part of what they need to know, technique, how to a blood test in a passive way, watching a video, reading a PDF.

This structuring change happening in the market is very good for us, but it's very good for the students, for those that are training. So, Ânima had been fast-moved last year.

We repositioned our digital strategy, as Átila said. Of course, this repositioning, this new product brings a ticket improvement, as you've seen in the results of the year-end.

We'll continue this year. There's a drop that is compared to the market, very much based on our strategic choices, knowing that our semi-on-campus offering is an educational experience.

Our educational hybrid experience is much more complete than what we prepare. You can actually provide an experience with interaction, with exchanges, with this power that is hybrid education, allowing better quality education.

Perfect. Very clear.

Thank you.

Our next question comes from Vinicius Figueiredo from Itaú BBA.

Thank you for taking my question. I just like to start with a brief follow-up.

The first answer that Paula gave to a colleague regarding intake expectation for 2026. Some clients asked us because I think there was an understanding that ended up being a bit different amongst them.

When we talk about intake that is better than 2025, we see that there is growth compared to 2025, or could be a growth that is the delta higher than was the 2025 delta? Just to clarify this point.

Another point here would be regarding G&A. We had strong growth when we compare to the revenue percentage considering Q4 previous year.

Trying to understand the recurrence of this number, that would be excellent. Thank you.

I'll talk about intake. That was your question.

In the on-campus, we're growing a lot. It's important to state this.

Our comparison is not with the market. It's with ourselves.

We're growing above ourselves, above the intake that we had in 2025. We seek that, and I'm confident we're going to deliver that.

We're almost within our goal. Once again, white stripe, we're going to grow beyond that.

We're going to grow in terms of volume and ticket, on-campus and semi-on-campus. On distance learning, we have a drop hired for the reconfiguration of the offering, the ensemble, our revenue grows.

I was following because we always say that our competitor is not another market player. It's the Ânima yesterday.

This is our goal. This is our comparison.

Of course, you are in a context in the market, and you have to look at your rearview mirror and see what's happening. We've seen crazy things happening, two moments specially: end of October, early November, and then there was a move of crazy prices, things after the ENEM examination.

We sustained our strategy. We follow, and we monitor index price that sustain things.

We're doing very well. This is what is most important, that the planning of our process has been very well-made, based on a strategy that is much deeper and more robust, and we are getting the results.

We're growing above the budget over last year when we see the reports that compare players. It draws our attention because we are actually on the opposite direction of what's happening.

This is important to us. Education has no price, has value.

When you open a virtuous circle that you continuously increase and improve what you offer every day with listening to students, bringing professors and teachers, making campuses better, improving product, it works. This is the game we're playing.

This is our game. We're doing well.

With the demand that we have, we're performing very well. Sorry, Vinicius, you've asked two questions.

Just a brief point on G&A and had an improvement that was sequential and year-over-year, just the recurrence of this year. Átila can give you more details on numbers.

Our philosophy, again, is put money where it generates value to students and CAPEX, experience improving and enhancing our faculty, putting resources where we leverage our revenue and this virtuous circle I've mentioned. Átila, if you want to add, you're free to do so.

Vinicius, our philosophy is still the same. We seek increasingly more efficiency in expenses that do not add value to student, that do value to students, so that we can get this surplus of efficiency to benefits that add value to students.

Things that do not add are removed, and things that add value to students are kept. We'll keep on seeking efficiency gains.

Sometimes, revenue is a bit better, although you invest in quality, you have operating leverage, you'll generate higher student base, you'll have efficiency leading to better results. All those things end up helping us in the margin expansion trajectory.

The philosophy is this one: optimizing back-end strategy through technology, lighter processes so that we can use the money in the activity that happens on the campus.

Excellent. Very clear.

Thank you for your answers.

Thank you, Vinicius.

The next question is from Marcelo Santos from JPMorgan.

Good morning.

Good morning, everyone. Thanks for taking my question.

Addressing the last answer from the end of first semester last year, you started this discourse that was more modest in terms of margin, in terms of reinvesting gains, expenses where it doesn't add value to students, where it does add value to students. Despite the discourses that you actually have been delivering margins year-over-year over the quarters, is it something that, despite having this idea of reinvestment, you have some left to increase margin?

What would be the outlook of that for the forthcoming periods, if we should see this dynamics? The second question is more specific on the competitive environment of medical schools.

First, we see a summer intake which all the seats or most of them should be operational, those that were given through injunctions. Could you comment on that, if this is impacting different types of marketplaces?

Just to understand or have some color shed on that, what we see ahead in terms of what's happening in medical schools. Thank you.

I'll start here, and then I turn over to you, Tiago and Paula. Marcelo, our philosophy when we draft the budget is let's save in expenses to invest in courses and costs.

If we can gain margin is because we see we have a revenue that is a bit better of what we estimated, and we deliver operating leverage. We want to keep on working like that, having the costs below what planned and revenue better than planned, as simple as that.

The philosophy is present, and the execution has to be better than the philosophy. Just a follow-up before we move on to the next.

In this case, when we have the margin above in the two past quarters, was the revenue that was above budget or cost below budget? A bit of both.

Right, Marcelo, I just like to reinforce the concept of the philosophy. It's a balance, and this is what we look at day after day.

The most important that we seek at Ânima, what we want and what we need, the goals that leads us to the future. Resources, we need to take good care of them to make sure that we can attain our goals.

This mindset is going to give us that. Where am I spending?

Is this generating value? It's intelligent cost management that we're creating, this muscle, this discipline, ability to analyze with criteria, not letting something to go because we have no budget.

This is a mindset, not Paula, Átila, everybody thinking about that when we talk about power to the edge and data-driven, this ability to manage resources well, not damage yourself if you have good opportunity because you have no budget. The ensemble of resources: time, money, space is limited.

They're available to leverage our funds, and if we work that well, today we do that in our team, the triple crown. We grew revenue, well, courses, we have improved 141 the margin.

This is a collective effort. It's a culture, discipline, muscle, an exercise that is day after day.

This is the spirit I wanted to add to the answer. Thank you.

Taking the part of medicine intake, and there is this part of seats very much focused on market by market. Inspirali is very resilient.

We have very strong brands, and above all, we have a discipline and coherence that has been around for years. We're not fighting for price.

We have a strategy outlined, and when that is put into practice, this brings the resilience to the business. Early this year, we had the ENAMED.

We had a bit of turmoil. There was something new, but I think our team, our commercial team is very good.

They were able to absorb that, and they are following the pace that we planned. What Inspirali should deliver is precisely the same level of consistency that has been delivering in previous years.

Thanks for all the answers.

Thank you, Marcelo.

Now, our last question is from Renan Barata from Citi.

Good morning.

Good morning, everyone. Thanks for the time.

Actually, it's quite brief, actually on Paula's comment on semi-on-campus, this new growth avenue. I'd like to ask about the regulatory framework overall, if you see any kind of cycle of investments to adapt to the framework, in cost, CAPEX, OPEX, I don't know, if you expect to have any kind of cycle of speeding up investment to comply with the framework, more focused on on-campus, but thinking a bit on distance learning.

Thank you. Hi, Renan.

We already have 85 campuses almost throughout Brazil with our network of partners with this Smart Campuses that we're starting to test. We don't need to make investments to the framework because distance learning is not our main growth avenue, not our main strategic driver.

Our great source of volume and revenue, looking at the core, in addition to the source of revenue profitability, which is medical school, and it's on-campus and our semi-on-campus. Our semi-on-campus is an experience just as if it's a mixed hybrid that is very much on-campus driven.

There's a lot of hybrid features. The semi-on-campus was important at Ânima.

It was the conviction that the world would be hybrid, that the students would be able to modulate their learning experience the way they wanted. The structure is available.

It's ready. It is actually very important to our strategy because it is already an asset Ânima has to strengthen our semi-on-campus as we are above the market.

To us, it's great because the assets are already there. It's just a matter of growing now.

On Digital, on the contrary, as we said, we had the readaptation of the offerings in 2025, those adjustments that Átila mentioned. Medical schools were not being offered because of strategic conviction some years ago.

There are no negative impacts. The regulatory framework for Ânima is a great opportunity, and we see that the structuring change is bringing strength to the new offering, a new market category that is a bet that we've always believed in, that we're now sailing the wave very well, Renan.

Thank you for your question.

Thank you, Paula.

Paula, Tiago, Átila, thank you. With this, we close our Q&A session.

Thank you all for taking part in our earnings results webinar. Our IR team is available.

Have a good day.