Good afternoon, everyone, and thank you for joining us. We started 2026 facing a period of significant transformation for the industry, especially with the implementation of the new regulatory framework.

Against this backdrop, we remained focused on two key pillars of our strategy: keeping the student at the center and consistently generating cash. In this context, I was reminded of a phrase from a finance professor I once had, Professor Mihir Desai: cash is king.

Even in the face of operational pressures on student intake, we delivered comparable cash generation of 160 million reais in the quarter, practically in line with the same period of the previous year. At the same time, we made important progress in our financial discipline, reducing leverage to 0.8 times, which reinforces the strength of our capital structure.

Over the past few months, we significantly accelerated our investments in technology, preparing the company for this new competitive and regulatory environment. We're building solid foundations for the future, while also ensuring a safe transition with operational redundancies that guarantee continuity and quality in the student experience.

We have divided our digital transformation into four pillars: first, AI and data; second, students and faculty members; third, governance and engineering; and fourth, digital student intake. In AI and data, we made progress in student support with documentation validation and submitted assignments, reducing average response time.

We also advanced in retention initiatives using predictive models that allow the team to act before it actually occurs. In students and faculty members, we implemented student support through the app, with 70% of the interactions handled by AI without the need for human interaction.

Attendance for in-person classes also started to be recorded through the app, maximizing the time dedicated to the teaching and learning process, adding value for students and make the operation routine easier for the faculty members. In the governance strategy, we structure engineering by value chains, accelerating development and reducing operational incidents.

Delivery speed for engineering teams using AI as a co-pilot increased by 55%. We reduced demand delivery time with a federated AI model within the squads, with data and AI specialists included in the most critical teams.

Finally, in the fourth pillar, digital intake, we redesigned each stage of the student journey from application to enrollment, focusing our efforts on reducing friction, increasing conversion, and bringing automation to where the student is. These pillars show not only potential efficiency gains, but also a concrete improvement in the student experience, allowing us to scale support with quality and direct our team toward more complex, higher value-added interactions.

From a commercial standpoint, the quarter was impacted by regulatory changes, especially in distance learning intake. Even so, when we adjust for the effects of channel migration and discontinued offerings, we see growth of approximately 4% in same-core sales, which reinforces the resilience of our portfolio.

Another important driver has been the strategic repositioning of our brands in our in-person portfolio focused on value capture. This is already reflected in a 5% increase in the segment's average ticket.

In addition, I would like to emphasize that this is a long process. It involves everything from investments in systems to changes in the sales format used by our commercial teams, challenges we had to overcome during the first quarter of '26.

We also made important progress in retention. In digital, re-enrollment reached 79%, a relevant improvement of 2 pp.

In the in-person segment, we advanced 1.4 pp, reaching 91%, reflecting better engagement and greater discipline in collection initiatives. In financial terms, we recorded 4.5% growth in net revenue, which reached 7 702 million reais.

Comparable adjusted EBITDA showed slight growth of 1% with a margin of 36.2%. The margin compression in the period mainly reflects investments in technology and structural reinforcement, movements that we see as fundamental to support future gains in efficiency and growth.

Before delivering efficiency, changes bring an additional cost because we keep redundancy until we can ensure the effectiveness of our initiative. Only then we do actually capture efficiency.

In summary, we continue to go through an important transition period with solid fundamentals, financial discipline, and strategic clarity. We are adapting our model, placing the student at the center, strengthening our value proposition, and preparing the company for a new cycle of sustainable growth.

Thank you. Now I'll turn the floor over to Mr.

Felipe Negrao, who will comment on our financial results.

Thank you, Renato. Moving now into the financial details, I'll comment on net revenue for the quarter, which reached 702 million reais, a 4% increase versus the first quarter of '25, as a result of the reduction in the student base and the increase in average ticket per student.

In the in-person segment, net revenue for the quarter grew 3%, reaching 494 million reais, reflecting the decline in student base combined with improvement in re-enrollment and average ticket per student. Revenue from the healthcare programs expanded 6% in the quarter, driven by the increase in ticket and growth in the student base.

In digital, we saw a 7% expansion in revenue for the quarter, reaching 229 million reais, as a result of the decline in the student base, the improvement in re-enrollment, and a greater relevance of hybrid programs in the mix. On the next slide, we show gross margin for the quarter, which expanded by 0.4 pp, mainly reflecting the mix effects and lower transfers to learning centers.

Next, we show adjusted EBITDA for the quarter, which totaled 210 million reais with a margin of 30%, mainly impacted by the increase in the allowance for doubtful accounts line, PCLD, technology, and personnel, especially in IT. Comparable EBITDA was 254 million reais with a margin of 36.2%.

In the first quarter, we made an adjustment to the applicable methodology for the allowance for doubtful accounts, or PCLD, as a way to smooth this expense and reduce seasonal effects between quarters. In addition, with investments in technology, we'll no longer have the impact of provisions and reversals related to students' FIES, nor the provisioning of the transfer portion to learning centers, since the identification of receivables has become faster and more efficient.

As a result, the PCLD reversal in the period was 1.2% of net revenue versus 1.4% last year, a reduction of 21 basis points. We also moved forward with the review of the accounting treatment for technology, reflecting the shorter economic useful life of digital solutions and a higher share of OPEX versus CAPEX.

This resulted in an increase in expenses that are no longer recorded as investments. The increase in personnel reflects the investment in the teams that will ensure the execution of our strategy, mainly in technology-related initiatives.

To provide greater clarity and comparability, we broke down the amounts that affected PCLD in the first quarter of 2026. Previously, the time needed to identify a FIES student was longer, which meant that we provisioned receivables as delinquent in the fourth quarter before identification and then reversed them to positive in the first quarter when they were recognized.

Under the previous interpretation, its impact in the first quarter would have been positive by 7.3 million reais. In addition, we are now able to identify receivables from third-party learning centers that are subject to transfer percentages more quickly.

As a result, the reversal of receivables that previously applied to 100% of the amount now applies to approximately 70% of the receivable. With that, under the previous interpretation, reversals of paid receivables would have amounted to 11.7 million reais in the first quarter of '26.

Finally, we present a PCLD comparability exercise showing how it would have behaved throughout '25 by simulating the application of PCLD adjustment in odd-numbered quarters based on the percentage observed in the previous semester. The purpose is to illustrate the timing dynamics of this expense under the new approach.

Moving on with the presentation, we show the company's costs and expenses as a percentage of the revenue, excluding non-recurring effects. In the quarter, cash costs and expenses totaled 70.3% of the company's net revenue, 6.9 pp higher than in the first quarter of '25.

We also included a column with comparable figures, excluding the effects of PCLD, the migration of technology from CAPEX to OPEX, and technology personnel. These total 64.1%, representing an increase of 0.6 percentage points versus last year.

On the next slide, we show the evolution of the company's adjusted net income, which was 63 million reais compared to 87 million reais in the first quarter of '25. Adjusted net income was impacted by the reduction in EBITDA during the period.

On the next slide, we present the average collection period in the first quarter of '26, which was 38 days versus 32 days in the same period of the previous year. We then reviewed our receivables discounting strategy given the lower attractiveness of advance payment rates.

As a result, the credit card receivables portfolio came to represent 9 days versus 3 days last year. Next, we present the investments made by the company, which in the first quarter of 2026 totaled approximately 10 million reais, 16% below the first quarter of '25, due to the change in the accounting treatment of technology investments.

Moving ahead, we show the shareholders' cash flow in the first quarter of '26, which was 141 million reais versus 227 million reais in the first quarter of '25. This was impacted by the reduction in working capital, reflecting the 6-day increase in the average collection period given the lower volume of receivables discounting, and by a positive impact of 41.6 million reais from indemnification assets in the first quarter of '25.

For comparison purposes, we present the comparable free cash flow table, which would be close to 116 million reais versus 118 million reais last year. On the final slide, we present the company's net debt, which stood at 493 million reais compared to 634 million reais in the previous year, representing a 22% reduction versus the first quarter of '25.

Cash generation in the period was the main factor behind this reduction, despite the payment of 177 million reais in dividends over the last 12 months. To better illustrate the company's debt profile, we present the amortization schedule broken down by type of debt, highlighting that the current cash position allows us to cover all debt maturities through the end of 2028 and a large portion of 2029.

With that, I conclude my remarks and turn the floor over to the operator to begin the Q&A session. Thank you very much.

Good afternoon, everybody. Thanks for the opportunity.

Only two questions from my side. First, can you comment on how long do you expect those redundancies in technology investments will keep occurring, and what are the main lines that will be impacted?

Can you shed some color on the PDD trajectory in 2026? Do you believe you'll see any relevant impact in the mix, in this line, and how we can see that from now on?

Thank you.

Good afternoon, Mirela. Felipe here.

Let's go. Talking about IT, we're changing the projects in reality.

From the current ongoing projects that we have redundancy, they will be concluded. New projects will come, but for the next two years, we'll have some expenses and costs a little higher than we expected.

Then we will get back to the regular cost. This year will be a little heavier than next year.

Regarding PCLD, let me tell you. Let me exclude the accounting impacts.

In terms of cash, no change with the new approach. This is very important.

It's something regarding the accounting in the books and control with the new regulatory framework. Compared to last year in terms of structure, regarding collection, it's very close to last year.

Just a little lower. We started January a little lower than last year, but March was similar, April is better.

It depends on the macro scenario, but in terms of cash, will not be far from the performance of last year that was one of the best performance in the industry. The accounting approach will change a little with EBITDA and net income, because last year we had a PDD that varied a lot.

In the first and in the third quarter we have the re-enrollment of the students. Some students that were in default, for them to re-enroll, they had to pay.

When they paid, it reduced a little, and the PCLD was reversed. It was positive in the odd quarters.

In the even quarters, it changed, it was a little uncomfortable because it made it change a lot. We had many differences between quarters.

What we did was to equalize. In an ideal scenario that we are in the benchmark, it would not change.

It will be regular and stable along the year, but it's not like that. We're trying to improve our collection initiatives, but you have some oscillation, some variations, but in a smaller scale compared to last year.

The first semester of '26 will be 100% comparable to the first semester of '25. The second semester of '26, so.

Between quarters in each semester, because we have to have a higher provision in the first quarter and in the second and the fourth quarters it gets down. Another thing that we don't see in PCLD, but it shows our evolution in collection, is the financial result.

We see when we negotiate discounts with students, we had a big evolution compared to last year because we gave less discounts to renegotiate receivables and a lower duration in our accounts receivable. We are being stricter in due agreements for collection.

We used to do that; now we are a little stricter. The duration of our accounts receivable is different.

It produced a positive impact.

It was very clear, Felipe. Thank you so much.

Good afternoon, guys. Thanks for the opportunity.

We have two questions as well. The first is about the in-person student intake.

We would like to understand what were the challenges that you guys could observe in this cycle and what was the reduction of course offer portfolio? What's the strategy?

I know we have a comparable basis that's hard, but the volume was worse than the last 3 years, yeah? The second is for advancing receivables.

If you could shed some color in this new strategy, what was the rationale for this change? How did you change spread and capital cost?

This lower volume of advancement will keep stable during the year?

Thank you, Lucas. Renato here.

We were looking for courses that have better chances to form new classes, because our goal putting the student in the center, it's very bad if you can't form a class because you don't have enough students. We want to stimulate this search for courses, but we don't want to frustrate the students there.

We reduced the portfolio to be more efficient in the intake. Regarding the reduction in student intake, we are amid a strategic change.

We're looking for adding value to the ticket over time. We had some operational problems and issues and systemic issues at the beginning.

In October and November we had some trouble in student intake. We corrected the course, but we didn't reverse that in time for the results of the first quarter.

Since we were able to stabilize that, we believe it's not going to be a problem for now on, but up to the beginning of this first quarter we couldn't reverse that, so that's the reason we reported this reduction.

Good afternoon, Lucas. Felipe talking here.

When it comes to advancement of receivables, first, it depends on the bank. The rate is really, really small.

It's smaller than my collection rate because our intake rate is really good. In the previous year, we had a CDI going up, the scenario was better.

We were negotiating credit card rates, MDR. Advancing, collecting that in advance helped me generate cash.

We had this strategy by advancing the receivables, but we have good cash now. We have a decreasing of interest rate.

If I advancing 14.5, we don't invest at 14.5 up ahead. It doesn't make sense.

Now this advancement doesn't make sense. This is our new strategy that might endure until the end of the year to stop advancing the receivables from credit card.

It was very, very clear. Thank you.

Hi, Caio. Renato here.

In fact, we're looking for better efficiency in CAC, rationalizing our investments marketing and measuring the return on those investments. It has been guiding our actions lately.

As I mentioned in the previous answer, we had some operational issues at the beginning of the cycle. No nothing connected to marketing.

It was operational, systemic problems. We keep the same strategy with the same plans by creating and developing better and more efficient channels to interact with our students.

Regarding the capital structure, it follows the same strategy: CAPEX, M&A, and dividend distribution. We've been paying dividends, and we are always looking for new M&A opportunities.

We analyze the return, and we treasure good allocation of our resources. If there's an asset that makes sense, that talks and interacts with our strategy, we'll go for this acquisition.

The investments we have been made especially in technology this year.

Thank you, everyone. I'd like to conclude this call by highlighting our position to put the student at the center of our actions and our purpose to conduct the learning method and inspire the student to transform his future or her future and impact the community.

This is the formula of the client capitalism for us to keep being a prosperous and cash generator company.