Good morning. It's a pleasure.

For anybody who doesn't know me, I'm Carlos Gil. I assumed as CEO 5 weeks ago.

We're confronting an environment which is sure for the decisions that need to be taken. My first contact with you, wanted to talk a little bit about where we are and where we're headed.

We're passing through some important structural changes in the company in recent weeks, and the major objective is a simplification of the structure and increase the level of financial discipline. This involves alterations in the corporate structure which now will be much more aimed at the structure of what is aimed, looking at the operational efficiency and contracts with suppliers, and also reaching a budget level.

The allocation of capital, we're going forward with that which has been defined. We conclude the beginning of the capital restructuring, and we're in the final phase with the sale of the hospital of [VBS?]

in Belo Horizonte. There was a contract that was undone with these operations with UBS, and these decisions are reflecting a change of focus: the allocation of capital and the prioritization of the core business of the company, which is the outpatient work.

Today we're working with a scenario of pressure on our liquidity, which is not a surprise to anyone. The administration is 100% focused in taking decisions, structural decisions, to address these questions.

This includes in the capital of resources, financial reorganization, and with the objective of looking at the operational assistance of our patients. The absolute priority of the company at this time is to maintain our operational activity in the outpatient clinics.

We have several strategies in this direction that are in execution, and we're evolving, and we will updating the market as these conditions continue. I'm going to pass it over to our CFO, who's going to detail a little bit for you the status of the negotiations with our creditors, the M&A fronts, and also the results of the fourth quarter.

Thank you.

Thank you, Gil. Good morning, everyone.

I'm Marcel Chec. I'm here in the position of CFO, acting CFO, recent action in recent weeks, since April of last year.

I'm still in the council of the company, I've been accompanying what has been happening with the company since the development of the strategies and since the beginning of the middle of last year. Talking about the results in 2025, and then we're going to converse more about this in the question-and-answer session.

As far as the state for 2025, Gil commented a little bit about we had a shrinking of revenue by the measures which we took in terms of clients, especially Unimed, the nonpayment by some of these clients, which changed the direction which we had of a constant growth over the years. 2025 was the year in which we had this retraction, the fruit of these results principally with Unimed [ou Faria?]

where we lost a lot of revenue. Over the year, we have looked that we've continued to discontinue their services since the 1st of August.

Internally, with the administration of this revenue, we had a lowering of costs, which did not have in 2025, with revenue falling by 7% and the EBITDA by more than 30%. Today we're operating to revert that picture, and the results for 2025, that was our result for 2025: a diminishing of the revenue and even higher reduction in EBITDA.

What we saw in 2025 from the standpoint of strategic moves, as Gil mentioned a little bit in the introduction, but we did a redirectioning of the company going back to the oncological outpatient treatment, which is the way the company was created and has been operating over the years. With that, we announced the disinvestment in the line of business in hospitals.

The company had originally three hospitals: Uberlandia, which is the UMC, the sale of which was completed in February—this hospital has been sold and delivered—and the [Vila da Serra?] Hospital in Belo Horizonte, which is in the final phase of negotiation, the purchaser is concluding the due diligence, and we're discussing the details for the closing of that; and the Marcos Moraes Hospital in Rio de Janeiro, this hospital was sold last year, however, the purchaser backed out after the due diligence due to some questions that they had, and it has come back to the company's portfolio, but we're here now looking at that situation again and deciding what we should do about that situation.

Two projects of growth the company had, three projects for the construction of cancer centers, the build-to-suit cancer centers, two of them were rescinded, the contracts were rescinded for Sao Paulo and Belo Horizonte. In neither one of those two cases did they have any problem with the company's cash.

We were able to restructure in a way that the company did not have to realize any payments. Made a project which was the Goiania project, which we are looking for a redirectioning of that.

This is a project which is quite advanced, and so it would be very expensive for us to rescind this contract. The company is awaiting the end of the construction to look at any possible local players to be able to possibly sell that operation.

As far as cash flow, the commercial policy, restrictive commercial policy which we have adopted obviously affected our cash flow as we've been able to leave companies which had a very bad cycle, a cycle of cash flow for us that reduced our revenue, and with the maintained our costs, however, the cash flow was affected. There were two serious events, which was the [Unifesp?]

which owes us more than 800 million reais and has not paid. This has been provisioned in the third quarter.

The fact is that we did not have those receipts. We also had the event of Banco Master in which the company lost cash which had been deposited when the bank was liquidated: 430 million reais.

Obviously, this had an impact on our cash, the liquidity of the company was hit by more than 1.2 billion reais just with these two events, outside of everything else that we've seen as far as the movements of the reduction in revenue and the lack of a dilution of fixed costs, which has affected the liquidity of the company. This has been reflected on the last year.

At the end of November, we concluded the increase in capital, which was focused on the conversion of debts. The company was able to a vision of 1.4 which converted into capital in the fourth quarter.

This alleviated the indebtedness of the company, and we closed the fourth quarter with 4.1 billion of net debt, and we closed the fourth quarter with 2.9, including the effect of the conversion of debt into capital. Since we converted debt into capital was just a swap, a debt-to-equity swap, the condition of the company in this liquidity which had been pressured over the second half of the year had a certain amount of relief due to this operation of increased capital.

Looking at the numbers on the results and in volume, on the next pages, I'm going to look at what's showed on the left-hand side is the quarter, the quarterly and annual numbers. The average ticket increased in comparison quarterly and annually.

We reached at the end of the year 10,100 reais in average ticket. It was 9,800, however, it has come in a increased value per procedure.

What diminished was the number of procedures, fruit of what we had said in the diminishing of revenue by leaving the operation with the operators with whom we had a negative cash flow. In the third quarter was 138 million, and for the year, 633 million, a reduction from 692, which it had been in 2024.

The reflection of that was on revenue. The revenue for the third quarter diminished by the third quarter, which we did not have Unimed [ou Faria?]

anymore, having a diminishing of other payers, and also adding that to the Unimed reflection in our numbers. We had annual revenue of 7% related to that in compare last year and of 6.

to 6.4 billion. Over the last 4 years, we still have a growth, but in the last year we had a lowering of 7%.

Net revenue was the same exact effect, reducing the deductions. In the fourth quarter, we had an effect, which is the PCLD, which is mentioned in the release.

We had a reversion of glosses in the fourth quarter and a diminishing of net revenue in that quarter, however, was smaller than the gross revenue. With the effect of the PCLD together with what had been historical of glosses of losses of nonpayments, which was in the quarter, which caused this difference in the quarter.

PCLD, which is the subject which you have been talking about, we had in the last quarter a negative number. However, looking at the total value as compared to our historical recovery, over the year we had a bad quarter in the second quarter, but in the year as a overall, we're looking at 3.3 points percent of the revenue as last 12 months, and a negative number rather because of the adjustments that we made in the PCLD policies of the company.

The next page is our cash profit without the effects of amortization and depreciation. Starting at this slide, we separate a little bit the operation of what was our gross revenue total and our gross revenue excluding the hospital operations where we had the disinvestments underway, announced and already underway at this time.

The gross revenue for the quarter was 482 million reais, about 37%, and an evolution positive of this indicator in relation to its historical levels. Since we have a great deal of variable costs, the effect of revenue doesn't appear so much here, and it will show up more in our EBITDA numbers, the expenses that were not diluted.

Looking at the annual basis, we had a reduction of profit due to volume, but a margin of 32%. We think that in the quarter is between 36% and we still think there's space to improve the gross margin.

Expenses were impacted by their accounting The accounting value is much higher. There was an impairment of some operations, but there's also several accounting adjustments of 104 million, which are included in our expenses.

These accounting expenses are with the questions of value of inventories and several losses in several partnerships which were not successful. There's an expense which was very heavy for us in the quarter and for the year.

We had 25% of our revenue of the operation, if we take out the hospitals, we had 24% 24.4%, which was in the third quarter of 20 of 16.9%, and on an annual basis, it went from 18.7% to 20. on metrics without hospitals, not including hospitals.

When we had a decreasing revenue with this level of expenses without reduction, we have on the next page an EBITDA suffering on an annual basis, which was 20% last year to 14% this year, even though in the quarter it wasn't so bad. It was a 17% margin in the quarter, in the fourth quarter, and the annual basis was heavily weighted down by the first quarter, but as you'll see, we had a quarter which was very much pressured by the EBITDA in the beginning of 2025.

At the end of the year, some important numbers: we finished the year with 830 million of EBITDA, including nonrecurring expenses and the hospital operations, and it's still pre-adjustments of the IFRS. Our best EBITDA looking forward part of this 830 million, which was 240 240 million in the fourth quarter in round numbers.

Considering everything that we mentioned up until now, it was very very negative. In the accounting level, it was 3 million, and considering the adjustments that we made of exclusions and debits and excluding the accounting adjustments and the hospital operations, we had a net revenue of 1.4 billion, remembering that looking at the adjustments of Banco Master and everything else, this includes the Banco Master 400 million just from that one operation.

The cycle of working capital, which is on the next slide, is the principal highlight of this page here. Looking at the difficulties of liquidity, we had to support ourselves on our suppliers, and so accounts payable had an increase of 109 to 111 days, a little bit of our liquidity at the end of the year.

Our principal supplier here of our medications, who has supported us in this refinancing moment. On this page, the conciliation of the cash flow, we had quarter-on-quarter cash position in the third quarter of almost 500 million.

We closed the year with 518, having then a positive operational cash flow. Looking at the working capital on the previous page, we had 250 from considering our operation after paying interest.

Had an increase in cash of 494 to 773. The numbers of the cash flow were capex and partnerships, which are smaller amounts.

We had here principally the Banco Master provision, which is 213 here, including Banco Master, which in addition to what was already in the third quarter, we had already provisioned 216 million in the third quarter, and so we had this additional provision of 213 million corresponding our balance when the Banco Master was liquidated. Our cash was 518 in cash consumption, which is the cash that we had at the 31st of December of 518 million.

The next page, we look at the graph, you'll see the number of 3.5. This 3.5 times is our level of net debt, and adjusted EBITDA.

However, for covenants, we have to adjust by IFRS and other adjustments. For the covenants, our index was 4.27 or the 4.3, which is on the slide, our debt after the IFRS.

With that, we've had to have a negotiation of breaking of covenants together with our creditors. Starting in the first quarter of this year, we have obtained from them some are still negotiating with us, especially the series in which the credit holders are a series of debentures which are pulverized and several CRIs which are very pulverized among different smaller investors and we're having difficulty in this negotiation.

With these breaking of covenants, we've had the debt of the company reclassified to short term. With the consequence, the auditors elaborated a note about the operational company.

Our debt is not late. We have several payments which are being negotiated with creditors, several dispensations of covenants which we need to obtain, however, since it was not complete, this did not reclassified into long-term borrowing, however we have not had any formal declaration of nonpayment at this moment.

Is that what we had to share with you. I think that we can have a question-and-answer session, any questions you might have.

Thank you all for your presence. Once again, thank you, and have a good day.