Good morning, and welcome to the audioconference of Oncoclínicas. At this moment, all participants are connected only as listeners.

At the end, we will begin the question-and-answer session, when instructions to participate will be supplied. Please remember that this audioconference is being recorded.

I would now like to pass it to Dr. Bruno Ferrari, Founder and CEO of the Oncoclínicas Group.

Dr. Bruno, please go ahead.

Good morning to everyone, and welcome again to one more earnings call of Oncoclínicas. We're very content to announce the advances conquered during the third quarter, fruit of an intensive and extensive trabalho of organizational restructuring of the company, where we will discuss the sale of hospital assets to lead the company to future commitments for investments, among other things.

I do not remember of any other quarter in the history of the company in which so many fronts were executed at the same time and which we have been able to deliver so much in such a short time. On Friday, we concluded the increase in private capital, which totalized approximately 1.4 billion reais, an important part of this turnaround, the strategic turnaround and commercial turnaround and operational turnaround of the company.

The increase in capital is bringing a important deleveraging and leaves our balance and our capital structure. Speaking about this, I'll speak about all these deliveries going ahead.

Before that, I would like to point out the hard work of all the people from our doctors, our directors, and the [unclear] have all remained aligned in the same goal of reconquering the profitability that the company always has as a promise, the patient as the center of everything. I'd like to thank everyone.

We look today at a company which is very different than that which we saw a few months ago, much lighter, much more focused, and again, with its business of oncology, which we know how to do very well, and without any onus about our margins and future commitments of the capital payments which would affect our future earnings. We continue to be the most attractive for doctors and oncologists to work in every level of seniority.

We have no doubt of that. Since the beginning of this year, we have added more than 100 doctors to our base, which demonstrates with facts the continuing attractiveness which the company is and continues to be with us in this journey.

On slide three, we start with the highlights of the third quarter. Like to point out the highlights of this turnaround which I referred to earlier.

Which is evidenced in our adjusted EBITDA in the quarter, which added up to 241 million, with a margin of 17% and 400 246 basis points higher than the previous quarter. There was an operational gain of 246 million and a significant advance in relation to the previous quarters, as the lower part of the screen shows.

Cristiano will detail this going forward. This was generalized all across the P&L, not just because we are looking at the performance of the company on a recurring basis.

In other words, on slide four, we can see that there was a strong gain and the best dynamic of capital, which brought us to generation of a free organic cash of 64.4 million in the quarter, with a highlight of how quickly we are delivering our back-to-core agenda of repositioning of the company. We already announced the sale of the three general hospitals of the company which the company maintained in our base of assets, and the rescission of contracts of BTS for future cancer centers in São Paulo and Belo Horizonte, along with the renegotiation of the contract in Goiânia.

These bring us back to our basic core business exclusively of oncology. It changes in important way the level of profitability, remembering that the three hospitals responded a negative EBITDA of almost 26 million reais in the third quarter, and it relieves of important CapEx commitments in the future.

I would like to mention that the thesis that these cancer centers continues valid within our business model, but need to be executed within a successful model of partnerships with hospitals and not just oncology hospitals, where we will not commit relevant capital. We have to mention also in slide six the conclusion of our increase in capital last Friday, which raised a total of approximately 1.4 billion in capital, reducing the level of leverage of 3.0 pro forma, and the leverage in the third quarter has already been reduced in relation to the second quarter even prior to the pro forma effect of the increase in capital.

To give more details and impacts about the numbers in this quarter, I'm going to invite Cristiano Camargo to take over the microphone going forward. Cristiano?

Thank you, Bruno. Good morning to everyone.

On slide seven, I think it's important to give a detailing of the principal accounting write-offs that the company wrote in the quarter in function to the quick advance that we've had in the plan of sale of assets in the process of turnaround overall, beyond other recurring events of outside events. The first item, the write-off of the hospital assets of 466.2 million reais is a consequence of the agreements signed for the sale of the Marcos Moraes in Rio de Janeiro, MCA in Uberlândia, and Vila da Serra in Nova Lima announced last week and the 3rd of November, and therefore a subsequent event after the third quarter.

As the company has moved very quickly in the execution of these divestments, these assets will be classified as available for sale. It's important to remember that all these transactions are still depending on closings due to the compliance with specific requirements.

The third item, the BTS write-offs refers to the value therefore previously registered as an asset, intangible assets referenced to anticipated rents for future projects of cancer centers. As the company broke these contracts, ended these contracts within the strategy of leaving these non-core assets and that commit to a great deal of future CapEx, these future rents were used to reduce the values of the fines paid on the rescission of these contracts.

We had no cash payouts to rearrange these contracts. In the third item, we look at the provision of 100% of the conversion of debt from the Unimed-Rio of 864 million reais.

The administration decided to make this provision, understanding that there were new facts and determinant which happened in the third quarter which justified this decision. For example, the interruption of the attendance to clients not accept in a limited capacity and subject to previous payment and an event of renegotiation of the balance of this debt instrument indicative by itself of a deterioration of the credit of the counterparty.

We should also mention that the question occurs due to the observance of the accounting norms, but does not imply in any renouncement of this credit by the part of the company. The third item of the most relevant item, the administration decided to provision part of this balance with Banco Master due to the deterioration in the rating of that counterparty.

This provision, and we should mention, impacts negatively not only the P&L in the quarter, but also the cash on hand, the accounting cash on hand of the company, and as a consequence, the imposition of net debt, which reflects in the negative impact of this provision. It's important to mention that all of these things were nonrecurring and non-cash and are being added back to the adjusted numbers presented so that it be possible to see how the company has behaved in the operational way and recurring way during the third quarter.

Looking in slide eight, we can see the evolution of our average ticket. In the third quarter of 2025, the number of procedures reached approximately 151,000 [unclear] with a small sequential deceleration, a reflection of this more selective commercial strategy and the end of the contract with Unimed-Rio.

On the same comparison, sequential comparison, the average ticket grew by 5.7%, attenuating the smaller volume and the higher quality of the revenue in this period after changing our portfolio of clients. On slide nine, the gross revenue of the company reached approximately 1.6 billion reais in the third quarter of this year, presenting a small reduction of approximately 4.7% in the sequential as a result of the interruption of the services offered to Unimed-Rio.

We should remember that this operator was up until August the biggest client of the company, representing more than 10% of our sales, so that a fall of 4.7% shows that the company has been successful in the replacement of this revenue of which it has given up. Going to slide 10, the net revenue presented a small fall of 3.5% in relation to the quarter immediately prior, smaller than the reduction of gross revenue, due to the improvement in the PCLD during this quarter when compared to the previous quarter.

As you see on the following slide, on slide 11, we see a sequential reduction pushed by a better base of clients and better quality clients and with a better dynamic of receipts. As a consequence, the PCLD was 6.1% in the previous quarter, went to 4.4% now.

On slide 12, the cash margin reached 32.3% in the third quarter of 2025, an important advance in relation to the previous quarter, with a sequential expansion of 200 basis points. Cash profit reached 456 million reais at the end of the period, demonstrating a tendency of the recovery of profitability as we see on the graph on the left.

This is due not only to the commercial initiatives of improvement in our portfolio of clients, but also in the management of costs. If we exclude the hospitals from this account, the gross margin comes to 35%, which reinforces that the direction of the company of leaving hospital operations and focus only on our core business of oncology is the correct route to take.

In the analysis of the last 12 months, the gross profit was 1.8 billion reais, with a margin of 30.7%. Looking at the next slide, number 13, we see the operating expenses reflected in the efforts of the restructuring plan and cut of expenses executed by the company over the last quarters.

This is the first quarter in which we can see the numbers based on a normalized basis, without the relevant impacts of the rescissions. The results is a reduction of almost 30 million reais when compared to the third quarter of 2025 with the same period of the previous year, a delivery of savings of 710 million reais on an annualized basis.

As a result, the operating expenses have represented 17.9% of net revenue, a sequential reduction of 300 basis points. We should remember that we are still running with a gross revenue almost 80 million reais lower in this quarter when compared to the second quarter.

In other words, even with the deleveraging, operational deleveraging and are reducing drastically this ratio. If we exclude the effects of the hospitals, the operational impacts represent 17% of net revenue.

Looking at the adjusted EBITDA on this following slide, number 14, we can see a sequential growth of 30.4%, at the end of the period in 241 million reais, an expansion of 450 basis points of adjusted EBITDA margin, by ending the quarter at 17.1%. This expansion of margin is solid and of high quality.

It's not just due to the elimination of the hospitals. It would have gone from 12.7% in the second quarter of 20 to 15% in the third quarter, even with the hospitals included in these numbers.

In other words, 270 basis points of expansion due to the gains in gross margin and efficiency in cuts in expenses. On slide 15, the loss of 39.7 million without the hospitals shows an evolution, a relevant evolution in a sequential basis, but remembering that in the context of a capital structure which is not adequate, with many financial expenses weighing on the bottom line.

Going to the next slide, number 16, we present a working capital which shows an expressive improvement sequentially, ending the third quarter in 25 with 25 days of working capital, an improvement of 16 days, with a highlight for the days of receivables, which ended the quarter at 88 days, a sequential improvement of eight days. On slide 17, we show the generation of organic free cash flow of 62.4% in the quarter.

On slide 18, we see the reconciliation of the cash flow between quarters. Finally, on slide 19, we have the leverage, the financial leverage.

We should mention that on the third quarter, even with accounting cash affected by 217 million in provisions for part of the CDBs, the net debt grew less than that, less than 160 million reais, by 160 million reais. This shows a organic cash flow in the period.

Even so, there was a reduction in the leverage of the company in the sequential comparison of 4.4 to 4.2 times. On a pro forma basis for the increase in capital of 1.8 billion reais, 1.4 billion reais executed on the 19th of on the 14th of November, the leverage will go down to three times the adjusted EBITDA on an annualized basis.

With that, we close here the exposition of our results, and we open now for questions and answers. Thank you.

Ladies and gentlemen, we'll now begin the question-and-answer session. To make a question, please click on the raised hand icon based at the bottom of the screen.

Our first question comes from Caio Moscardini from Santander. Caio, please go ahead.

Thank you for taking my question. Two from my side.

First, in relation to the PCLD, can you please talk a little bit about the PCLD, which still has come in quite high at 1.4, I believe, and how we should look at that 4.4, how we should observe this reduction in the level of doubtful receivables and the number of days of receivables and the quarter-to-quarter, even though it's better? Want to understand where do you think that the days of receivables should stabilize, since we now have no longer the hospitals in the base?

Just these two questions. Thank you.

Hi, Caio. This is Chris.

Addressing your first question about the doubtful receivables, though we've seen a substantial improvement on a sequential basis of PCLD going from 6.1 to 4.4%, we still have the offensive impact of the hospitals. The tendency is that we will see our doubtful receivables normalized when we have had the closing of the hospital assets in our P&L, remembering that the non-adjusted doubtful receivables for the effect without the hospitals, the number that we looked at in the third quarter, if we look at this photo adjusted without the hospitals of 86 days, should be more or less in a normalized rhythm going forward, remembering that there are several quarters we have not reached this level.

It didn't even show up here on the history, on the table, if we look back at these levels of 86 or 85 days. It's been a long time since we didn't operate at these levels, and this should be very close to the recurring amounts of the company.

Thank you very much, Chris. Thank you.

Our next question comes from Gustavo Miele of Goldman Sachs. Gustavo, please go ahead.

Hi, guys. Good morning.

Thank you for the presentation. Two questions from my side as well.

The first is a follow-up from Caio's question about the working capital and accounts receivable. How this can be translated into a performance of net debt looking at the fourth quarter?

If we look at this third quarter adjusted by the provision for Banco Master, we see a big fall. The tendency should be to have some effort playing against this delta of net debt in this fourth quarter, since these days should encounter stability by the end of the year.

That'll be the first question. The second, just to understand a little bit more about the level of margin looking at the business without the hospitals, as you mentioned, projecting stability of gross margins, if this reflects a little bit of the efficiencies that you've had in the business with it being a little bit more mature, or if you see space for the expansion looking at 2026?

Just these two points. Thank you, Miele.

As far as the net debt in the dynamic going forward, what we can say is that the company has come back to a model of cash generation, and we are now seeing free cash generation on organic basis in the third quarter. We expect a trajectory of net debt, a gradual reduction over the next quarters.

Remembering that we have a tailwind, in the sense, which is the inorganic nature. As we follow going forward, including the closing of these operations, the transactions of the sale of hospitals, we will have a benefit also related to the debt which will leave our balance sheet in the case of the sale of the transaction of the UMC, and also of payments to be received in the case of the transaction of the sale of Vila da Serra.

We expect, also because of this, a deleveraging happening gradually and with a nominal reduction of the net debt. Thinking about margins, we think that there is, yes, space to have an expansion, because even though the work of efficiency in costs and expenses is quite advanced, not to say that we don't have space—there's always space.

We always see that a large part of this work of efficiency has already been concluded. When we look at the top line of the company, then we still have a lot of operational leverage to recover.

We need to remember that the company has had, in this third quarter of '25, almost 220 million less in net revenue if we compare it to the same quarter of the previous year. This obviously due to the decisions made which we deliberately took to make this change in our portfolio of clients.

As we continue to recover our top line, and this is happening, when we look, for example, at the sequential fall of net revenue that we had of 3.5%, this reflects the revenues of which we let go of as Unimed-Rio, which we let go during the quarter, and it suggests that in this sequential if it hadn't been the additional revenue that we had, we're substituting with other clients. This movement to continue growing together with other payers will continue.

We are expecting a operating leverage, and this will give us also a dilution of this base of expenses, and therefore more EBITDA margin expansion. That's clear, Chris.

Thank you very much. Just to add one thing, recovering is slower than letting it go.

These movements are done in a way that we've stopped the losses all at once, but then the commercial actions are happening, but they come in a little more cadenced way. Thank you, Bruno.

Our next question comes from Eduardo Resende from UBS. Please, Eduardo, go ahead.

Good morning, Bruno, Cristiano, Isaac. Two questions from my side here.

The impairments that have happened in the third quarter, we want to know if these operations announced up until now have all been recognized in the third quarter or if there's anything that will still show up in the fourth or next fourth quarter or next quarters. That's the first question.

Also about growth, when we look at the guidance of net revenue that you have compared in a pro forma way that you put ex-hospital in this quarter, we see that this has been very relevant for the following year. We wanted to see a little bit of the strategy for the recovery of these volumes which you expect next year.

We're looking at the guidance CapEx in 2026, which is a little bit below the historic levels. This growth in volume should come with the unused capacity of the current units.

What would be your strategy in this sense? Any information you can give us on that would be very helpful.

Eduardo, this is Isaac. Thank you for the question.

Starting with the impairments, the accounting adjustments, we understand that everything that we have performed, the sale of the hospitals, the cancer centers, all of this is behind us. The other adjustments will be more constant in the information that we have now.

We should have no relevant adjustment going forward, obviously with everything that we have seen today. For growth next year, we have two points.

Up until now, as Bruno and Cristiano mentioned, we're adopting this commercial strategy more selective, which gave its signals in the next quarters, the next year, more specifically, but we should return to levels of growth close to the market levels, remembering that it's in the low double digits, 10 to 12% in the next periods. This is translated in our guidance.

Also aligned with your point of the capacity, we have quite a bit of capacity to continue growing, and we have relevant investments being made in recent years. It's worth mentioning here that is very virtuous the partnership that we have in Rio de Janeiro with São José, and that we are inaugurating now our unit next to the hospital, which will be a big catalyst of growth and other commercial agreements that we have announced or will be announcing shortly, or we're heading towards the finalization of these agreements.

There's lots of good things that could be happening to help us deliver this growth in the next periods. Looking at answering your question, we have capacity to continue growing without demanding lots of CapEx in next years.

As it's translated in the guidance, the CapEx is already been done. The major construction are done or are finishing.

In fact, right now, we have the anticipation of operations in some cities such as São Paulo and Rio. This is the first aspect.

The second is, yes, other partnerships, hospital partnerships and health plans with insurers and payers are underway in a way to permit a growth, a sustainable growth. Here we're comfortable with the guidance that we have given in terms of the CapEx, less CapEx and more growth.

What had to be done has been done, and either has been delivered or will be delivered shortly. Thank you, Bruno and Isaac.

It's very clear. Thank you.

Our next question comes from Ricardo Boiati of Safra. Senhor Ricardo, please go ahead.

Hi. Good morning, Bruno, Chris, Isaac.

Thank you for the opportunity. I have a follow-up question in relation to the level of debt.

If you could detail for us a little bit more how is the pro forma in relation to the cash position of the company, and how's the cash position and where this money is applied? In fact, what is the remainder from the Banco Master, if anything is left over from that, which has not been written off?

Also looking at the debt, what's the breakdown between short-term and long-term after this restructuring? Lots of moving parts, and so we see if we can get a picture a little more of the pro forma numbers, which help us to understand the position that we should think of the company.

The second point is in relation to the entire competitive environment. I think that you've given us some very interesting in terms of commercial agreements, partnerships with operators, this position of view.

If we look at the competitive scenario, have you seen more coming from competitors? We see the hospital players moving forward in oncology.

The question is if this is a more challenging environment in a competitive world, and or if that's under control from the standpoint of management to be able to deliver this guidance for the next years? Thank you very much.

Thank you, Boiati. I'm going to start here with your first half of your question, and afterwards perhaps Bruno can answer the second, help to address the question of perspectives for growth in the competitive environment going forward.

Looking at the pro forma of the cash position of the company, at this moment, after the increase in capital, it shouldn't be very different than this photo that we have seen in 30 in on the 30th of September, remembering that the increase in capital was predominantly underwritten with the utilization of debts, of financial instruments, not as creditors converted in relation to the company. Obviously this is good in the same way because it reduces our leverage, but it shouldn't change very much the photo from the standpoint of repositioning of cash.

The good news is that obviously, going forward, we have a lot less financial expenses. The cash outlays which had been previously expected to happen during November and December, especially relative to payments of interest, this number at this moment is revising this number as we receive the final information and we start to tabulate all of this in our projections.

We are seeing obviously, and it couldn't be any different, a reduction, a relevant reduction in financial expenses and the payment of cash expenditures, which will reflect positively in our cash position over the next few months. The same thing is being done.

We haven't yet finished to have a photo of the chronogram of amortization going forward. What we can say is that it'll be something that's encouraging as well.

We saw a participation in the debt instruments between all of the eligible instruments to participate in this increase in capital, the debt instruments with due dates in this medium- to short-terms were those that were most utilized by investors in this process of increasing our capital in a way that this by itself generates a reprofiling of the chronogram of amortization, which will leave the situation much easier for the company, much softer, so that we are now in 2026, and principally in '27 and '28, this increase of capital has winded up working to generate a relief about the amortization program, especially over the next two years. Sorry, I just wanted to add one thing in relation to the growth.

The environment, again, we continue to see a market which re-incidence will increase, new cases will come up, the complexity, cost effectiveness will be the future in the future, which has permitted us to grow in this market and establish more partnerships, more hospital partnerships. To give you a typical example, in Belo Horizonte, the sale of the asset of Edifício Rocha strengthens us a great deal in the region.

In the city of Belo Horizonte, we're much more competitive. The same thing happens in the Center-West, with the Santo, where we expand together with them, where they create hospitals, we will be setting up their oncology.

Much more focus on partnerships rather than on assets that we own, non-core assets, and which one of demanding time and energy from the company. At the same time, we are in a platform of franchises, but we're already making the eighth franchise operation.

It helping us to enter in markets where the large networks don't even go close. For instance, there's a market, an addressable market which is very large, which will plan us to grow in that which we do well, which is the line of oncological care in all of its aspects.

Here also just to mention one more thing, I spoke about this previously, but if we look at the falloff of revenue, net revenue, sequential, which the company has had in the third quarter, which was 3.5%, and we consider that the third quarter was the quarter in which the company closed and discontinued the payer which had been up until then their largest client, with approximately 13% of our billings, and I didn't go down 13%, I went down by 3% on a sequential basis, I still have July from revenue from this payer, but in August and September had already been removed from our base. For this to happen means that obviously the company is growing at a velocity which is very interesting together with the other payers that we have in our base, and obviously bringing new clients.

This is what makes us just comfortable in relation to a vision of this adjustment, this dynamic of reduction of a top-line growth. We shouldn't see this more in the next quarters.

As Isaac mentioned, in a segment in which we know has been consistently growing at least in the low double digits, this type of a performance that we desire going forward, that we're wishing for going forward. Very well.

Thank you very much. Okay.

Thank you very much. We now close at this moment this session of questions and answers.

Would like to pass the microphone back to Dr. Bruno Ferrari for his final comments.

Dr. Bruno, please go ahead.

Thank you all for your questions. Have a good day.

The audioconference of Oncoclínicas is now closed, and we thank you all for your participation. Please have a good day.