Good afternoon, everyone. Thank you for waiting.

Welcome to our conference from Odontoprev to discuss results referring to the fourth quarter 2025. My name is Catarina Bruno, Supervisor for Investor Relations, and with me I have Mr.

Elsen Carvalho, President, and José Roberto Pacheco, Financial Direction and Investor Relations for Odontoprev. This video conference is being recorded and broadcast on the internet.

The link can be accessed on the company's IR website where the presentation is also available. This video conference will last for up to 30 minutes and has simultaneous interpretation.

To access interpretation, you click on the globe icon, the interpretation menu, and choose your language: Portuguese or English. After that, we'll have a Q&A session.

To get into the line, you should include your name and company in the Q&A menu in the Zoom toolbar. The questions will be answered in order, and when announced, you'll be asked to open your microphone.

We require that all questions be asked at once. It's important to inform that sending questions is allowed only to the participants in the webcast platform.

The instructions are in the chat for the tool as well as the presentation for this webcast. Before starting, we'd like to clarify that any statement that can be made during this conference related to business prospects for Odontoprev, projections, operational goals, financial goals are only beliefs and assumptions from the company's administration, as well as information that is currently available for Odontoprev.

Future considerations are not a guarantee of performance, and they involve risks, uncertainties, and assumptions because they refer to future events and therefore depend on circumstances that might or not occur. Investors and analysts must understand that general conditions, industry conditions, and other operational factors might affect future results for Odontoprev and might lead to results that materially differ from those expressed in future conditions.

I'd like to give the floor now to José Roberto Pacheco that is going to start the presentation. Pacheco, you have the floor.

Hello. Good afternoon, everyone.

It's an important day, a historical day for the company. We started early announcing a relevant fact, not only one, but two, together with our controller, creating a very important ecosystem.

Our goal here is to talk about specifically the results for the fourth quarter in this webcast. We're not going to deal with [unclear], but the annual results and the fourth quarter for Odontoprev.

We have this classical model of addressing our main metrics, and then we'll open up for questions. In general, what we bring here is the closure of the year with a first-line growth of 5.3%, where the highlight was the SME segment for the Bradesco Dental brand.

Notice that the year record of 193,000 new lives was an important figure not only for the year, but for the second half, more than 100,000 lives in the second half. In the lower left portion, we can show that the company had an extraordinary efficiency in its cost structure after the record of dental care ratio, the most efficient in history with 38.4% in '24.

It was not different last year with 38.9%, making the company to enjoy an expanded EBITDA margin going from 30.6% in '24 to 31% in '25. Lastly, to the right, the cash flow of $562 million a year after the payment of dividends of around 413 million around dividends and JCPs that were done in December.

The company finishes the year with 713 million, 200 million below the end of 2024. A strong cash generation year, robust cash flow, and now we open 2026 very positively with our strategy of generating value.

We're changing the revenue mix for the company. For the benefit of time, as we have a limited agenda today, maybe we might go to our Q&A session, and with that, we can address the things related to the fourth quarter or the 2025.

Thank you all, and we're available.

To start our Q&A, our first question comes from Vinicius Figueiredo from Itaú BBA. Vinicius, you have the floor.

Hi, everyone. Good afternoon.

Hi again to those who were in the call this morning. My question is mostly referring to the results.

We see here the behavior of tickets that would be nice to explore a bit further about the competitive landscape. When we look at other companies and the coverage that they have and their exposure to dental, most of them have shown very important growth.

They have managed to use cross-sell with health products. How much of this ends up weighing here in the price dynamics when we look at their performance per segment?

Comparing here apples with apples with SME, corporate, and individual. Thank you.

I'm going to quickly mention, and I'll let Elsen also answer. Vinicius, as you mentioned that the three segments have a different behavior, and the competition might be having a recovery of their ticket, but all of them have their tickets below the consolidated for Odontoprev.

There's a large distance between our consolidated ticket and the industry overall. We have been premium compared to the industry.

The ticket dynamics are different. I'd say that briefly SME has its own dynamics, more endogenous, more linked to a distribution that is done in-house.

We can say that more than ever, especially for the banking brand. The corporate market, Elsen will mention about it.

About individual, individual has a conservative ticket. It is robust.

It shows a risk of adverse selection, cancellations, and possible default. Individual is a more conservative product in its pricing structure, and when we expect to be correcting this pricing with different products and portfolios with time.

Dental in the past 10 years has never had a price dynamics that is above inflation. That is not the link of this ticket.

It is more linked to the cost structure. As the cost structure has been stable, the tickets remain stable as well.

This being said, I think we're constructive in our cost structure, costs below the inflation index IPCA, so that we in '26 if we need to readjust the tickets, that not necessarily needs to follow the IPCA. In terms of competition, maybe Elsen can talk a bit about it.

Thank you. I can't hear.

I don't know if his mic is off.

Hi, Vinicius. Hi.

Thank you for your question, Vinicius. The corporate segment, as we commented in other occasions, it's more mature, more penetrated.

You have a ticket dynamics that is a bit tighter. Sales happen at a ticket that is below the legacy ticket because we're struggling for new customers in a very competitive market.

As Pacheco said, we have a balanced portfolio. There's no reason to rebalance the portfolio.

The limit is the size of inflation. As sometimes there are some large clients and some bids, we can adjust the clients at the average, but in a bid, maybe you cannot adjust, maybe you give a discount not to lose them, and the ticket does not grow that much.

We grew around 3% the ticket for corporate in 2025. For SMEs, we have an interesting dynamics because you have the competitors.

The competitors sell SME essentially in the broker market. We sell in this market as well, and we all compete there, but most of our sales is banking distribution.

In banking distribution, the theme is not competition. It is penetration in a client base that still do not have a dental plan.

Different from corporate that is more penetrated, in SME, we have something more in line with the Blue Seal with a very growth potential to sell to those that do not have. Our strategy that has helped us grow, Pacheco mentioned the figure for growth of SME from the Bradesco brand from 192,000 lives.

I might be not have the right number, but when you look at the strategy as a whole, looking at all brands, we grew 215,000 lives as a record. This growth is more based on volume because we've managed to penetrate in this client base and in the banking distribution and sell to new clients.

We have no problems in price adjustments for these clients. Passing on inflation is not an issue.

The issue is we come from a legacy portfolio where we only sold to small customers. I have explained our pricing strategy for SMEs.

Several years ago, SMEs at Odontoprev, our brand or Bradesco Dental brand, it was a product that at any company size from 3 to 199 lives, it has a single pricing. We made segments, and we have tier 1, 2, and 3.

Tier 1 is the small SME up to 29 lives, and then 30 to 99, and then from 100 to 199 in tier 3. As this number increased, the pricing was more competitive.

Before the pandemic, for example, our sales were focused on tier 1, which is the smaller clients. When we started focusing sales on tiers 2 and 3, our assumption is that if the client is bigger, their behavior would be similar to the corporate, which are those that do not cancel contracts.

If you sold more to these bigger clients within SMEs, we'd have a better effect with accumulation in the portfolio. This is what happened.

Before the pandemic, we sold 30, 40,000 lives per year, and now, last year, we sold more than 200,000, 215,000 lives. This effect with portfolio retention is related to selling to larger customers that behave more as corporate clients and that do not cancel contracts as much when compared with a very small SMEs.

The issue is when we started with this strategy, the legacy portfolio was heavily based on the small SMEs with a higher ticket. As we change the sales mix, we slowly change the mix in the portfolio.

These new lives, they come in at a lower ticket than the previous legacy because they were sales to what we call tier 2 and 3. As the portfolio reflects more the new sales profile, which today is half in tier 1 for higher ticket clients and half for tiers 2 and 3, this effect of ticket drop per mix reduces, and I have the tickets slowly increasing as well.

We are going to have a stable ticket for SME or maybe growing, but above all, what is going to bring revenue and make this sector advance is the growth in volume, in lives in this portfolio.

Very clear and complete response. Thank you, Elsen and Pacheco.

Perfect. I remind you that to ask a question, just add your name in the Q&A icon.

If there are not any questions, I'd like to give the floor to Pacheco and Elsen for their final messages.

Just to greet everyone. Once again, it's a historical day for the company.

Today, we're bringing the results from 2025. There's lots of things in the capital market for the next years.

Thank you, everyone. See you soon.

As Pacheco said, a historical day for the company. The company has taken a position of controlling shareholder of Bradesco in 2009, and from then on, working with Bradesco and having the partnership we've had with Bradesco was crucial for the company to grow as we did and consolidate our leadership positions.

Of course, that on the day when the event in 2009 happened, there was not a plan of everything the company was going to do from when the partnership started to be able to use the Bradesco's distribution channels, and we can look at everything that has been built since then. Today, again, a new disruption.

We start to integrate this ecosystem, the most complete ecosystem of health in Brazil. We are now fully integrated to the companies in the health ecosystem and the ecosystem group.

This is going to enable new avenues for growth, some of them we can already foresee, and others are going to build over time. We're going to remember this day as a new milestone in the company that is going to leverage the growth and prosperity for Odontoprev.

It's a historical day. Thank you, everyone, for your attention, and see you next time.