Good morning, everyone. Thanks for being here for the YDUQS results call.

I'm here with Aquino, Alexandre Aquino, good morning. Let's talk about the results of the second quarter.

To start, we have very consistent results this quarter. We keep focusing on constant results for shareholders and going to talk about the results of all BUs.

First, IDOMED. The medical industry as a whole was concerned about intake with a large number of seats and there was an expectation on what the year would be.

IDOMED, with the best intake, over 2,000 students intake, the largest number presented by IDOMED. Very strong performance, still quite impressive EBITDA growth.

We had growth since '24 of 17% and margin that is very high, of 48% margin, strengthening the leadership of IDOMED in terms of performance, profitability and quality. Premium brand, all the quality that is delivered by IDOMED gives strength to it in this increasingly competitive market.

A very high renewal rate. When you have a competitive market, you may actually impact the renewal rate.

IDOMED, showing its strength, also those that know the product, very unlikely will want to leave the fantastic product. Renewal rate is close to 97%.

IBMEC is another BU with excellent results, consistently growing in terms of results with the growth margin. EBITDA 17% growth since 2024, you can see 101, 51 million, reaching 87 million the first quarter of 2026.

Another good piece of good news, we are going to open a new unit of IBMEC in next year and there is a great hype around it. Not only Fortaleza, the whole of Ceará, the whole Northeast, the first IBMEC unit in the Northeast opening this new frontier of growth, this beautiful building that you can see.

Everyone working so that it is totally ready to start classes first semester 2027. We are going to welcome everyone to this beautiful unit.

When we go back to Estácio, Wyden, it has been difficult year for classes B, C families in Brazil. High debt rates, World Cup, quite challenging year, very much debated the impact of bets on the availability of income in the families.

In addition, it's an election year, quite hard. Even despite those conditions, when you compare EBITDA 2025, '26 comparable basis, when we adjust the drop or reduction in DIS, you have 1.

so you have 4% growth and 1.5% less in terms of growth. Depending on each of the industries or segments, we have consistent results with high cash generation.

We are growing a lot in the semi-on-campus. We know that we start the year as medicine started years with additional seats, Estácio started regulatory changes that impact our digital business.

If you have digital business suffering in terms of demand because of the restriction, but the semi-on-campus is booming. Very interesting product for us.

We have great outlook for growth. We started offering semi-on-campus on our campuses.

It's expanded since 2024 for partnering hubs, we expect it to grow. It has a higher ticket, greater renewal rate of students.

That should result in a better results and also low dropout rates, et cetera, and low bad debt. We have great growth with all our conservative revenue policy, our collection actions.

We had high rates or high debt in families, if we compare bad debt year-over-year, we have 1.5 percentage points in terms of bad debt, showing consistency not only in the company as a whole, but also in the messages we've been sharing, with the message delivering consistently what we've been talking about. We are walking our talk.

Of that, continuing to generate cash and return to shareholders. On our YDUQS Day, we said our focus was cash generation and reducing leverage.

We tapped the opportunities when they come up. It's also share buyback that increases the value generated to shareholders.

Since 2024 up to now, we returned 37% of our value or market value plus dividends and showing a trust that we have in results generated, consistency and value returned to shareholders. We have the strategy of reaching a one-time net debt EBITDA with the return of results for shareholders paying dividends and with the buyback programs.

This is our focus and we'll keep on delivering for the following semesters. We have 4% growth.

When we make the adjustment of DIS year-over-year, we know we have the fairness comparing year-over-year. This is the last semester that we have this difference of comparability.

We started with a large decline in DIS in 2025. When we look at 2026, we won't need to make this adjustments or compare.

We are going to have comparable semesters that will show the growth in the business, whilst revenue grows 4%. When we look at EBITDA, 7%, making these adjustments with a slight expansion of our margin.

We have a macro challenging for Estácio, Wyden. We have a growth with very stable margin, very high levels, with outlook of growth as IDOMED, IBMEC grow, their expansion, and we have an increasing margin.

We mentioned in the previous quarter IBMEC, IDOMED responding for about half the EBITDA of the consolidated business. Business by business, the first one will be IDOMED, very strong intake bringing continuity and revenue growth of about 10%.

Adjusted EBITDA operating at very high levels, almost 50% in the quarter, positioning IDOMED in a placement of market leader and profitability, performance, with the super-premium it has in the states it operates. We have a student base and the graduate average it's always above inflation for our students overall.

Another highlight, I'd like to bring your attention to that very renewal rate, 96%, shows the ability of medicine to generate value to all our students. Again, a highlight for IBMEC in the quarter with good results, good news to all of us.

We look forward to the future quarters and semesters in Fortaleza. We'll get lots of results.

We see the results well on some campuses maturing. We see IBMEC revenue growth and we're going to increase the base because we have some campuses maturing, especially Brasília and Faria Lima, the newest ones.

We made the move from the city center to Botafogo with a super modern building, very well received by students. We have revenue growth of 18%, EBITDA 24% with another margin growth.

We keep on margin growth as the campuses are being taken up. The trend is that they should improve even more with very good tickets.

A good news on the quarter is our transferring 10% of ticket increase to freshmen in terms of intake, showing the strength of IBMEC of resuming the brand name in São Paulo and other cities. I'm sure Fortaleza will be another success case.

IBMEC as a leader in business, engineering, law and also technology schools. Estácio, Wyden, our third BU.

Again, repeating challenging intake quarter, first and second. Very solid performance, very much helped by semi-on-campus performance with a growth there compared to the previous one.

We have very restricted courses. The trend is for to have a reduction in the digital, but semi-on-campus is zooming.

We have higher tickets, higher level renew, good quality of students joining, reducing delinquency, we should have the growth in comparative basis is positive in terms of EBITDA. When we look at ticket, same scenario we had been talking about.

On-campus keeps our trend of recovering ticket, growing above the inflation for upperclassmen. Our digital, well, quite competitive, we have a trend of keeping the ticket.

Semi-on-campus suffering a bit, it's natural launching new products. We have high competitive rates.

The whole market has this type of actually capturing new students migrating from digital to semi-on-campus. We don't believe this is sustainable.

The cost curve it's going to grow, put some pressure on players in general. We believe the trend in the mid-term of semi-on-campus will improve, yeah, increasing profitability.

It's already positive, we have positive impact on the mix. The ticket for semi-on-campus will catch up and have growth shortly.

This is our view. Now I turn over to Aquino to talk about costs and expenses.

Looking at costs and expenses, we had another very solid semester when we compare apples-to-apples. With the decline to addition, we had a 1 percentage point of margin growth.

This is very important for us. We had great performance in bad debt.

Looking the financial impact that should be looked into, we have reduction of bad debt and also better performance in discounts and interest, we had a reduction of almost 2 percentage points. Then we have several factors that led to this results that were so good.

We have the implementation of the non-engage program, the drop in DIS, improvement in renewal rates, we had a great mix performance. That led to a great impact.

When we look only to Estácio, Wyden, which is our brand that has the highest bad debt rate, we had a reduction of 1.5 percentage point in this relevant brand to our portfolio. Additionally, when we look at as reported, we had a negative impact on cost coming from two items, basically: higher volume of transfers, as we've shown to you early this year with the implementation of the legal framework.

This year we're going to have greater transfer to our hubs. We had expected from 0.3 percentage point of losses for the hubs to adapt to the necessary infrastructure of the legal framework.

We have 0.2% worsening in the first semester for greater mix of on-campus students, higher volume of students in the premium segment. Also on semi-on-campus had an increase of faculty 0.9 percentage points.

Moving to adjusted net revenue, we had a comparison of one on that. On adjusted net income, looking at financial results is supplied by the Selic impact.

We had reduction of R$11 million. The impact of Selic was R$14 million.

The second semester will start having a comparison that is favorable of the Selic, the interest rates. In 2025, the semester Selic was lower in first semester 2026.

It will reverse. Considering depreciation and amortization last year, we had a difference of R$50 million between our investment value, which is lower than our depreciation and administration value.

Those values converge with the reduction in the comparison of first semester '25 and '26. When we look at income tax, we had a lower realization of deferred tax and no impact to cash.

When we look at the second semester, when we're going to have a much better comparable DIS rate, we should have a better rate. Speaking of cash and debt, and we had very strong cash position showing great conversion of net debt in operating cash flow and cash conversion.

This is not better because we had a negative impact of Selic that is going to be reversed. Second semester generated R$225 million of cash for shareholders, very robust cash conversion.

We returned part of it, R$150 million in dividends. When we optimize, when we had the opportunities, we make investments for our share holders base.

We started implementing or just ended a program of share buyback, it was implemented in first, second quarter, over R$100 million, and we ended it in July. We had the acquisition of Unifametro that's making us very happy.

We had an excellent intake of students in on-campus. It's doing very well in medicine, with margins of revenue growth better than what we had expected.

Now, our EBITDA state. Another results of the quarterly was the receivings.

Following that, very much linked to initiatives of better or more conservatism in the revenue growth with a decline in DIS addition of our students. Also we have a better implementation of premium.

We see another quarter we had a reduction of our leverage, 1.55 times in the second quarter, even with our share buyback program. Looking ahead, we continue seeking reducing this leverage to 1.

times our EBITDA by the end of 2027. This is a strong goal in a company.

Lastly, I'd like to highlight the new amortizations we had in May. We had a new reduction of our average cost of debt that is 0.98 percentage point above Selic.

Now we get the slide of ESG. Very good.

We got awarded in the Cannes award, the Grand Prix maximum award in the line for change, regarding social actions. It's a project that was actually debated that it's very important for the YDUQS community.

It promotes strengthening diversity within medicine environment in Brazil. It tackles two ways, seeking more access to the population.

It's Negronorpis to have access to medicine schools, very important. The second one to ensure that the Black population has access to healthcare, considering their specificities.

It encourages diversity, social transformation. It was crowned with this very important award worldwide.

Second point, very important for us. It's the Instituto YDUQS to give access to our students to incredible experiences that will increase very much their employability, but also transform socially those individuals that have been part of the World Cup, perhaps the greatest sports event in the world.

YDUQS were in partnership with CBF, giving access to several students from several regions of Brazil, following several courses. They could experience this event working.

There's no better training. I wish we would have had this opportunity in our time.

They're living their career with this event that will certainly be unforgettable to those students. We're very proud as YDUQS to be a means to provide such type of experience to our students.

On our final remarks of this presentation, we'd like you to leave with this message: that we reinforce our consistency and ability to deliver results in any scenario, the strong value creation in our portfolio. Now each one of our business units shows our ability to generate value.

Our diversified portfolio is our strength. We bet as anyone in the higher education in Brazil and the social economic impact it brings to the whole population.

Looking ahead to reaffirm our commitment we made earlier this year: generating FCFE, earnings per share, R$520, R$620 million, earnings per share one between R$1.4 and R$2. The outlook for second half of 2026 is positive.

We see differences in the economic scenario. We start with a lower Selic that will help our net income, cash generation, comparability.

We have a drop in the impact of DIS. When we look at second semester '26 compared to '25, we'll have clearer growth impacts and we see great space for operational improvement.

All of that with a great trends. In the first semester, we had leverage reaching 1.55 times.

We follow strictly our capital allocation policy, our strategy announced at our previous YDUQS Day. We're going to get to one-time net debt over EBITDA.

We had a share buyback program. We have the commitment of acting, thinking about opportunities, just thinking about value generated to our shareholders.

We completed this program of share buyback, R$100 million. IDOMED delivers a historical record for student intake.

We started not believing the market and IDOMED responded with all its potential with the premium brand it has, delivering record intake for our business. Again, very happy when we see growth outlook.

YDUQS is a company that likes to grow, delivering new products to our students. We like very much what we do.

The more opportunities we have, the happier we are. Fortaleza comes in, first time we go into the Northeast with very well-positioned premium brand that it has been a success in a very well-positioned building the way we like.

We're sure that it's going to be total success in Fortaleza. Very excited about second half.

We thank you very much for your time and we're going to open for your questions. Thank you once again and we'll see you soon.

We're going to start our Q&A session for investors and analysts.

Hi, everyone. Thanks for taking my question.

First question on intake second half. I'd like to hear what you see in the cycle.

We've heard that during the World Cup, the intake was a bit tight. After World Cup, it took off.

I'd like to know whether you've observed that. Second question regarding guidance of cash generation.

You've delivered first semester. This entices R$120 million second half for to reach the bottom of guidance.

I'd like to understand the main drivers that will help you have a better cash generation in the second half compared to the first half.

Thank you for your questions. I'm going to take the first and turn over to Aquino.

In terms of intake, Caio, we have similar messages with ours. We had a period during World Cup that was a bit tougher, as expected, in terms of budget and forecast.

We expected a tough period. The World Cup is a driver of media attraction.

We actually planned the media according to the scenario. Our media speeds up post-World Cup and the World Cup results were a bit lower, but we sped up a lot, as some peers have mentioned in the industry.

We're quite positive in terms of the movement that is taking place, it may have impacted the second quarter or third quarter. We're leaving a sort of hangover post-World Cup.

We had negative impact of the entry of iBets that certainly consumes a relevant part of the available income of workers. This is shown when we start seeing the post-World Cup, this third week post-World Cup, and there's a radical change in terms of results.

It doesn't seem to be an incredible year for intake, but the change in the pre-post World Cup, it makes us feel very excited about intake in second half. It's early to talk.

We have 60% of cycle run, but the trajectory is certainly quite positive. I'll turn over to Aquino to talk about cash in second half.

It's very important to clarify that and make everyone very comfortable with our level of comfort regarding cash generation second half. Aquino?

Thank you, Caio, for your questions. It's important to clarify this point.

Our second half is always stronger cash generation call. In 2025, we generated about R$350 million in cash.

Last year we generated a bit less than first half, basically for two factors. The first was important.

We made R$70 million of non-recurring items with cash effect. That won't be repeated this year.

Some actually dismissal of faculty members, retroactive tax payment, and we had some administrative group or staff payment. The expectation of this year we have a growth outlook and we have a positive factor here that is with the deduction of the Selic.

Last year, we had an increase of our Selic rate, and we have favorable comparison in terms of percent points.

Thanks.

Thanks, Caio.

Good morning, everyone, Rossano, Aquino, the whole YDUQS team. Two questions.

First, if you could comment on the ticket environment in this intake that is happening. If you could give me some favor on the transfer to the various hubs.

This has been happening. Oh, next year we'll be back.

I think it's good for you to talk a bit more about that.

Thank you for your questions, Marcelo. I'm going to take the first one.

I'll start with the second that is more technical. The transfer on-lending to hubs has two concepts.

We're going to have in this migration more semi-on-campus in the hubs. We had a hub very dedicated until 2023 was basically on distance learning.

We had very little delivery from '24 to now. The semi-on-campus started happening more strongly at the hubs.

From last year to now, we have the new regulation encouraging the semi-on-campus growth. You've seen the results during the presentation, a reduction distance learning and great growth in semi-on-campus.

The hubs have had this positive change there. They may maintain or speed up their profitability.

This makes it difficult for smaller hubs with lower demand and may create difficulty of having the classes in some of our relationship with our hubs. It tends to be a very positive relationship.

In this view of transfer, what we said, well, the full effect of cost structure that happens this new regulation happens in 2027. We've given a market view as to how we see this impact of margin in 2027, talked about 0.7 of percentage points.

This should happen this year. What happens this year is a bit of this preparation for next year, both new courses and new hubs, they are more adapted to these new modalities.

This generates a specific increase for this turn. Rodolfo, would you like to compliment?

Good morning. Thank you for the question, Marcelo.

This is precisely what Rossano has said. We have this trajectory of increase of semi-on-campus along with the effects of legal framework.

The effects that Rossano has talked about is what we actually gave in terms of guidance for 2026, '27. We have the full adoption of this process.

Part of it is related to that. There's another part, just to add, as we've seen our bad debt is much better, considering a collection process that is better and more effective.

Since the on-lending is on page tuition fees, we still have a part of it that goes in the on-lending package, but we understand this movement as positive. Positive movement, those two trends, just adding to what Rossano said.

As to the ticket in the first question, we see the second half is similar to the first. It's very much related to the first.

We keep on the recovery point of rebuilding our original ticket, growth about 2025, close to inflation. We see trajectory on on-campus.

We see semi-on-campus, we see more elasticity. We have clear trend of the ticket of on-campus of recovery.

On distance learning, we see a ticket that is usually stable year-over-year, a modality that has been most impacted directly by the new legal framework. We see resilient ticket.

We don't see a trajectory of recovery.

This may happen as of '27, but quite resilient ticket. The relevant ticket considering the legal framework is semi.

What happens in semi-on-campus? Two important things for us to understand: you have migration from core cost structure that is lower, moving from distance learning to semi-on-campus, you can be more aggressive in terms of ticket.

The market trend is to be more aggressive. When you compare year-over-year, you see a different mix.

There's greater share in this mix of course structure that leads to a lower ticket. This is normal.

The mix as a company as a whole is positive, you'll have a lower ticket from distance learning to semi-on-campus. Even though there's a small reduction in semi-on-campus, this impact to company should be positive.

The second factor that is harder competitive scenario. Everybody going after this volume, smaller volume, not all students had the courses of distance learning can migrate to semi-on-campus.

You have a more expensive product. You need volume especially to set up classes.

You have a trend of first in this migration period from '25 to '26 of a more competitive level of tickets with the increase in demand, as I've mentioned previously. Second half, we have the trend of relieving this ticket dynamic, but we believe the positive wave semi-on-campus should only start next year.

I hope I've answered your question. There have been two questions.

Thank you, Marcelo.

Thank you.

Good morning, Rossano, Aquino and all directors. Two questions on our side.

The first is a bit on delinquency. The company has shown improvement in bad debt that you guided with such good numbers, but we've seen a moment of delinquency hitting other companies in other segments and industries.

We've seen some bad debt indicators and sort of indebtedness levels of family. Do you see a leading indicator when you see delinquency rates and seasons?

Do you see any concern, any color of concern from now onwards? Second, I'd like to talk about hub volumetrics with the new legal framework, the increase in hybrid education.

You talked a lot about semi-on-campus. We've seen certain hubs being shut down, smaller ones with a structure that is a bit lower in terms of infrastructure.

We've seen almost 300 hubs closed. You have 1,200 hubs today.

What do you assume as a magic number, or what do you imagine for us to think about more recurrent, structural in terms of hub penetration? Can we keep on imagining shutting down or having a return of turnover?

I'd like to know about the flexibility of hubs. Thank you.

Thank you, Samuel, for your questions. Good points of bad debt.

It's a story we've been telling and it's being materializing now. We suffered the impact of market vision for having adopt a more conservative methodology in revenue growth.

We knew this would be something year-over-year comparison would hurt us, but we had a reduction of bad debt. We are starting to reap the benefits both this more conservative view of non-engaged students and the drop in penetration or decline in DIS with, you'll have a drop in revenue and you suffer in the accounting view of revenue, but the benefit will be translated into bad debt, once again having an impact in the relevant reduction of bad debt.

We're moving to the second half, reaping the profit of what was planted in 2025. 2026 will be much stronger semester of reaping the benefits there.

Something that draws our attention is following a trajectory and non-recurring that is much lower, as Aquino mentioned regarding cash expectations second half. We had a cash consumption second half last year for non-recurring that a stronger adjustment of the faculty payroll that won't happen this year.

Cleaning results second half this year will be like this, 2027 even more so. Semester of very clean results with easy comparability.

It's a promise of ours to the segment, simplicity in understanding, constant deliveries. These are things we promised to the market and we're starting to reap the benefits now.

Speaking on market delinquency and the market, we follow that with concern. Income availability, indebtedness level of families is a concerning point.

How this reflect in education? Lower demand.

Part of the reason for the second half quarter having more challenging intake, it's, of course, lack of availability of income of families due to indebtedness. This is led by World Cup, election year.

This impacts the willingness of families to join higher education. Through very good work performed at YDUQS, we don't see that reflecting in the current bad debt.

We see new students. We've been talking to the segment as a whole.

The great focus of our company is to have the best onboarding of students and better service to increase satisfaction and improve renewal, retention levels. You'll see that growing every semester.

Bad debt in higher education is very related to that. Delinquent students cannot renew.

For you to have good renewal rates, the students need to be paying their tuition and they have to be paying that. The improvement in retention or renewal, you impact the potential results.

You have greater income availability. You see a slight, month by month, a small growth of recurring delinquency that is reflected in the renewal.

Students want to keep studying and that improves regarding last year that reflects in the positive bad debt. Overall, it's a picture that we see that is sustainable for the next future years.

It seems to us the market is pointing that it's getting to the end of interest rate growth. We're moving towards a reduction in interest rates, the market has a delay.

It will take a while to see that impacting the indebtedness of families. This is an industry that suffered a lot with the growth of the interest rate curves.

We're moving into the reduction of curves being reduced, but it's an important moment for us to start seeing that. Segment that has suffered a lot and we're getting to the time when there should be a drop.

Clear scenario of interest rate drops. Now, I'm not talking about the financial market, but in the demand vision this should take place.

As to your question on hub volumetrics, I mentioned that previously, so that we have a lower demand in smaller hubs, we had restrictions of distance learning, those that have more penetration, those to small towns. That is smaller and with lowest volume of revenue generations.

Yet we have great opportunities, greater penetration, greater growth of hubs. There's great opportunity ahead.

We've talked a lot about that of the various segments. We haven't started the expansion of semi-on-campus of hubs.

It started strongly 2024. You see the growth in 2025, '26 of semi-on-campus courses related to this penetration.

We have great opportunity of expansion not only of the hubs, migrating to higher sizes, and also to places where we do not operate it. In terms of revenue, our delta will be positive.

The number of hubs, there may be a reduction. The impacts are reflected.

We don't see relevant reduction in the number of hubs. That may be a contrary effect, but certainly the balance is positive for the impact to hubs, okay?

Rodolfo, would you like to add anything?

No, perfect, Rossano. Just to restate this point, this is a signal we've been mentioning in the previous calls.

We see a bit of this trend, great part due to this restriction of the legal framework, concentrated in smaller towns. This impacts very little in terms of results.

The main impact is the social impact of reduction of offerings from the standpoint of results, there is very little impact to us. At the end of the day, what we're reinforcing in terms of results is this migration to operations that are more robust, assertive, opening hubs at the right place, with the right partner, with the right portfolio, especially in mid, large towns or cities that have greater potential.

There are certain regions where we have greater potential to explore, just as some opportunities to open new hubs with infrastructure. We see this path of semi-on-campus not only of strong maturation and also additional opportunities, especially in the semi-on-campus.

I think this is a bit of our view ahead. Naturally may have some slight drops ahead, but nothing that is significant, nothing that will actually impact the strategy of semi-on-campus.

Thank you very much.

Thank you.

Good morning, Rossano, Aquino, team. Thanks for taking our questions.

I have two. The first is a follow-up from delinquency.

When we look at the macro scenario, regulatory changes, what's made for next year is difficult both in margin and cash generation. What do you think we still have to see in terms of the results of the initiatives you've taken, especially considering delinquency or default rates, and may mitigate this impact for next year?

A second question is regarding ticket dynamics on semi-on-campus. You've been commenting for some time that a dynamic is difficult for readjustment.

We hear that from peers as well. If you could explore that a bit, how do you think this remake of tickets will be like in the future?

If it will be a more gradual composition or more aggressive readjustment perhaps next year, to try to hold margins. If you could share with us this dynamics, it would help a lot.

Thank you.

Thank you, Mirela, for your questions. The first, two points, one of delinquency with a bridge for next year, how we see the margins.

We still have of, potential gains that we don't have positive outlooks to to adjust. I think you're right in terms of the macro scenario.

Brazil will 2027 will be quite similar to what 2026 has been, a lot of electoral uncertainty. It's hard to, predict what it will be like.

Might be similar to 2026 for the education segment. There is a very positive outline year-over-year.

I think the World Cup impact has been quite relevant to us. It actually it tapped important parts of our intake.

It won't happen next year. We have election.

We take the track of previous national elections. They in general have been tough years for intake.

We take these two blocks off that were are important for us to understand the demand for education. We start having a drop in interest rate and that may have an impact for next year, not perhaps the first semester, but second half.

We start reaping, positive results, financial results in the first half of, oh, second half of 2026. Unlike 2020 unlike what happened the first half, we had negative comparison compared to 2025.

We start second half of '26, we have lower Selic rates that will help our financial results with a level of leverage net debt lower that will help us in cash generation. We had payment transfer which changing our debt, enabling better cash generation for the second half.

Year-over-year in your question, well, it follows for 2027. We follow with lower debt with a Selic that is lower than 2026 should also benefit the level of demand as a whole.

We are more positive regarding 2027 compared to what you feel. As to improvement potentials, I'm turning to Aquino to talk about other aspects regarding bad debt and other margin structure.

Overall, we have benefits that are being taken and captured. They run on the round rate for the in the future years.

Several adjustments we made over the year, benefits in technology use, expanding AI use reflecting in some cost structure of the company. We should get to 2027 to reaping other things.

I'm turning over to Aquino to complement that.

Good morning, Mirela. Great question.

I totally agree with Rossano that the outlook for next year tends to be more positive, because the first year post-election is when we have hope reborn in the population. For us, working in an area which the person makes a commitment when they register with us for the next 2, 4, 5 years, it has a positive impact for our intake.

Speaking of default levels, it's important to say that we've had a reduction of default rates for several reasons. One of the most important was the improvement of our mix.

Premium brands have a bad debt that is lower than Estácio, Wyden. We have the decline in DIS, lower addition to DIS that happened in the first half of this year has an immediate impact of worsening our revenue, EBITDA results, but the counterpart is lower in the short term of this and is practically 100% offset in the PDD or the bad debt and has a full performance in the mid-term.

In terms of the decline in DIS will have positive impact bad debt this year and also next year. Since we're going to move second half with a level of DIS very similar to the first half, we're talking about continuity in reduction of bad debt that will continue next year.

We have positive outlooks of reducing bad debt due to structural factors, premium mix, less long-term revenue. In addition to what Rossano mentioned, all the effort we make to increase engagement of students and renewal rates, and also collection is not yet 100% implemented, we still have new positive results to be collected that will improve our bad debt rates for the future.

Yes.

Very good. Thank you.

Thank you.

Mirela. Yeah.

I haven't answered your question, sorry, on semi-on-campus ticket, if you believe we have fast recovery or gradual. Unfortunately, ticket recovery are gradual, unfortunately.

I don't think it's going to be very fast to start the second half '26. A modest way, 2027 should be a year that is much more positive for semi-on-campus ticket.

Market is consolidating. Students understand better what the semi-on-campus product is.

We had a restriction of offerings. We cannot deliver all the products that the regulation demands, it requires more flexibility in '26.

In '27 should be stricter. When we restrict offerings, we should rationalize tickets.

We strongly believe this will happen as of '27 since it demands an adaptation of market, students' perception of the product, competitiveness that students see in the market. This should be gradual, but we're very positive that this should start happening in a relevant way early '27, but it should be growing.

That's for sure. It's not a radical transformation.

I hope I've answered your question.

Thank you. Very clear.

Good morning. Thanks for taking my question.

Two points that I'd like to address. First, regarding medicine ticket, I understand you put the ticket of upperclassmen, but I'd like to understand a bit the effect on consolidated.

When we consider more intake of FIES units or hubs with tickets maturing, gaining more share in the whole, I'd like to understand how much would be the effect of each one of those factors or points, try to quantify a bit, and also how the ticket considering those points, how they influence the IDOMED revenue growth looking ahead. Second is contingency forecast 2026.

You've mentioned that there should be a deceleration, reduction of this line. Just to try to have some magnitude, how much is slows down?

Second quarter was a bit below what many expected, actually. Just to try to explore the magnitude looking into the second half and even 2027.

Thank you.

Good morning, Vinicius. Good questions.

First, on medicine intake, you have FIES maturing of courses in smaller towns, how these factors impact growth. We're starting with great news of growth for IDOMED.

The whole market was very fearful. Let's remember we go through those big clouds, they impact the segment negatively.

When they move away, we had a great cloud on intake in medicine, actually where you had a great growth in the number of offered seats. There's a fear in the market in terms of intake.

IDOMED responded with the highest record intake in its history. Yes, it is supported by greater FIES penetration.

We believe there are several pieces of good news. First, FIES news usually were very good.

The competition for FIES grants for medicine is very fierce. We have students that are very well prepared academically.

This brings several positive effects to us. It's an institution that is proud of its academic quality, students better prepared, contribute overall to the ecosystem.

Also, we have improvement of average income, we have more competent students and they're going to go through a very competent educational, academic system and make them even better prepared for the national Enamed or the national examination assessment for medical education. Second, FIES has no bad debt.

It's zero. Although medicine is low, we do have some bad debt.

The FIES student is zero. Comes into the discount in the NOR.

The effect in bad debt is very positive. Retention, it's a student that has almost zero dropouts.

Students stay with us until the end. This helps a lot RTV.

The impact goes to the ticket, you have an impact of FIES up to 27%, depending on the delinquency of each students, but it impacts tickets. Students that join with FIES, they join with this hit in the revenue, and we reap the benefits over time both in bad debt, retention and academic quality, as we've mentioned.

Overall, we think it's been an excellent piece of news, FIES doing well, replacing this potential demand. We have this negative effect on ticket.

We're not opening up the intake numbers, but you can see in our release the FIES penetration in the base. We have a growth that is in a very sustainable way.

There's no alert sign for that for the moment. Small increase in penetration of seats offered, impacting the costs very slightly, but we see this in a very positive way.

Second question on contingency, I'm going to turn over to Aquino to address that.

Good morning, Vinicius. Thank you for your question.

This contingency line takes some time to react up or down. We have had realization that we've been sharing with you.

Maybe you're aware of it. We've been realizing cash on this line lower than the level that we have in the impact of net income.

Two parts in this line that impact our EBITDA, second part that impacts our financial results. Financial dating of contingency, when you compare both they are R$30 million below what has been on cash disbursement on this line.

What's this happening? We've changed our policy of contingency provision to be more conservative, making this provision previously.

This makes us to without any difference in the disbursement, we increase the realization realization that impacts, actually, net income. This happened last year, it's happening now, as you've noticed as of second quarter.

It's more difficult to reveal when the numbers converges, but it tends to converge in the future years. We're going to have much greater conversion.

There's a relevant point here. We have a long-term indicator that leads to better results of this line, the number of processes we get.

Great part of this line to us is linked to, labor, actually legal cases. We had, a reduction in the number of those dismissed or laid off faculty members.

We're going to have significant reduction in these contingency levels, considering legal cases. Excellent.

Thanks for your answers. Have a good day.

Just to reinforce to what Aquino said, it's a question of Mirela, 2027 outlook, it's another positive aspect for 2027.

Thank you.

Hi, Rossano, Aquino, all the directors. Good morning.

Thanks for your presentation. I have two questions, please.

The first, I'd like to hear a bit on the IBMEC outlook for looking into 2027. We had or you have a dynamic top line margin quite strong.

Looking into 2027, do you see ability of keeping this pricing power if the initial plans for the new units of Fortaleza if you intend to introduce a course mix compared to the other units, or do you see a performance that is similar to the others other BUs? The other one is liability management.

We see more a leverage of 1.5 debt EBITDA. You said your target is one-time.

If the measure as you converge to this goal, do you see some additional space to improve this debt cost that is a at a more efficient level? Thank you.

Excellent questions. I'm going to start talking about IBMEC, and then I'll turn over to Alexandre.

The outlook of IBMEC is super positive. You see positive results every quarter, IBMEC bringing IDOMED as well, but IBMEC bringing very positive results, revenue growth, margin expansion, increase in ticket.

We're seeing all the service, the market perception is growing. It's a leader amongst the first, second, third, it's growing everything.

Very positive outlooks and for Fortaleza, this is another positive view for us. It's a delivery where we have initial results are super positive.

I'm going to turn over to Alexandre, that it's always present in Fortaleza, to give you a fresh view on our actions and initiatives in the city.

Gustavo, thank you for your question. Fortaleza, I think it's been a very interesting decision.

We carried out a market study. We had a view on the organic demand of possible candidates in the city and the region that had for the operations we had in the Southeast, especially in São Paulo.

Then from then on, we made the decision of this new campus. The portfolio follows the traditional portfolio IBMEC, business, technology, law, following the traditional IBMEC portfolio and the reception has been very positive, both in Fortaleza, but also attracting the attention of cities or capital cities around it, Teresina, Belém.

It's has the potential of becoming a great hub for the Northeast.

Alexandre, since I've mentioned IDOMED in a Freudian slip in the answer, well, Sílvio, would you like to add on the outlook for ticket? Sure,

just to add to what Vinicius said. For Vinicius' questions, we actually will still observe a ticket growth despite this greater FIES penetration because it's been quite variable.

Each marketplace has its own features. As we mentioned in the previous call, we may mention Rio de Janeiro that is a marketplace in which we have a demand that is qualified and the growth does not depend so much on FIES as other marketplaces.

In other place, we have a higher number of seats, higher tickets, and it depends less on FIES. We mentioned at YDUQS, when we look at LTV, the scenario is much better.

When we make an analysis that is combined of all those aspects or factors, we see that, yes, indeed, it makes all sense to follow on with the strategy. We don't have great concerns regarding the ticket.

We've managed to keep it, not only maintaining it, but increasing it. We have a projection of ticket increase year-over-year with this possibility of making up amongst the different units and marketplaces, but very much in line with what you've mentioned.

Thank you, Sílvio. Moving on to the second question of Gustavo on liability management, excellent question.

We've had excellent results in debt management. We had operations open to the market.

We've mentioned some while ago, we managed to extend and reduce debt cost. Aquino?

Sure.

Thank you, Gustavo, for your question. We've been trying in a very consistent way to reduce that debt cost.

The market is a good time since the CDI level is high. We have great search of company that have good credit notes so that people can make safe investment with good return.

What we've been able to do is to have a reduction of our cost of the debt paying CDI plus a bit more and the spread is increasingly smaller. With the amortization we had in the second quarter, cost that dropped to .98, as we mentioned in the presentation, and all the past issues that we made were below this cost.

Our outlook is to tap into the market time to generate greater amount that we have in 2028, 2029. We'd have no debt matures with amortization this year's.

Off next year, we have smaller ones, 2028, 2029, we're starting to manage them, extending our debt and reducing increasingly more the cost. Our expectation is to close the year at a debt cost that is lower than what we had previously.

Excellent. Very clear.

Thank you. Have a good day.

Thank you, Gustavo.

Rossano, Aquino, all directors, thank you for your presentation. Two questions on regulation on teacher training.

How much this would impact your operations, considering the impacts expected of 30% on-campus, 30% semi-on-campus or hybrid? Second one is Enamed with a suspension of last week.

What do you have in terms of filling the seats that were expected? We had some seats thinking about next year.

How this will move on to now? In December, we're going to have Enamed results for 2026, new sanctions and with some legal cases moving on.

What's your expectation?

Thank you for your questions. I'm going to turn over to Rodolfo, then Sílvio, and then I'll complement that.

Thank you, Lucas, for your question. I think this lecturing degree, we see this recent regulation very specific in this area of knowledge, having a considerable increase in terms of on-campus.

We have several ways of delivering on-campus through a mediator or local faculty member is one of the ways. Internship or training activities, they're also considered hours that should be on-campus.

We try to find the best way of delivering on the on-campus mode with better quality without actually impacting the cost proportionally as the increase in the number of hours. We see some cost increase, not disproportionate, and yet it actually matches what Rossano mentioned on the previous question on ticket.

We also see this repositioning of ticket coming gradually, and also this lecturing degree will be a feature or a part for us to work on this, not only the sake of giving. This will naturally impact all the players.

This is part of our view on the lecturing degree. I don't think there is great impact or different ones from those that we've seen in terms of guidance both for '26 and '27.

Thank you, Rodolfo. Sílvio?

Sure. For the Enamed, we're following closely, actively taking part on the debates via associations representing the segment.

We are at a time that we have certain suspension of certain legal measures. What we had previously of registrations to make, we made them as early as possible.

As Rossano mentioned, we had this record intake very much considered because of our acting in anticipation or early. We couldn't do that to all the seats, we would count on the continuity of the course.

We had to keep two-thirds first quarter, one-third second quarter, and this offsets and helps the year as a whole as the time as we have this cautionary actions. We're working on the possibility of bringing those students, we should highlight that they are authorized seats in a regular way the whole industry.

When we have those protective measures being suspended, it helps us have a very positive view. Your point is that in the 13th of September, we have another edition of Enamed, and the work has been quite intense following student by student, showing them the importance of doing their best at the examination to reflect quality of the training they've had.

It's an examination that may bring great implications to students. Sometimes they do not adhere in a qualified way.

This certainly makes a different in the results, but this has been a very good surprise. They've been doing very well in all the tests that we've been conducting, and that we should have quite positive results, considering the mock examinations we've been performing.

That's going to be on the 13th of September, and we can have the data available to put in their transcripts and understanding in the industry as a whole. There's some impact of IDOMED year-over-year.

This is part of our analysis in the budget and evolution for future years. We're very confident.

We open a very positive window for us to bring those students. With the fact that we actually have vacancies of tuition payers, and Enamed students brings results that will certainly, as we forecast, that will overcome our expectations regarding registration or enrollments.

Thank you, Lucas. We hope we've answered your question.

Thank you for the time. Very brief question regarding the legal framework, thinking about 2027.

I'd like to understand a bit about the environment of preparing for semi-on-campus for 2027 of your CapEx, your investment for your own units. If you see any kind of difficulty in finding labor in terms of faculty, mediators, I'd like to have this kind of outlook as to the adaptation of the legal framework for 2027, not such immediate impacts.

Thank you. Renan,

thank you for your question. Certainly, this adaptation for the new semi is something that we are mobilized.

YDUQS is very well prepared for that. As I said, we believe we have very positive aspect in this new legal framework.

It strengthens organizations that have so much operational capability for transformations and also to invest and mobilize the resources so that this can be materialized. We talked about final impacts financially, but there is a lot of operations initiatives that Rodolfo conducts in adapting and transforming the hubs.

I'm going to turn over to Rodolfo to give you more details on that.

Thank you, Renan, for your question. Adding to the legal framework, it's a topic we've been addressing internally in different moves practically two years.

We have a structure that is basically devoted to look into this kind of impact, understanding the movements, updating several DCN, and we're following this very closely. I think there are some positive things.

This legal framework came close to our expansion of semi-on-campus we had on the very hub, it's very much in line with the new regulation. We see little impact from the standpoint of adjustments, because we have our infrastructure considering the new regulation from the standpoint of hubs.

This in the unit, Silvio, if you want to add to me, we have great offerings in the on-campus, in the adjustment of semi-on-campus. We understand that is nothing super complex.

Much on the contrary, it should strengthen actually this experience that students have on our campuses, be it Estácio, Wyden. In terms of legal framework, that's a bit of what we see and impacts that are similar to what we've been talking about for '26 and 2027.

As to your question on difficulty of finding labor or qualified labor, yes, we've been seeing more difficulty in terms of finding the pedagogical mediator, this new character. There's difficulty in finding.

We have a challenge of having a selective process in considering good quality, especially in mid-sized cities where the scarcity is greater. We've had a recent movement, we highlighted, in those process to ensure that we can actually perform them, considering this challenge is expansion and market, enabling us to continue to provide quality services and with mediator centralized and also we have local characters.

We see a bit increasingly scarcity, but we understand this will not be a limiting factor in this trajectory of growth of semi-on-campus.

Rodolfo, you bring another strength of YDUQS, is such large company with the ability of articulation being so prepared from the beginning of the debates of the legal framework being found. We're very well positioned to be even stronger competitively in all regions where we operate.

We have certain restrictions in the market, but it brings strength in terms of our competitiveness ability.

Thank you. Very clear.

Thank you all very much for your questions, presence, for being with us until the end. As I say, we start the second half of 2026 very confident with the results.

YDUQS, all the business units very well prepared to continue delivering results. Second half of '26, we reap great parts of the seeds that we've grown in 2025: process of recognition of revenue, considering non-engaged students, lower penetration of DIS, great capability of reducing the lines of contingencies, adjusting accounts, investments we made in technology, AI, yielding results, lower leverage of company, lower net debt, turning the Selic curve.

We're very well positioned for second half '26 and even more so for 2027. We hope we've shared all the messages clearly to all of you.