Good morning, everyone. It's a pleasure to be here with you so we can present once again another quarter of results of Mater Dei.

We're going to start our call, and I would like to thank some people. I would like to thank the Board of Directors of Mater Dei that has been giving the full support so we can evolve more and more at the strategies that direct Mater Dei for a sustainable and permanent future, to our managers and also the people at the clinical body.

We also have an efficient management and assistential efficiency, and this is fundamental to achieve the best results and also our objectives. As I always like to say, there's no health network without strong doctors, and we have been investing a lot in this relationship to be able to attract the best talents.

Also, I would like to thank operators and partner companies for the relationship built in all the value chain, especially to the operators that are partners. It is gratifying to notice a market dynamic that is more positive from those that are close to Mater Dei, and see the operators with results that are more and more sustainable.

We want to continue to contribute to models that are more and more winning, and thinking about the growth of the market of the complementary health in Brazil. At last, I also would like to thank our shareholders, because they trust us, they trust in our value thesis of Mater Dei.

To start and talk about our results, the second quarter of 2026, it's another milestone in the trajectory of evolution of our company through an execution that is very disciplined strategic planning that we have set and that we are executing at this moment. For the first time at history, Mater Dei has surpassed the level of 600 million of net revenue in the quarter, reaching 614 million reais for net revenue.

In the comparison with the past semester of 2025, this increase was of 12.4%. This new level is closely related to the average ticket increase, 2.87 million per bed.

It's a new record with an increase of 12% versus the second quarter of 2025. This is reflected in a very well-executed planning.

Also to give a little bit more idea about what we are focusing on, I would like to highlight some points. The first point is our work to foster high complexity and the revenues outside of beds for Mater Dei.

I have to highlight oncology. Oncology currently is presenting a growth in revenue and it's two times more in comparison with the consolidated of the network.

We are executing our projects to position ourselves as a reference in oncology in each of the regions where we operate with the construction of relationships, incorporation of new physicians that are renowned and high qualification. We are at a period where the opportunities presented by the market meet in Mater Dei a platform that is organized and inclusive and puts us as one of the main players of oncology in the complementary health sector in Brazil.

Besides that, we are increasing the complexity in an organic way, offering excellent models that attract the best talents in the market. In this sense, we had big advances in technology, such as the expansion of robotic surgery with more equipment that are in the other units that didn't have systems of robotic surgery, and also the implementation of AI tools to support our physicians in the elaboration of medical reports, and also in the lines of care that are efficient, that treat better our patients, but also increase our capacity of early detection of diseases, creating a hospital that is better prepared to deliver the best technical assistance and medical assistance to our patients.

Another point is a mix of revenues between the units that is more favorable, especially with the ramp-up of our units that are younger, especially Mater Dei Nova Lima and also Salvador. Salvador is still in a very big growth that is very favorable, and it presented a growth of 30% of its revenue in comparison to the same period of last year.

This is a hospital that's more and more mature. It is a fruit of our work, of our relationship, and also to attract reference doctors, and also our capacity to assimilate all the demands of treatment of that place.

It is a complete hospital of high complexity with a very different structure, and it's very, very visible in this sense. We had an expressive growth of 133% of the oncology patients and 12% of surgeries in this unit in comparison to the second quarter of 2025.

Besides that, the hospital is becoming more and more preferable for operators, and it's also a reference unit when we talk about the experience of the patient with levels in the zone of excellence. Recently, we also have a new plan accredited in this unit.

A new partnership was also conducted with Bradesco, and we have Efetivo Plus from Bradesco. This is another important step for the consolidation and expansion of the hospital, especially because we have a new tool with Bradesco to grow in this market in the hospital.

We already talked about Nova Lima, Mater Dei Nova Lima, and we presented a growth of 84% of the net revenue in comparison to the second quarter of 2025, and we continue to have an EBITDA margin that is over the consolidated of the network. It is a rampage that is very expressive.

Besides the average ticket is higher because of the mix of the operators, this unit brings capabilities to accommodate and build new relationships with doctors that are very highlighted in the areas that were not so close to the metropolitan area of Belo Horizonte. We can have a better mix of procedures, and also a high complexity for this unit and also with an oncology area that's very explore well explored.

Also, in the acquired units, we are being positioned as the main players of each one of the regions we operate. We gain more and more strength in the negotiations with payable sources, and also being more preferentiable for the patients and for the doctors.

In this sense, the net revenue of the acquired have grown 11% in comparison with the past quarter, and we also have the largest quarter net revenue for Mater Dei Santa Genoveva, EMEC, and also Goiânia, with growth also of 16% of the oncology patients when compared to the first quarter of 2026, and 109% when compared to the second quarter of '25. As I said before, oncology is transforming units and also those that we have acquired.

We are taking advantage to grow the number of patients and also to found new services. Besides the growth of the ticket, we had an important increase of 103% of patients per day in the quarter, and we grew 4.9 the number of operational beds for Mater Dei, what led us to an occupancy rate of almost 84% even in a period where we needed to overcomes season impacts, such as the holidays of June, São João in Bahia, which is also a milestone for that region, and World Cup, which decreased some business days for the period.

This strategy is 100% aligned with our strategy to operate with occupancy rates that are higher, aiming for operational efficiency and improving the proportion of our expenses costs. When we talk about EBITDA, we have a record one for Mater Dei of 139 million, something that is 20.3 superior in comparison to the previous year and an increase of 5 percentage points in the margin reaching the 26.2%.

This operational result that is stronger aligned to an efficiency management and working capital working flow capital, it's important for the leverage index reaching 5 times of EBITDA, and it's a healthy level that shows the financial health of the network. After the fourth quarter of 2024, which is our inflection point of recovery in the results, we kept this level of net EBITDA, even though we paid 120 million for acquire of companies and 110 for share buybacks, fruit of a robust operational cash that the company is presenting.

It's important to highlight that we are able to not just generate economic results, but also financial results in such important period. If we were to adjust the variation of the net debt by these values, we reached a cash flow for the shareholder of 238 million reais above of the net profit in this period.

Also, we elevated our ROIC in 50% since 2024, reaching 10.8% for the annual level in 2026 if we get the numbers from the first quarter and analyze them for the whole year. These are numbers that show our commitment to the operational efficiency and to generate real value for the shareholder.

This robustness brought to us an opportunity. It gave us also the ease to do in June of 2026 the anticipated emission of debentures of 20 206 million reais that shows the efficient management of the indebtedness of the company, especially in a scenario where we can have higher interest rates for a longer period, and this is the macroeconomic scenario that is demonstrating to us.

Not just for operational developments and financial developments, these were the highlights of the first quarter in the second quarter. The metropolitan area of Belo Horizonte received a triple recognition with top performance seals, efficient and top performer for cardiological surgery in partnership with the Association of Medicine in Brazil that reflects superior results to the national average, and also strategic indicators, especially for hospital mortality and efficiency in the use of human resources and material resources.

This certification is very important because it demonstrates our capacity to use resources in an optimal way without waste that is very important for the complementary health in Brazil. Mater Dei received certification Platinum Qmentum International, and it's the first private hospital of the state of Goiás to obtain the seal by its global standards of security and quality for the patients, once again demonstrating that for each one of the regions we are bringing equipment and solutions to be the reference for that specific region.

The units of Santo Agostinho were certified as Level 1 hospitals by the Ministry of Health, showing our vocation not just as providers of high-quality services of health, but also our capacity to train health professionals that are different for the future. If we talk about experience of the patient using the metrics of NPS, Mater Dei operates with an accumulated over 75 with several units in the excellent zone, and it's also a milestone when we compare to other networks of health.

To conclude, the strategic discipline that was the base for operation and financial operations in the network continue to be the foundation for the net the results of the second quarter of 2026, and they will be our pillar in the journey of growth of the network, not just positioning ourselves as consolidators of supplementary health in Brazil. I will give the floor now to Rafael Cordeiro, CFO for Mater Dei, to talk about with more depth about our financial indicators.

Thank you. Good morning, everyone.

I'm going to continue with our presentation. I'm going to try to be brief with our numbers so we can have more time for questions and answers.

We start in the slide of operational highlights. We have a rate of of occupancy over 80% even though we opened 57 beds, and it shows the discipline of opening the beds and keeping the occupancy rate.

This is fundamental for the control of the costs in terms of staff and also a discipline so we can achieve better results. It is a stability against last year, and this growth of about 5% in the beds we can notice that it reflects at the bottom part of the slide with a grow of 6.3% for our patient day reaching 87,369.

It's a stability compared to last year, but this growth was fundamental so we can have the sustainability to open the beds. About the average tickets here, we put in reais for patient days for 7,845.

I will go to the next slide because I'm going to talk about that better. When we talk about the millions of beds per year, millions of reais per year per bed, we had a growth of 12.4%.

We reach 2 2 million and 87 beds per year with a stability. Also with this numeric coincidence, we had a growth of the net revenue in the same level, and as Henrique said, we reached more than 600 million reais in a quarter, and it's a grow of 6.7, 614 from 6.7% against the past quarter, and a growth of 12.4 that is for last year.

We had a capacity in our strategy of a mix of specialties, and we were able to achieve 12.4% growth with maintenance of beds and also high occupancy rates. Talking about costs, we have here with the our metric of good results, of a good EBITDA margin, and we had this gross margin of over 30%.

In this quarter, we had 69.6% of costs. There is a change that we can observe, and we can talk more about this in the Q&A, but we notice a stability with a small increase and also more dilution for staff.

This has a very close correlation with the increase of oncology in our mix of specialties. Going towards the expenses, we reached 12.6%, 77 million reais.

This is an important number because there is a dilution of a percentage points compared to past year. We grew 12%, we can have the same par value of 77 million.

It's a company that grows in the costs proportion to the growth of the revenue, with possibilities to improve this through the next quarters, but is also very important for expenses. We have an overhead that is controlled.

After the change of the profile of the company that we made that we're going to highlight in the past 18 months, we have this stability and dilution of expenses, and the objective of the company to increase this revenue and to improve also the gross margin. The coincidence of the next few slides for adjusted EBITDA, we don't have adjusted EBITDA for this quarter.

We use this word 'adjusted' because we had this adjustment of 6 million reais. We didn't have any adjustments for 139 million reais.

The real growth was 24 million against last year and a margin that advanced 1.5 percentage points compared to the previous period was 15 million if we consider the past quarter had an adjustment of 6 million, and the margin is stable, a little bit above if you consider this don't consider the adjustment we have made. It shows a sequence of good results, and the company can executed the strategy that was developed since 18 months ago in a recovery.

Going to the next slide, we also want to highlight the net profit, cash flow, and some important indicators that we are having good results. The profit has grown a lot, it's a growth of 18 million reais, 66% of growth in profit, and the margin advanced 2.3 percentage points.

We were highlighting this that our capacity of recovering and improve results for operational part for marg EBITDA EBITDA and the profit, and we are going to have a better growth for profit. Our profit also advanced quarter against quarter for 20%, and the margin advanced 1 pp or 1.6 the same adjustment we did for EBITDA has a reflect in the net profit with 66% of this adjustment.

Going towards the right side, we have this DSO of 180 days, and when we mention last year that we reached 107, but we had 107 for DSO, and we had some items of capital that helped. We had an increase in the first quarter, and now we have a reduction of these 180 days, and this shows us an analyze our numbers within a reality than the 107.

We see constant improvement for the cycle of the revenue. It is incredible when we analyze that there were 9 days less compared to the second quarter of 2025.

Our discipline to have the cycle, have the integrated areas and good relationship, as it was mentioned with the operators, showing the importance of sustainability of the main players for the supplementary health chain. In terms of DPO and DIO, there is a stability.

There's nothing to highlight. We have 47 for DPO and DIO for 45 days.

Going to the next slide for cash flow and indebtedness, it's something that is very important is the working capital, even though we create we grew 12% less since last year and 6% growth of this quarter, we have a stability for the working flow that is counterintuitive for our sector, and we also see this elongated cycle, and there is a conception of working capital. We had only 2 million, stable, and a conciliation of results against profit that is quite sustainable in a very interesting number, 135 million.

This enables us to advance our cash flow to 638 million if we don't consider the buyback of shares and also the 5 million for the companies, and the final cash flow, it will go to 128 million reais. In terms of debt, net debt and EBITDA, we had already a level of 1.8, 1.9, now we have 1.5, and also the growth of EBITDA is going to help this indicator also with decrease of net debt that we talk about on the right side.

We had a reduction of 37 million reais for net debt of 800 to 673, which is elongated for 5 years and has an average cost that is below CDI. In this period that we show here, there is a distribution of dividends of 74 million reais.

We also talk about a differentiation from the net debt how it was going to behave if we didn't have these distributions and buybacks to our shareholders. Going to the next slide, we decided to have new two new graphs, actually three, to show you the good execution that we have been having since the worst results of the trimester, which is the second quarter of '24, although we saw this in 2025.

We had in the quarter the second quarter of '24 was the worst in the company, and after this, after seven quarters, we have a super relevant evolution reaching an average growth of 12.1% in the revenue, an evolution of 2.4 pps in the margin, and it increased from the peak of 17.9, the growth would be even better, a recovery of more than 4 pp at the worst moment of the LTM of our margin. For this growth of the revenue, there was an annual growth of 26% for the EBITDA and 50% of the profit.

These are numbers that show that it was not just a specific growth, but a sequence of good results. In the part the below part of this slide, we see a ROIC of 10.8%, an evolution of 50% since 2024 with 359 of evolution.

This is an indicator that really delivers for EBITDA, and it can evolve for the next quarters if we can maintain this execution well done for our results. We also see the indicator that we decided to open in a more explicit way, which is the generation of cash for the shareholders, FCFE, and it was 238 million reais.

We have a reduction of the debt, it was an improvement, and acquisition of companies, buyback of shares, and net dividends and payables and receivables, we reached 238 million. It's more than the past 18 months of 189 million.

We had a conversion of cash of the profit of 126%. This is possible because we had a rate of cash of taxes less than 34%, and also we had this working flow is stable with the same growth of the revenue.

We are controlling the past semester the past quarters, it was less than the depreciation. We had a sequence of investments that was higher, and we are keeping this goal so we can bring results for acquisitions and also for the CapEx for the units.

These are results that are quite interesting, and in our view, we have full capacity to continue to execute this good strategy for the company. I will conclude now my presentation.

I have a little bit of voice problems, sorry about that, but we are going now to the Q&A according to your interest. Thank you so much.

Good morning, everyone. I have two questions.

First, I would like to explore a little bit of the sequence of volume. We are listening that this is stronger in the beginning of the third quarter.

Can you give us a general overview just to talk to us about what is growing, if oncology is accelerating well? The second question, I would like to talk about two points.

In the first quarter, we talked about the beds. Even there was a rampage for Salvador and Nova Lima, they were not growing so much.

We were expecting a little bit of growth, more growth, and then there was a drop year-over-year. How can we see this, and what is decreasing compared to other hospitals that are growing, and how can we fit the logic that Bradesco has accredited Salvador to accelerate a little bit more from now on, just to know if it's significant, this accreditation from Bradesco in Salvador?

Thank you.

Hello. Good morning, Tiseo.

Thank you so much for your questions. I'm going to try to answer this these two questions.

About the sequencing of volume, we are very optimistic about what we see ahead of us because the base of the volume were built in a sustainable way, with the relationship with the operators, with a market dynamic that is positive according to our view, with some operators able to grow and to fight for the market share, but also especially because of internal factors related to the adherence of new teams that came with their own networks to be able to incorporate to Mater Dei network. Also some movements that were made between the first and the second quarter, in our view, they didn't have opportunities to mature, and we hope that for the second semester, we have these teams performing even better, because we know there is a curve of maturation for some movements.

It's also a period in this third quarter for with more business days compared to the past semester, and also if we have more business days, we can also have better performance because of an increase in performance and production. Also, it's an important driver because of the movements that were made because of the market dynamics.

According to our view, oncology is integrated to the hospitals of reference, it's an opportunity of cross synergies that are better between oncology hospital and hospital oncology, and diagnostics, line of care of patients navigation. What we are building in our view could will contribute to the increase in volume, okay?

In terms of beds, we observe this dynamic, and it's in line with what we see and what we are communicating to the market for the past quarters. There's no surprise for us.

I don't think it should be a surprise for those who follow us closer. The first reason and the main one is because we're working for better efficiency in terms of occupation with the days bed that is more appropriate with the patients and a clear view that we can generate an increase in revenue with a composition of patient day that is healthy, looking at operators that have a healthy capacity of payment, that contribute to our financial cycle, and without a bias or a clear need to grow through opening beds.

In this sense, there's another strategy that we are accelerating is the strategy to focus on revenue outside beds, which contributes to an average ticket that is appropriate. It's not caused by huge adjustments and also by a more appropriate mix of procedures with this revenue outside beds.

Summarizing is the focus on operational efficiency and also beds, thinking about our structure of costs and also outside of beds that contribute to our growth. There is another point, a relevant point.

The strategy for oncology, we cannot think about this the way we are thinking internally just for the growth the direct growth of the specialty line of infusions. With that strategy, we attracted new doctors, well-renowned doctors, and we have an expectation to have other activities related that oncology brings together.

We don't work to open beds, but oncology can help with us can help us in the future with that. We don't have to just focus on this.

It's a strong work to open 57 beds, 5% of growth quarter versus quarter, and this helped us a lot with our revenue. These are things that are consequences of work of an activity of a strategy that we have in our company and not just seeking to open beds.

I think this is a big driver to keep our sustainability and good results.

Thank you, everyone.

Hello. Good morning, everyone.

Thank you so much for giving me this space for my question. It's a follow-up about the last question of Gustavo, my dear friend Gustavo.

You mention about the adherence of new teams that came with their own networks. I want to understand if you see the space for new teams to arrive, and also for these new teams to bring their own networks.

I want to understand the timing, how long does this take, and what can we expect of volume for the next quarters? Still thinking about volume and given that the sector is being consolidated for quite some time, I want to understand, how do you see possible partnerships, as you already have in São Paulo, if you see space to have more partnerships in some other regions and some assets that are already matured, if you think about that, or if you don't think this is going to happen?

Yoshida, thank you so much for your questions. About the new teams, what can I say is that we have lots of spaces for the coming of new teams, not just space, but the pipeline.

We have several conversations happening at the time, either for attention to the work that we are doing for each of the hospitals, and also for the differentiation of our hospitals in each region. With that, we see more and more attention of teams that they're not so happy in other strategies and they want to become closer to us.

We have a capacity of investment. We have a capacity to invest so these teams come and to create appropriate structure so these teams can come, and we have been working a lot in this sense.

About timing, I'm not going to give you a clear rule so we can say about timing, but I'm going to talk about how we think. I think that maybe it's more interesting than timing.

What we think is that with the coming of new teams, it is as important as the coming of a new doctor that makes a new procedure or that proposes a new therapy is the coming of teams that support these doctors so they can perform. These movements usually, we do them thinking about the teams so we can give also this easiness to the doctors so they can bring their own networks, and also they can bring some teams.

Some perform faster, some take a little bit longer, and we select with them, working very close with them, because we want to have a long-standing relationship, we don't have to do some kind of let go of the teams and not continue with the teams. About the partnerships, we are conducting several partnerships.

We have Mater Dei Santana in São Paulo with the forecast to conclude at the end of '28, beginning of '29, and this is one of the partnerships that please us very much, was very positive according to our view. We also have several other partnerships in products that are done with exclusivity.

They're deeper partnerships with our partners, operators. We have here in the metropolitan area of Belo Horizonte and other partnerships that are becoming stronger in Salvador, as I mentioned before, Uberlândia, Goiânia, EMEC, Feira de Santana.

We are working to work with partnerships focusing on products, okay? Thank you so much for your questions.

Thank you. Thank you for your answers.

Now

Good morning, everyone. It is a topic that I wanted to explore.

It's about structural trends. Something that we have noticed a lot for the hospitals is that the changes for the industry of health operators, especially seeking more sustainability, co-participation, in the case of, for example, emergency rooms, and sometimes they say that the emergency units it's an entry door that's very important for other revenues of the hospitals, but also losing a little bit of representativeness because sometimes the beneficiary, sometimes they don't go just to emergency care, they seek also outpatient and consultations care.

I think this helps also for the trend that you're talking about for outpatient gaining more representativeness, and revenue coming not just for these patients day, but how are you preparing yourselves in terms of structuring medical centers in the hospitals or close to the hospitals, and also to make the doctors more loyal, bringing doctors closer? This is a trend that you have been observing, and how are you preparing yourselves?

Third, if you allow me, how this would influence in the economic factors for the company? Thank you.

Hello, Vinicius. Thank you so much for your questions.

You are always very deep with questions about the complementary health sector through all time. This is a trend that we see materializing throughout time, new formulas or new ways of the patient to solve their demands, either by telemedicine or with other types of care, and sometimes outside of the emergency care.

What can we say is that we're not seeing a drop in volume of our emergency care units, and this shows an attention and a resolution that these emergency care units have in our hospitals in terms of location, convenience for the patients that need emergency care units. Because to foment high care of patients for patients that do not need, this doesn't make sense for the hospital, unless the hospital has some kind of policy of conversion that is very high of services in the emergency care units for hospitalization, which is not our case.

We have worked at Mater Dei to have a level of conversion of emergency care units for hospitalization that is very low, because we understand that there should be a resolution, and we don't want to fill the hospital, increasing the level of conversion, and also decreasing the level of care, and making this very costly for the operator. This is not affecting, as you said, our hospitals, as it affects other institutions.

With that being said, today we have at Mater Dei the concept of a full care with a medical center integrated to our institutions. Each one of the institutions of Mater Dei have outpatient care units, and this is important to give a quality access to patients and for operators so they can sell their plans.

Certainly these doctors, they are more loyal to the Mater Dei network. Outpatient care that would not need to be done in emergency care units reduces the structural costs and also the cost for the sector through what is made.

This is what we do. This is one of the tools to make sure that doctors and more strategic doctors are loyal to us, that are closer to Mater Dei network, we can also have this opportunity to work in the complete value chain and in the global composition of the lines of care.

Thank you.

Thank you so much.

Good morning, everyone. Thank you so much for the space.

I have two questions. The first is about margin.

In this, there was a relevant improvement of other operational expenses lines. Thinking more about the structure of expenses and operational costs, do you think that the operational leverage will be able to offset this pressure of this average patient day in regards to the mix?

The second one about Salvador. You said that there was the accreditation of Efetivo Plus in the unit.

Alone they can sustain this in the unit, or you want to have more operators accredited? Thank you.

I'm going to start, then José Henrique will complete about Salvador. About our TRE, you can notice that this quarter we had less value for this part of the expenses.

On the other hand, we notice that this growth will always help us with the expenses. You see a stability in the total.

There are a lot of peculiarities in the expenses where you have contingency, and sometimes there's a variation, up or down, and if you do a regression, this is not going to be very further from the last numbers, and we can improve that. About EBITDA as a whole, the growth of the revenue, as I mentioned, it's going to help the company in a way or another.

We have been working month by month, and we deliver to you the quarter results, but we see a good perspective for revenue, and we imagine that this level of margin that we have reached, sometimes they're going to have more at the gross margin, more for expenses, but this is why we show the expect of 18 months that there is a trend in our work of evolution of the margins. It is not in a level that we can say that is stable.

We have internal ambitions of improvement, and there is an adjustment. We cannot get a specific item or a lowest item this quarter and taking a look at in a general overview.

I think that with the growth and the strategy developed with the teams that are not at their full capacity, and about the new conversations, we have a perspective that the company can still deliver more. Of course, we left from 16% in the 4Q of '24, and we're delivering 26.6%, but there are still good perspectives in the company, and we are controlling this costs, contracts, improvement of the cycle, and you can see improvement of the P&E for 120 days, a conversion of profit that is better in cash.

In a joined way, not every quarter you have an improvement of all the items, but we believe there is a balance, and also with evolution, this is what we notice for a company looking at the numbers. I'm going to give the floor to José Henrique about Salvador.

Thank you, Danilo, for your question. I'm going to talk about Salvador.

I'm sure that for Salvador, oncology is one of the biggest things. It's a very good movement that we have made to attract a very strong group for this unit, they grow every day.

Also, there are some new members coming. Is it still further from our capacity or our needs in terms of what we want to deliver to this specific unit, but the execution is in line with our good expectations for this unit.

Besides oncology, and as Rafael said, oncology is a specialty that is cross-cutting. It is not just about infusions or outpatient care of the patient.

They use diagnostic medicine, they have surgeries in our units. As I said before, we think this is a differential for those who want to work with oncology and be able to provide an integrated journey, not just for the patient, but also for the doctors.

We are attracting surgical teams expressively that come integrated with the strategy of oncology, and we are seeing in the unit of Salvador more patients seeking and using our emergency care units to treat some of their demands. This is anchored to an expressive improvement of the NPS of the satisfaction of the patient in the unit, especially for two lines: diagnostic medicine, that we still have a lot of space to grow in that unit and it helps in the revenue outside of beds, and also for emergency care units, giving a better experience for the patients, the patient uses more.

They have this hospital as the preferential one, and they understand when they have more serious demand, they understand that that is the hospital they can trust. Mater Dei Salvador is being able to position more and more as a trustworthy hospital for the people in Bahia and as a reference in the state.

To close as about Salvador, we are very satisfied about the way the operators are welcoming us, Danilo. These are operators that are eager to have new products, seek new alternatives to build new growth or new growth paths, and they understand Salvador as a very different equipment and also the commercial relationships as healthy and sustainable.

This pathway of growth with operators, either with new products or strengthening the relationships that bring more lives to the hospital, this is an important path for the growth of our unit. It's very clear.

Thank you so much.

Good morning, everyone. Thank you so much for answering my questions.

My question is about tickets. When we take a look at the last quarters, the ticket is accelerating, but specifically for this quarter there's a new acceleration.

What is the effect of the mix of the World Cup transition that is effective for the third quarter? Also another question, to understand what is sustainable for this mix for the second quarter.

Also about capital allocation, for some quarters, you are delivering generation of cash and conversion of EBITDA in cash, and where's the allocation of capital in the trade-off between dividend and some inorganic movements? These are my questions.

Thank you.

Thank you, Guilherme. About the ticket, oncology has helped in this growth.

We take a look at this internally, and there is an improvement of the general ticket. Our perspective is to be able to increase this growth of 12%.

It's very high, but in terms of inflation and also with the operators, if we can put our plan to improve oncology, if we can convert this medical attraction that we did, we believe that there's still space to evolve. We don't work internally to say, 'Let's have these results through the improvement of ticket.'

We know that there is a sustainability of the sector, but there is a balance to have in the mix of our specialties and also with the growth of others. We believe that the inflation for the next quarters, the ticket has another point that sometimes it doesn't influence directly in the next quarter because sometimes there are some months that were not so good as there were holidays or World Cup.

We see this. When we have this tendency or trend line, and we have in this strategy possibilities of evolution to help in the growth of our revenue.

I'm going to give the to José Henrique about the structure of capital, dividends, and acquisitions.

Guilherme, about allocation of capital, it's also very diligent about that. We have this mapped what are needs of CapEx in the period.

These are CapEx for the improvement of structure and projects, and for the growth of revenue in the units existing. We still see a lot of space to make these units more robust, either for Belo Horizonte, Salvador, to increase the services.

The incremental CapEx for the growth of revenue, many times it's marginal, which helps us in the return over capital, which is one of the priorities at this moment for the company. With that being said, our generation of cash, it opens spaces for other movements.

The first one is for the leverage movement, and in this moment, we decided for prepayment of debentures because we found conditions that are appropriate to do this, and also because we understand that there is a capacity of emission that is very appropriate with levels of better rates in compared to what we had in the past. We are quite diligent in observing opportunities for new M&As, some in partnership, as it was done before.

We understand that some isolated hospitals, they have eventually some more difficulties because they don't have synergies of the network, or they don't have the same views related to operational efficiency, and difficulties in governance. In our view, we can see at some point some spaces for some inorganic movements, and we want to be optionally prepared to be able to do this, either with a new emission or using a part of the cash.

If we cannot find relevant projects in a certain period, we observe new opportunities for some kind of redistribution that is bigger. The important thing is in this moment is that the company will perform operationally and over the cycle of the revenue that we generate cash, and we open these options to be able to strengthen our strategic position.

Just to add, I would like to reinforce that we have a credit analysis that are very positive in the market. We had several proposals, and we are having good analysis in our ratings, there's always an open way.

We have good conversations of future possibilities, and we know that there is this new possibility, and we cannot have just this structure. Now the leverage rate reached this level, which is in an optimal capital, and dividends is a way to compensate as well.

Also, we don't talk a lot about this, but the growth of our company comes with an M&A at zero cost. We got an opportunity of the market with conditions of the market to attract doctors that in practice five years ago, they were in the clinical acquisition that was very expensive, and we were thinking about the limit of debt of the company.

This is a very disciplined growth with good future perspectives, and also with a very good performance for the company. This is a chess game that we are playing that is very well positioned and that we are waiting for the new positions and the new movements, and thinking about that we live in a country that has very high interest rates, and sometimes we take longer to make some decisions, but we are still protagonists in the health sector.

Perfect. Thank you.

Hi, André. Thank you so much for the question.

We know that our free float is limited, what makes it difficult, of course, the liquidity issues. We need to monitor the market and find a more healthy environment for a robust plan to be able to follow up on these matters.

At this moment, I don't have any kind of response that is more objective, but it's more of a matter of monitoring things how they're going to continue. The free float issues depend on performance of the company.

What we see is that with time, as we deliver results, attracting more investments and more people and believing in the thesis that free float will also grow, as the shares of the company will also grow, and there will give us the opportunities to absorb new investors.

As we could say here, there is another quarter of advances for our company. We thank you for your attention, for your questions.

The questions always makes us reflect, and contribute also so we can perfect our strategic views. We're always at your disposal.

Thank you so much, and warm hugs to everybody.