Hello to everyone. Good morning to everyone.

Thank you for being here with us. It is with great joy that we share the results of the first quarter of 2026.

Results that, as we always make a point about setting the context here. It's the result of the collective effort of 15,000 educators in our ecosystem to whom I'm very grateful, thank for their dedication, their commitment to the service of our students.

We had a first quarter that was very solid, consistent, very good. These numbers that we're sharing with you show our strategy of sustainable growth is working.

The growth of our revenue is the main highlight of this quarter. We reached R$1.120 billion of consolidated net revenue in this first quarter, growing 7.7% compared to the previous year.

A great highlight for our process of intake in core undergraduate that allowed us to grow to the same level, and achieved for the first time the sustainability of our student base. This is very relevant for us.

We've done this getting ticket increases across all segments. This is a very important highlight for our core segment where we were able to get this intake process with a ticket growth of 11%.

We'd like also to highlight that this revenue growth translated into a profitability that also grew 4.3%, reaching R$376 million of EBITDA in the first quarter, and a net income that grew 11%, reaching R$106 million in this quarter. We also have a cash generation that is very solid, that allows us to deleverage the company once again and allows us to continue consolidating this results.

Our strategy of sustainable growth based on these solid results give us confidence that we are on the right track. Now, to go into details about the numbers and our results, I call here our dear co-pilot, Átila, our CFO, and I'll come back for our final remarks.

Thank you, everyone.

Thank you, Paula. Good morning to everyone.

I'd like to also thank and congratulate all our educators for the consistency of these results. They are results built by thousands of hearts and minds that daily dedicate themselves to our main purpose, which is transforming the country through education.

Moving on to our numbers, I think to start, Paula, and everyone, our guests that we have here, it's important to highlight the growth of our intake and ticket increase. Growing in one or the other is already an accomplishment, to grow on both sides this way, I'd say it's very powerful.

We deliver growth in the on-campus and also robust growth in semi-on-campus, very sound ticket growth, and this is the result of a lot of work on strengthening the brand, commitment to our students, investing in technology, enhancing the enrollment processes, better conversion of candidates to enrollment, more efficient use of our structure of marketing and publicity, leading us to get great results. These results let us to grow our revenue 10% on the core revenue, and we have stability in the core student base.

We had certain drops in the previous quarters, we stopped that, and we come back to creating a positive scenario for this indicator. This revenue growth with margin stability that we have been working with for some time, which to have top-line growth and that drives our operating results in a robust, step-by-step.

The results show great soundness in our core segment, a segment that has been adapting over the past years, and more recently, from the regulatory framework to materialize the hypotheses we always believed in, which is and would be the migration of demand that was quite important from the distance learning to digital, to on-campus and hybrid. This is materializing as we can see on the next slide.

As you drop the student base on distance learning, that is [counterbalanced?] by having a ticket growth 6.4% above inflation.

Importantly, this challenging scenario changed with the regulatory framework, we deliver growth. Actually, a drop of 5.4% in revenue on digital or distance learning, I'd like to draw your attention to something that is important.

If you see, we have a drop of R$4 million and the growth in on-campus and hybrid is R$60 million. This shows unequivocally our certification that regulatory framework would actually match and meet our strategy.

Lastly, these results, they impact our operating result in a negative way, especially in terms of publicity, marketing, leading to a drop in the segment of about R$6 million, which is totally offset in our core segment. Moving on, I'd like to turn over to Thiago so that he can talk about Inspirali.

Thiago?

Good morning, everyone. It's a pleasure to be here with you to share the results of the first quarter of our Inspirali.

Starting with tickets in academic education, we have a growth of 1.8%, and here influenced by the penetration of a greater volume of FIES in our base. The student base that grows 7.3% in the quarter, with academic education growing 4.3%, as a result of an excellent process of intake, resulting in a very high rate of occupancy.

The continuous medical education continues growing double-digits, as a result of discipline in the execution of this business. The result of this ticket and the base in net revenue is a growth of 6.1%.

When we look at operating results, we had punctually in this quarter a reduction of 2.2%. Here, we have an effect of greater investment in partnerships and agreements that was a result of what we have been talking about, of greater investment in the quality of our courses, and also a phasing and anticipation of some investments in marketing that we've made, resulting in this specific reduction of 2.2%.

It's worth mentioning that we follow here with great discipline and consistency the Inspirali project, and throughout the year, we keep working hard to retrieve this margin and deliver quite consistently as we always do. I turn back to you, Átila.

Thank you.

Thank you very much, Thiago. Congratulations to all the Inspirali team for the consistency and quality of results that once again they deliver for our ecosystem.

Now, consolidating all our business segments, we deliver a solid number of revenue growth, 7.7%, showing real, consistent growth. EBITDA growth slightly lower, as we said, pressured by some specific issues in this quarter related to advertising and publicity, where we have a slight drop in margin, major EBITDA growth.

Nevertheless, and as a result of that, we see also growth in the net income attributable to controlling shareholders driven by acquisitions we made, minority shares in the past two quarters, in the UNIFG and FaSe, driving the growth of net income higher than EBITDA, because we consolidated a greater part of our results. This shows consistency, quality, robustness of our ecosystem.

Moving on to the next slide, we still see our results very much pressured by financial expenses. I always say that it hurts in our heart to see these numbers.

As Brazilians, we work hard so that we can have better conditions that will allow this reduction, but as executives, we have to do our part. We do it with great respect to our students and shareholders, try to improve our operating indicators so that we can attain, despite high interest rates, we want to grow our cash to have a business that is increasingly more robust.

If we can be this robust with the Selic at this level, imagine when it drops. I think it's important to highlight that we've had over this quarter a higher impact of expenses with Pravaler.

Displacement between quarters, we have enhanced certain processes, we've been able to anticipate the contract renewals, and with that we have a higher financial expense in this quarter than the first quarter of last year, this should be offset as we put it on the release when we make our semester evaluation. On the next slide, we will go on with our philosophy of keeping 5% of net revenue, we keep investing in technology as our main focus, and that enhances both to drive top line, and several measures have been made with our Matricula+ project with WhatsApp, AI for campaigns, performance channel with lots of technologies.

We have several resources, new resources that we added to our ecosystem that enable us to reach such results of improving intake, efficiency, and the results of very intelligent use of technology as business lever. I think it's important to highlight on this next slide, as it has been said, even with a higher Selic or interest rate quarter-on-quarter, we deliver cash generation that is higher.

This is a very simple chart, you can do it on a piece of paper, quarter-over-quarter. We removed how much we've done in terms of investments in minor share at FaSe, and the result was we have generated cash, R$134 million, 15% higher than we generated last year.

This is not negligible number. Shows great robustness to our business, soundness, and the ability of the company to generate cash, which has been object of many reports by analysts, and once again it is confirmed.

It's a very strong company in this dimension. Moving on, this strength is translated into our liquidity.

We closed the quarter with robust cash position, more than enough for payments that are short-term, to be reassured and confident. As the sailors of this operation, we have to reassure everyone so that we have our operations focused on what matters, the students.

The financial backstage is sustainable, solid, and leave our educators to do what is best for our students. This gives us great confidence, solidity to our associates, students, also investors and creditors.

We follow our consistent trajectory of reducing leverage. If you see this indicator showing how healthy it is, it shows our ability to follow a trajectory of deleveraging, and also making investments.

We made investments in the past quarters in acquisition of minor shares or stakes, and we are working on shareholder remuneration. Our capital structure, as we say, aims at balance with these three dimensions: paying debt, making investments, and remunerating our shareholders.

This is how we have been following on. I turn back to you, Paula, so that we can have our final remarks.

Thank you, Átila. Perhaps the main message that I should share with you here is the history, these numbers are telling the story of a team that is growing in a consistent way, that defined a strategy back then, and you know the fronts, we can go into details.

They are clear strategic choices, a commitment and competency in carrying out what we've committed to deliver, and the ability to learn, learning fast, with the right route, and being a learning organization, a living system that learns all the time. We are on the growth track.

We celebrate a process of intake, as shown in the numbers, 7.7% with 11% ticket growth, which again, tangible, and shows that we are on the right track, prioritizing revenue growth as a consistent parameter. We keep our bottom line eyes with doing things better, the money of students and business where it generates value for the company, and the experience of students as the main North.

This is where the virtual cycle of our value. We're not selling courses, we're offering experiences, and they need to be more and more incredible.

This is not just marketing, it depends on the whole of Ânima Educação. Quality education is something non-negotiable.

It's strictly perhaps three words: yesterday we celebrated 23 years of Ânima, and 25 brands, institutions that are part of this ecosystem, 977 years of history across the Brazilian territory, almost a millennium, the size of our legacy and responsibility of what we take care everyday. We take care of this legacy with a mentality of a learner.

Everyday is a day where we spend, learn, and we give our best. Maurício Escobar, one of our co-founders, now is taking care of medical schools, doing a great job, he said there are three elements that we cannot leave off: intention with a 'c', intention with an 's', and integrity.

Intent, intention, and target. Purpose takes us out of bed everyday, our strategy, a North.

With 's', tension, intensity, Ânima is very intense. Those who know know this delivery of everyday and gets a surprise.

Shining or bright eyes, a big dedication that is unique of this team. This integrity, and this is what I believe, is the most intangible value of Ânima, and that I, Paula, take care of, because this is the most important asset in my life, personal and professional life, with maximum coherence in terms of what we feel, think, speak, and do.

This builds trust. Our business, trust in students, our value, professors, with you investors, and with society.

Thank you very much for being here with us. Now I turn back to Átila, Thiago, and Karina for the Q&A session, for we'd have the opportunity to listen to you.

Thank you very much.

Perfect, Paula. Thank you very much.

We're going to just start the question-and-answer session. Remember, to ask a question, you have to use the raise hands feature.

The first one is from Marcelo Santos from J.P. Morgan.

Marcelo, good morning.

Hi, good morning. Thank you for taking my questions.

I have two. First, if you could comment a bit more, you spoke about operational issues related to back-to-school, if you can expand a bit more on that, when we should expect normalization, if that's already happening.

The second question is on Inspirali margin, room for recovery of Inspirali margin. What are the main levers, and how should this take place?

Thank you.

Good morning, Marcelo. Thank you for your question.

Marcelo, we wanted to bring this explicitly to you in a paragraph, as you've seen, in the message from management, to show that challenges are part of growth. We found our route, and we implemented many changes simultaneously.

As we started observing in the first quarter, as you see, an increase in dropouts, this has three components. We have freshman, and mix of semi, which tends to have a higher dropout.

We had challenges inside, operational challenges, as soon as we heard the deans and we mobilized to understand what's happening. As I said, several changes happening simultaneously: system challenges, people that take care of this systems.

We began to adjust our route and we corrected it. We understand, Marcelo, that we are on the right track, that we're going to have an impact in the second semester, but nothing that will not allow us to deliver a strong and larger growth, as we are achieving this first quarter.

We have in the bottom line, as important as intake for us, Marcelo, is retention. It's an excellent intake process, challenges with operational internal solutions that allowed us to act fast, fix this, and what is important here, people make mistakes, as a goalkeeper that does not tolerate mistakes, learn from mistakes.

We deal with other challenges, so much more mature, bringing in AI for our processes, planning, offerings, that allow us to go back to this growth strategy to be even better. With that said, we corrected the route and we are on the recovery route, and we will keep growing.

As for medical, I bring Thiago to give you more details, Marcelo.

Thank you, Marcelo. If we look quarter-over-quarter, if we normalize the first quarter that benefited us first quarter of last year, and also somehow we normalize the curve of our marketing investment that we had initially planned, we somehow reverse this signal of growth of margin.

What we have for the year, and we always reinforce that, the best use of our resources for the benefit of students. This is what Inspirali has been doing and will continue doing, always with great discipline with all the other expenses and investments.

Once we make these adjustments and follow our pace of discipline, student focus, we tend obviously to deliver a year with margin close to what we have been talking about. We have mapped out, we have all the levers mapped out, we're very clear as to what we have to deliver by the year-end, and we're very confident in this delivery.

Just a follow-up, when you talk about delivery a year of the margin, close to what you've been talking about, would that be similar to last year, what is this similar to?

The idea is to keep consistency, Marcelo, as it was last year, to retrieve this percentage, but to deliver close to there.

Thank you, Paula. Thank you, Thiago.

Marcelo, well, Átila is calling my attention, which is great, we have some poetic licenses, if I say something wrong, in Portuguese, he will correct me. Just to clarify, speaking of the first quarter, we've seen dropout, we will see some in the second quarter, but I spoke about the first semester, speaking of the first semester, where we're growing more than last year, more than the growth that we had last year.

We had an excellent intake, challenges of back to school, we put out energy, corrected the route, we have an impact on the second quarter, but that's very good, that's our outlook, and this is what we aim at, okay, Marcelo?

Very clear. Thank you.

You're welcome.

Second question is from Flávio Yoshida from Bank of America. Good morning, Flávio.

Good morning. Thank you.

Hi, two questions. The first is regarding Smart Campuses, semi-on-campus.

I think at the beginning of the year there were some difficulties. What is the ramp-up process like?

I'd like to know about the ramp-up process of this campus. My second question is in marketing expenses for the year.

We've seen, everyone is spending a bit more, we understand with all the regulatory changes, I'd like to understand what to expect from now on. Thank you.

Thank you, Flávio. Flávio, on our expansion of Smart Campuses, this is very important for our presentation as well.

We started with 14 academic units, as I mentioned in Marcelo's question, all the changes that we've made: new semi, new product, a very short time window, we've had a series of challenges. I myself received a message from partners, we listened to our partners, which was the main challenge, and we've had orchestrated work across different projects, commercial, pricing, etc.

Everyone working together, it'd be important to improve the intake process, but the contribution is still small. The potential is very big.

I'd tell you that we are in the beginning, looking to the second quarter an important acceleration of this expansion in the second quarter. It has been a great opportunity to learn, for us this new concept is new way of operating, challenging traditional on-campus, going into an academic unit, it's a value proposition that is different.

This has been a living lab of this new avenue that is open to expanding with our partners and the strength of our partners where our partners are, we are on track and with lots of learnings. On the marketing amount, after your question, we're aiming at reaching our budget.

Really, we've had a greater investment in the market with challenges with our ambition, a clear strategy to reposition our strategy. Átila spoke about Matricula+, projects to reach better to our students, personalized with AI, and the trend in the super long term is to invest less in marketing, because our effort has to be to build prestige, positioning, and that the process be transaction, but challenging, an obvious desire, institutional to join our schools.

This is what we're working on. Once you start, what we're seeing, this higher intake, we have student dropping is less, we retain students, they stay with us, the effort of marketing will be smaller in the long term.

This year, we aim at reaching our budget. Thank you.

Great. Thank you.

Next question is from Maurício Cepeda from Morgan Stanley. Good morning.

Good morning. Thank you for the space.

Good morning, Paula, Átila, Karina. We have two questions as well.

The first, in terms of regulatory adaptation, if you can give us a perspective on how you are to address the regulations, if there are more costs to add, if you have any capex, how prepared are you, and what should we expect going forward? Another is on marketing, because it's not the first year, and this applies to the industry as a whole, it seems that every year you need to spend more to attract a student.

Do you see a pressure of greater competition or pressure for more costs? Could this actually be something long-term, or even signal to some market saturation perhaps?

Thank you.

Thank you, Maurício. Let's start with the first.

About complying with the regulatory framework, we're totally compliant. We have no pressure at all.

We're working both in our own units, which is the main lever of growth in semi-on-campus, we have installed capacities, zero in terms of capex, and looking at partners with this concept of Smart Campuses, a strategy that you know. On marketing, if you look at our results, the percentage of marketing fund in relation to our revenue is maintained.

There's a balance. What we are changing, and great reading, we're very attentive to understand the market, the reports we get from the market, most reliable sources we get, the market is a challenge, for example in on-campus, and we're growing not only in intake, but also our ticket.

Remember that strategy, data-driven, and now AI-driven. In marketing, we're working a lot with AI, and we're competing with the attention of the student, and the student's attention is not only education, competition, it's attention.

Directing more and more intelligent, working much better for our brands, hyper-personalized, and it's a bodybuilding, not expenses, but it's intelligent, where it has revenue. This is what we're looking into in terms of our results.

Thank you.

Perfect. Thank you, Paula.

Our next question is from Eduardo Resende from UBS. Good morning.

Good morning, Paula, Átila, Karina. I have two questions on our side.

First, I'd like to drive through ticket growth in the core, it was strong. I'd like to understand if you had any changes in the profile of intake, what was planned initially.

The second question is a follow-up of the regulatory framework. I'd like to explore what was the main friction you had with students: if it was their preference for on-campus, or higher restriction with the tuition.

Anything that you can share with us would be certainly helpful. Thank you.

Eduardo, the answer on pricing, again, another layer of granularity in our strategy. In the past, last year, a while ago, we looked at our generic goals.

Today we're super sniper. Where?

The competitive situation, course, we are bringing concrete elements, changes in our academic projects, new areas, they're changing students' experience. Increase price without adding value doesn't make sense, this differentiation across our brands, well, we have a lot of what now, all data-driven, everything is very successful, and we're happy, and we're working quarter after quarter, and taking steps towards this high, properly, our planning, our pricing, everyone knows across the country, great work by our team.

Again, no use adding a price and not delivering academic quality, better service, better experience as a whole. On frictions, as I commented with Marcelo, we had our challenges.

This is what's interesting. When we say we have the problem in-house and the solutions in-house, when we made all those changes, we had challenges with the systems, the lectures, students didn't know where to go, things were disarranged when we adjusted everything in six months.

Change management was the point. On the student, we perceive, and we spoke about that, following the reading of the structural market, the student in on-campus is very different from distance learning.

We're going to premium. This is, we're going to this higher, what's normal, they want to have experience, interaction, exchange, and also practicality.

This is something we're offering, we're doing that, we're working, we have lots of learnings on the way. It's not totally rounded, but we're on the right track.

I had to listen to our students to share with you, we had students that were unsatisfied, we called them, formulated an executive committee, we heard all the problems, they brought the points of dissatisfaction. Sometimes what we plan is not what students expect.

Customer-driven, this is what customer-driven is. Measure everything, listening to students, and professors.

This is essential, vital for us. This makes us more powerful to go to the edge, improve the student experience, know what they want, and add more rigor, more quality to our courses.

What they want. This is very good to us, and actually beliefs, and great internal learning, great opportunities to become even better, and feel that we are on the right track, Eduardo.

Very good. Thank you, Paula.

Our next question comes from Lucca Marquezini from Itaú BBA. Good morning, Lucca.

Good morning. Thank you for taking our question.

Two questions here. First, regarding Inspirali, obviously you commented that ticket was impacted by the representation of FIES, but if we exclude this effect, talk about the competitive dynamics, if you've seen greater difficulty in intake, or if you had to increase discounts.

If you can comment on that scenario, it will help us. Second question is about the new regulatory framework, SG&A expenses, campus teams, etc.

If you can comment, although Paula mentioned that it's 100% compliant to the new rules, this higher level of SG&A should continue over 2026? Please.

Thank you. I'm going to start with Inspirali.

To tell you that we don't feel a very competitive scenario, I would be lying. What we have here is a strategy, this goes back to what I mentioned previously, our discipline, we're very clear as to where we want to be positioned.

Our ticket, if we take out the penetration of FIES with the increase of the cap last year, resulted in a greater engagement in the student base, we would move on with a strategy of solid positioning of ticket. We do have this pressure, but this is a place we don't want to be.

This is why we talk about investments in quality and students. Taking out this effect, we have a very good ticket positioning regarding our strategy.

Hi, Lucca. Thank you for your question.

As for investment in personnel, that does not have anything to do with our regulatory framework, but actually to our strengthening our edges, and take operating leverage, and reinvesting things that generate more revenue in the future. Basically, what we have are investments in teams that we made over 2025 in commercial teams, and if you look at the last quarter 2025, we were at levels very close to this first quarter this year.

That's what we have is actually materialize what we've been talking about, we are at healthy margin levels. What we want to do now is to invest in things that generate more quality and revenue for the future.

This level of first quarter of 2026 should follow along the year.

Thank you very much.

We have a question from Samuel Alves from BTG Pactual. Good morning, Samuel.

Good morning, Karina. Good morning, Paula, Átila, Thiago.

We have two questions on our side. First on FG-FIES that you commented.

Could you comment what is the percentage on the base and intake, just to understand how much the product has been used at the margin? That's the first question.

The second question on the sanctions in ENAMED. What are you expecting the impacts?

Has the company gone to court because of that? This is to get an update on this.

Thank you.

Hi, Samuel. Thank you for your questions.

We don't share this percentage, Samuel, but what we can certainly share with you is that, and I reinforce, I think this applies to all the use of FIES, and also the private one, are within a strategy. We have a conscious view on balance sheet and other levers that we have.

Our strategy of occupancy, we have a high, as I said, very high level of occupancy. The process of intake was successful, and FIES is one of the tools that we have for this.

To have a percentage and say that this is our strategy would be super shallow. We use it within a whole playbook of tools that we have to make the best occupancy, looking at the financial profile and also student profile.

When we go to ENAMED, news have been coming out, and positionings, what I reinforce here is that we move on, we talked a bit about this in the last quarter, we keep improving the quality of our courses. The schools that had scores 1 and 2, we are not happy with that, we have a positive conformism to improve more and more.

We are full speed in implementing them, and we expect to have better results at the next round, not to keep on discussions on possible sanctions, but look forward to where our schools need to be.

Thiago, just a follow-up, if you allow me. What is the status of the sanctions?

Is there a judicialization? Is it going to affect the upcoming intake, or not?

We work, Samuel, understanding that we're going to be able to go over the intake at full speed, but we follow this very closely, but we don't see anything relevant that will impact our process.

Thank you, Thiago. Good morning.

Good morning.

Our next question is from Renan Prata from Citibank. Renan, good morning.

Good morning, everyone. Thanks for taking my question.

The first is on hybrid or semi-on-campus. I'd like to have comments on the nursing dynamics.

I don't know if you're offering this course or not, what is the dynamic in the fast track, if you can give an overview. The other question is on Inspirali.

Inspirali, we see is relatively close to maturing the number of students. I'd like to get the numbers, the strategy, future years, if it involves M&A, expansion, how you're thinking in terms of the business line.

Thank you.

Renan, thank you for your question. Regarding nursing fast track, actually, it's a regulatory measure.

We've seen something similar in the past, which were previous accreditation. We understand the regulatory measure is welcome, and healthy.

We had a recent report of an analyst that put not so fast, we are following, and we have sudden cases, but I don't see as something that would change the offering of these courses. I think they should follow their normal pace.

Courses should continue to be on-campus and following their normal pace, not on the fast track. We will follow on and we are diligent, I'm not optimistic regarding this.

Regarding medical schools, we had great growth of new schools, especially through the judicialization, several things that you've been following. Naturally, this market is very dynamic.

Our industry is where operating leverage delivers results, size brings margin, synergies are very objective, very good. I do believe in the possibility of M&A not only in medicine, but also on-campus, as the great lever of growth in the past years, which has been distance learning, necessarily will be present in the future considering the changes in regulatory framework.

Then we see schools reporting growth by us on-campus and semi-on-campus, I assume that in a mid-term horizon, M&A should be another growth lever. All the companies are deleveraging, we have a benign scenario of interest rates, this may be driven, but I do see Inspirali being very well driven and well-positioned to capture value on this.

Very clear, Átila. Thank you very much.

Our Q&A session, thank you for participating in our results webinar. Our investor relations team will be available if you have any additional questions.

Have a good day, and see you next time.