Good afternoon, everyone, and welcome. It's a great pleasure to be here with you again.

Before I turn it over to Rafael Bossolani, I'd like to give you an overview about our achievements. With the JV with Rede D'Américas and the division of corporate units, we needed to move forward quickly together with our management team.

We concluded this process, and today we have a strong team, cooperative, a mix of executives highly experienced in healthcare, and also with new executives that are also highly skilled with a high engagement, and also who have contributed a great deal. We have also prepared a very detailed plan in order to improve our growth of our expansion and also in optimizing expenses.

This is being executed with great discipline by the entire team. As a consequence, we see another quarter with concrete results and achievements in diagnostics, also boosted by premium, also home care and the B2B vertical, today accounting for more than 50% of diagnostic tests carried out.

We have also increased our portfolio, launching new 80 products throughout 2025 and keeping ourselves pioneers and leaders. We have also accelerated patient's journey by implementing AI-based solutions, improving scheduling, new imaging equipment, and improving efficiency.

We have also modernized our technical hubs and also our service network with planned discontinuation of some units. We have also launched an optimization plan to reduce our expenses, reviewing our organizational structure, reviewing internal processes, and also IT.

On September 30th, we also communicated the selling of our businesses in Argentina and the occupational medicine business, which have strengthened our capital structure. I'd like to take the opportunity to thank the team for their engagement, partnership, while they were part of our companies.

They are great companies led by great leaders, but that discontinuation was key to our process moving forward and also for strengthening our cash flow. We are very disciplined, focused on our core business, with a strengthened capital structure and focusing on results.

We are sure that we are going to keep improving in the future. We are committed with high-quality healthcare to all Brazilians, combining medical excellence, technology, and improving patient's journey.

Moving to slide 4, let me talk to you about the financial highlights. Consolidated gross revenue totaled R$ 2.9 billion, diagnostics responsible for 12% growth, and hospital and oncology Northeast plus 7%.

Domestic diagnostics, 14.6% increase, a very relevant growth. As for our gross margin, we can see we had an increase by 5 percentage points, and also in our EBITDA by 7.6 percentage points.

We also saw a decrease by 17 days by optimizing our receivables and DSO. As for operating cash generation, totaled R$ 481 million, a 113% growth, thanks to also cash conversion.

That all added to a decrease in our leverage, which is now 2.38 times. Despite increased volume and also improving efficiency, patient's experience is still a priority to us.

Our NPS is at an excellent level at 76.9%, an increase of 0.5 percentage points. Now, I'd like to also thank all of you who believe in us, our physicians, partners, investors, and clients, and to say that our team will stay committed in order to keep on improving our results.

Thank you very much. Now I'd like to turn it over to Rafael Bossolani.

Thank you, Lucchesi. Good afternoon, everyone.

Thank you so much for joining us this afternoon. We are now discussing Q3 2025.

Before I start talking about the results, I'd like to highlight the fact that this is the second quarter after the carve-out of our hospital units and also with a joint venture with Amil. Once again, we saw important improvements regarding operational and financial results, and we can already see that in the numbers I will share next.

I'd like to start on slide number 5, diagnostics. The gross revenue was R$ 2.3 billion, 11.7% increase year-over-year.

That came mainly from the domestic market that increased 14.6%, increased the number of diagnostic tests, particularly premium, home care, and B2B segments. Average number of diagnostic tests increased by 13.8%, and the average ticket increased by 0.5%, a consistent and robust growth.

As for the international market represented by our operations in Argentina, we saw a drop, minus 30.5%, impacted by FX variation vis-à-vis real against the Argentinian peso, although in real we saw an increase by double digits. As for net revenue, above R$ 2.1 billion, a 12% increase year-over-year, and adjusted gross profit R$ 836 million, 23.1% increase, with a margin of 39.5%, 360 basis points vis-à-vis the same period of last year.

That reflects improved efficiencies, other initiatives that we keep on implementing, plus operational leverage, especially because of decreasing our fixed costs. Part of our growth strategy, we keep on optimizing our networks, strengthening the units that are more profitable.

For this quarter, we closed 12 units with a lower performance, and we added 15 new collection points at companies with a very light infrastructure without requiring further investments. On slide number 6, hospitals and oncology in the Northeast of the country.

The gross revenue was R$ 515 million, 6.9% increase year-over-year, and that came from hospitals that presented an increase of 8.2% and oncology contributed with 4.4% of new accreditations, more complex procedures, and also strategic repositioning of our units. As for the net revenue, R$ 449 million, and adjusted gross margin improved by 22.1%, R$ 168 million, with a margin increasing 620 basis points and reaching here 37.4%.

This reflects our strategic decision of redimensioning and consequently interrupting less profitable operations since the beginning of the year, which on one hand reduced average number of patients, but at the same time that increased the average ticket with more complex procedures. We reduced operational expenses that led to a lower number of patients per day and a lower number of operational beds.

Now let's move to Rede Américas that started operations on April 1st. Once again, this is the second quarter in which we have full operations coming out of this joint venture.

The gross revenue for the third quarter, R$ 3.4 billion, up 5.3% compared to the previous quarter. This proves the continuous improvement of hospital units, bed management, and also more complex procedures.

Net revenue reached R$ 3.1 billion, 9% increase compared to the previous quarter. Gross profit totaled R$ 659 million, which is highly significant compared to the previous quarter, a 41% up, and also improvement on basis points.

That was supported by many operational synergies and also improving efficiency in procurement of different items, including oncology medications. See that SG&A went up 66.5% because we did also provisions for PDD and also improved investment on marketing considering the positioning of this new company.

As for other operating profit, we also see a great improvement. We have indemnization for the adjustment of net debt between Dasa and Ímpar, as was already foreseen, and also working on some contracts.

Our operating profit, R$ 459 million, improvement by 148.7%, and we have also a margin of 19.6%, 850 basis points against the previous quarter. That was for EBITDA that totaled R$ 611 million, and recurring EBITDA would be R$ 406 million with a margin of 13%, and still almost a percent percentage points.

Dasa consolidates 50% of the net revenue of Rede Américas on an equity accounting basis. That's why the margins have an impact on Dasa EBITDA.

Moving to slide number 8, talking about SG&A expenses for the third quarter of 2025, SG&A totaled R$ 348 million, a decrease of 43.9% compared to the same period of last year. Most of the difference comes from the deconsolidation of Ímpar operations after the establishment of Rede Américas.

For the third quarter of 2024, that accounted for approximately R$ 240 million. If we exclude this impact, we saw decrease in SG&A of 36.5%, and that comes from our productivity and efficiency program.

We also improved processes, organizational structure, new management regarding also default, and managed strategic agreements that led to this improvement of our SG&A. We will carry on consistently doing that, sustained by a well-organized structure in order to achieve more gains, and make sure that they have a long-standing initiatives by keeping discipline on costs and also resource management.

As for other expenses, a negative balance of R$ 39 million vis-à-vis R$ 48 million last year. We had extraordinary negative impact that led to net expense of R$ 55 million.

Let me please explain that. On one hand, we gained capital, R$ 113 million BRL by selling operations in Argentina and [Medteam?]

, and on the other hand, we also had an expense of R$ 168 million BRL on foreseeing on our agreement with Amil. When we combine that, we have R$ 55 million BRL which are negative that we mentioned earlier.

Now moving to slide number 9, EBITDA. Consolidated EBITDA, R$ 691 million.

We see a drop of 8% compared to the same period of last year, and because of hospitals that were transferred to Rede Américas. We see an improvement of 660 basis points.

I'd like also to add that there are two major factors. First, non-recurring items related to selling of operations of Argentina and [Medteam?]

, and the close of what was necessary for establishing Rede Américas, that were that R$ 55 million as expenses that I just explained. This is the first impact.

The second point is the positive equity of R$ 62 million coming from net revenue of Rede Américas. For the third quarter of 2024, that still included R$ 212 million coming from hospitals that are no longer part of our portfolio.

When we exclude these impacts both from 2024 and 2025, when we compare EBITDA considering current Dasa operations, we see an increase of 26.9%, a very relevant improvement. That is a combination of consistent financial and operational initiatives, improvement of gross revenue, and discipline in managing costs and expenses.

Slide number 10, investments. We are very disciplined with regards to investment and expansion, considering strategic investment.

You can see the CapEx R$ 61 million, a decrease of 55% compared to R$ 137 million we had in the third quarter of 2024. For the first nine months, R$ 184 million, minus 33% compared to the same period of last year.

That happened because of deconsolidation of Ímpar hospitals and in the third quarter that accounted for R$ 18 million BRL. We will keep on investing according to our operating and financial capacity, making sure that for every investment that it strengthens our efficiency, the quality of our services, and that we keep generating value in the long term.

Now moving to slide number 11 so that we can talk about working capital. I'd like to highlight the fact that this is presented on comparable basis, already considering operations sold and discontinuation of some units, this is a normalized base.

I'd like to start with the chart on the left. We can see that average inventory period went down 14 days compared to the same period of last year and 16 days when compared to the previous quarter thanks to focused management and also improved control of materials at our units.

As for average payment term, we can see that stayed 4 days and that was kept stable compared to the last quarter. Finally, the last chart, we have average receiving term, pre and post-deconsolidation.

We can see here that if we consider just average receipt term of diagnostics and hospitals from the Northeast, we see a decrease of 4 days compared to the previous quarter. I find important to highlight a very important structural change after the JV, we moved from levels of 112 days now to 94 days.

This numbers is still affected by receivables from hospitals in the Northeast. With current portfolio, the company operate in a more sustainable, more efficient ways to manage our working capital.

Now let's move to slide number 12, cash generation. Operating cash generation, R$ 481 million this quarter, more than doubling what we had in 2024, increase of 112.8%.

That was leveraged by consistent quality in our operations, also improvement of our cash management with also decrease of 17 days in cash conversion cycle. As for net cash flow, that was also positive impact for R$ 415 million this quarter, more than 250% improvement, boosted by operating cash flow and also disciplined investments.

I'd like to stress that cash generation is a priority to us. We will keep on looking for opportunities in order to sustain our growth strategy.

Slide number 13, capital structure, Dasa's capital structure. On the left-hand side, we see we closed the third quarter with a net debt of R$ 6.6 billion, a decrease of R$ 685 million compared to the previous quarter.

That were R$ 100 million from operational and the rest because of selling of our assets. We also consistently improved our deleveraging strategy and our net debt measured after acquisitions to pay and advances on receivables, we can say that the leverage was 2.6 times the EBITDA of the last 12 months compared to 2.8 in the previous quarter and 4.17 times compared to the beginning of the year.

For covenant, indicator closed at 2.38 times, well below 4 times, which is what we have established in the debentures. Net debt totaled R$ 8.6 million and a term line of 3 years, and after this quarter, cash equivalent a bit more than R$ 2.5 billion BRL.

Too regarding capital structure and our liquidity, we are working hard on our liabilities, especially in the last months as we announced in the previous earnings call. We are closely following this, our team is going over many items.

We took a very important step. We issued debentures for the 22nd time.

We announced that yesterday after the market closed, R$ 1.1 billion, and that then improved our deadline for paying that and also improves our financial liquidity. Now our debt will go to 3.6 years, and that also addresses amortizations until 2027 so that we can carry on executing our plans safely.

We keep on working also on some other fronts, but this operation represents a relevant initiative considering our financial strategy. Before we move to the Q&A session, I'd like to stress the fact that we keep on focusing on maximizing, optimizing our cash flow, which is one of our priorities as I mentioned, together with improving profitability of our operations by a efficient management, operational leverage, and diluting our costs.

With that, I close the presentation. We can open for the Q&A session.

Thank you very much.

Good afternoon, everyone, and thank you. I have two questions.

First, increase in diagnostics, especially nationwide, and you highlighted the premium segment. We saw similar activity in other companies.

In your opinion, which activities promoted that, and what about the market? Was there anything specific improving the segments?

If you can also talk about the market in the third quarter. My next question is about accreditation opportunities, and also to have more Amil customers.

Have you been working on initiatives to work closer with this payer? That's very important, and it's your partner.

Hello, Leandro. Thank you for your questions.

This is Lucchesi. Let's talk about the premium segment first.

We established a premium brand in São Paulo and Rio, and we have part of the units that can still grow. We still had this capacity and there is still capacity to grow in these units.

You also presented an increase in our home care for this premium segment. Also, we see an increased frequency of customers using our services and also new customers.

Although have a good presence, there is still a brand knowledge. We are working in order to improve on that to strengthen our brand.

We see an increase above the average growth we have seen before, and also gaining market share. As for premium market in the market, we believe that there was an improvement this quarter, but we still need to check some other pieces of information.

You're right, perhaps there was a change in the market. We believe we have been gaining market share, but that may be true for the entire market.

As for partnership with Amil, we serve all HMOs. Amil is certainly one of our major clients.

Of course, we are very close. We do have joint initiatives with Amil in order to add products and also to provide joint solutions that can benefit both companies.

This is another growth leverage for sure. We are also following the growth of this company and with a good outlook for the future.

Thank you.

Thank you.

Hello, Lucchesi and Bossolani. Thank you for taking my questions.

First question, cash generation and capital structure. We see improvement in your cash generation, and what can we expect for the future?

Which would be the major drivers: a decrease in the receivables days or improved margin? Can you please also give us an update about divestment in hospitals and also [Amma?]

clinics? My second question is about the EBITDA margin of also equity.

We saw an improvement of almost 560 basis points compared to the same period of last year. What can we expect for the future?

We know that this increase is highly challenging. Can we expect 20, 21% next year?

Flávio, thank you very much for your question. This is Bossolani.

Let me answer the first question. As for our cash generation, this is a very important strategic pillar.

We have been driving and working on that. Cash generation was a highlight of this quarter, and that proved our operating management, positive management.

R$ 481 million, just as I mentioned earlier, and boosted by two major factors: EBITDA improvement, we saw improved margins, stronger margins in every single segment, thanks to what we have been doing for a while now, optimization of costs and expenses with our excellence program, and also significant gain in volume. That led to an operating leverage.

Second point that's very important, we see a relevant decrease in our cash conversion cycle. We had a decrease by 17 days in a comparable basis, which means that we excluded the impact of deconsolidation.

That was also part of many initiatives and also improving our process efficiency. We expect to keep on improving this with focus and discipline because cash generation is a priority to us.

I'd like to highlight just one more point. Besides what I have mentioned, we did not use any anticipation of receivables this quarter and advances on receivables, which was done previously.

The quality of our cash generation was very positive and expect to maintain at this level. As for selling assets, there is nothing new besides the information that has been already announced.

Our focus will be on diagnostics medicine and nothing else new.

Flávio. Your second question was about the margins.

You talked about the margin of the last quarter, and you want to know what to expect next year. Is that right?

Yes, on the equity-based model.

We want to increase our margins, gross margins and EBITDA. We know there is seasonality quarter after quarter, we know that.

Our goal is to keep on improving gross margin and EBITDA. We are still working on our 2026 budget, but I can tell you that management team is focusing on achieving good revenue, improving average ticket, also digitalization, improving processes in order to improve our margins.

We know that there's still room for improvement and many initiatives are being examined. Thank you very much.

Thank you very much.

Good afternoon, Lucchesi, Bossolani. Two questions.

First, talk about Rede Américas. In your presentation, you mentioned improvement of the margin, 11 to 13%.

In the release, you talked about a reversal of provisions for this quarter. Do you have the numbers so that we can really compare data between the second and the third quarter, EBITDA margin for Rede Américas?

The next question, can you please give us an update about your debt management? What strategy are you going to use?

Do you believe that you can reduce spread and also for rolling over the debt?

Hello, Samuel. Thank you for your questions.

As for Rede Américas, we reversed provisions, but at the same time, we also have the opposite impact, and that's in the line of taxes and deductions. You can see that they offset each other.

You'll see that part of SG&A or the increase in SG&A in Rede Américas have this impact, and that's based on geography, but there is no impact on our bottom line. Once you remove this impact on the second quarter, you'll see that the third quarter presents a normalized level of expenses.

There was an apparent increase, but this was atypical between different geographies. As for liability management, we have been working on this for a while.

First we actually went over a program, and that's extremely important. We have not concluded that initiative yet.

This is a continuous program. As for spread, I believe that the market will determine that.

We believe that consistent results quarter after quarter with growth, margin improvement, deleverage that should be positive, the market tend to converge to better adjustment of the company's risk profile. We believe that that has been improving.

Thank you and good afternoon.

I'd like to once again thank you all for joining us. We will keep committed and working in order to improve the results of our companies, always focusing on the long term with clear objectives, an engaged team, by providing focus on excellence, medically, technically speaking, for our patients, bringing new customers, being a good partner of our payers, opening new revenue lines, improvement to B2B operations.

There are many things to be done. We are very excited, we are re-energized.

Q3 was a very good quarter, and we keep firm and committed to improving our results. Thank you very much.