Good morning, everyone. Welcome to the Yduqs' earnings results Q4 and the whole year of 2025.

Thanks for taking your time to take part with us. Myself and our CFO, we're going to have other guests during the presentation.

Our highlights of this year, very strong cash generation reaching over R$1 billion of net cash flow before payment of interest to the market at high levels, considering the basic rates of the economy currently. Apart from the R$500 million for results of shareholders, it's our guidance.

We keep building a company that is increasingly more consistent with very sound cash generation and remunerating our shareholders the best way possible. As we said on our last Yduqs Day, we are reducing our debt.

This is our main goal of capital allocation. This is priority number 1.

We're going to get the one point net debt to EBITDA. We are below 1.5 times.

This will drop even further in 2026, and we'll get to our target by 2027. If we hadn't made our efforts of compensate shareholders, especially dividend programs in '24, '24 buyback, R$300 million of share buyback in '24, '25, we would be at 1.3 times.

Even with this program, we assume that in 2027, we're going to reach our target. This is our priority number 1 of our capital allocation framework.

We said we would take opportunities for acquisitions, and Unifametro is a classical example of that: a high-quality institution in a city where we have strong connection, Fortaleza. Unifametro is right joining us in the Wyden, a very strong brand, 8,000 students, 60 yearly seats in the medical schools that are 100% filled, showing the strength and the power of this business to our Yduqs ecosystem.

We also said that we would keep paying dividends every year close to the minimum. We have been aiming the minimum, considering adjusted net income.

In '25 and '26, R$150 million paid in dividends. We said that since the IPO, we have been paying dividends every year, showing consistency of returns to shareholders.

Down on the left, the strong cash generation is followed by the improvement in quality of revenue and results in general. Some actions have been taken over '25, improving the quality of our revenue.

We have a provision with the exemption for non-engaged students over the semester. We had a drop in DIS.

This actually reduces our bad debt. We started seeing that fourth quarter 2025.

This will be stronger in 2026. Something that features this scenario, this provision for non-engaged students, the movement we made of private funding, receiving during the semester, a drop in DSO year-over-year, 9 days considering the previous quarter.

This quality of results, strong cash generation are structured moves that are continuous that will keep happening over 2026. Into business, we want to highlight the strong performance of the premium segment, growing by 2-digit, Ibmec 22% year-over-year, EBITDA 38% growth, strong margin growth, 5 percentage points margin growth of Ibmec with the expansion that we've had in the business.

Idomed, in a more challenging environment, competitive environment, the business keeps growing with very high margins close to 50%, high margin for this kind of business. Let's talk about net revenue.

The quality of the revenue is being supported by reduction of DIS, or the dis-adherence decline. Our students prefer more traditional funding models, and the reduction of DSO reducing bad debt, it's a result of this movement.

It's hard to compare the revenues when you consider the intake levels, '24, '25. We would have actually a growth of NOR in a market that has been challenging.

The legal framework impacted our distance learning. That was important for the industry as a whole.

In this environment, with comparable basis, we've grown 6% year-over-year. A strong year again with the adjustments we made with the reduction of DIS, very strong year of growth for the company.

On the slide on-campus, it's been very strong, the great highlight. A growth of semi on-campus supported by the restriction imposed by the nursing school.

We had an adjustment for that, very strong growth with semi on-campus. We after the new regulation, officializing semi on-campus as a reality in the market, and this tends to keep the movement.

In '26, we're going to see in intake, as it shows, a very strong year for semi on-campus. This has actually accelerated second half, making the margin to growth, fourth quarter closing at a margin that was very good.

Part of it, this is the move from third to fourth quarter, adjusted margin on a pro forma way, stable margin year-over-year, showing the strength of the market, starting very strong in 2026. It should be benefited by this revenue that is more conservative with bad debt that we should have.

We prepared to face challenges that we should have at margin in intake. Our on-campus very strong, we keep the ticket of monthly undergraduate is kept.

On-campus is very well-equipped to keep this process of ticket recovered. After years of drop of ticket after FIES, we stabilized demand on-camp, and the ticket growing, at least following the inflation.

This is the scenario we envisaged for the forthcoming years. We have 33% work of many years to reach this level of renewal.

Investments have been made in the quality of the product, especially digital, strengthening the network of teachers, professors, and all the framework of technology, providing much better student experience, helping our retention levels. Moving to digital learning, very good year considering great part of the demand moved to semi on-campus, a drop in the student base in undergraduate studies.

From the beginning, it was a product of great growth. In 2025, it inverts this rational in a positive way.

A great part of the students are migrating to semi on-campus. Even so, we kept stable margin year-over-year, slight recovery in the fourth quarter, part of it coming from the efficiency actions we undertook over the year, putting digital learning well-positioned for 2026.

Undergraduate average ticket is stable, modality that is more difficult to increase ticket, transferring tuition, et cetera. We have smaller student base.

It's more challenging to increase ticket. Good news is that we could keep the undergraduate average ticket for upperclassmen.

We see actually a difference in the on-campus. Technology has not been able to actually catch up in the virtual aspect.

This has been evolved. The levels of renew have increased a lot, 2 percentage points year-over-year in a trend of improvement that generates a lot of value to the company.

The more you can keep the digital student, we had a retention level below on-campus, the closest it is, more value is generated to the company as a whole. On our premium block, a very strong year for Idomed.

The new number of seats from '24 to '25 has brought tension to make to the market, making it more competitive. Idomed, proving that it's a premium brand that protects our business.

This has been very positive. Another year of 2-digit growth, growing the student base.

We draw the attention since we are small in post in graduate studies, well, we have strategy for the investments is in the growth of our medical schools in the number of doctors. This should generate a stronger volume for medical schools.

We have a fair share of the graduate studies that is below our fair share, and we have room for growth, and it's a great strategy for the company. On the ticket side, with the growth of seats growing in numbers, where we have lower ticket, the average ticket is still growing.

In all places, despite competitiveness, we exceed inflation both to freshmen and upperclassmen. We have very high levels reaching levels, 9% as students that join Idomed, they are delighted.

We have we're close to one of the campuses that we have. We're reference in Brazil in terms of quality, infrastructure, academic quality of its faculty, one of the products that makes us feel most proud within the company.

EBITDA stable year-over-year, operating at very stable levels year-over-year. At Ibmec, still on our premium segment, fantastic year for Ibmec.

Showing with the turn of the year moving from the city center to Botafogo, it's perhaps the most dynamic neighborhood in Rio, very well-located in an area we have the highest concentration of good schools in Rio, a bet we made, important investment in the growth of Ibmec in Rio. The Barra campus is doing quite well, and we have new strength of this migration from São Paulo to Rio with numbers of revenue growing by 22%, very profitable business, bringing relevant growth, maturation of some campuses that are newer, student base growing by 10%.

In the graduate studies, we have some acceleration. We have a number that is below fair share.

Great opportunity for growth for Ibmec and incredible margins, 5 percentage points, reaching a margin of 45%, mature business, premium. No restrictions for the offerings of the courses that Ibmec offers.

Even so, it is able to work with very strong margins. A ticket growth is fast.

The mix has important features. We could transfer strong ticket operating amongst the highest tickets in the edition compared to competitors.

We try to be the brand number 1 in marketplace we operate. We are amongst the top three in all marketplaces, and our aim is to be the main brand, operating at high levels, very quality product, being recognized by students at very high renewal rates.

I'm going to turn over to Aquino, who's going to talk about costs and expenses.

Let's talk about our operating results of fourth quarter. It's been very strong.

We had important gains in cost and G&A, and we closed with a gain of almost 4 percentage points reduction vis-à-vis Q4 '24. As I mentioned, we had a difference of the cost curve between the third and fourth quarter between '24 and '25.

Super important to reinstate that first half the margins were below 2024. We were able to recover as we had been planning to in the full year.

We closed the year with a margin a bit above the 2025. This increase in margin, 1 percentage point, does not reflect the reality of the gain we had over the year because part of the results was contaminated.

Our revenues was contaminated by the provision of low engagement student and a decline in DIS edition, or adherence. We had a drop in debt, and we have an increase in the bad debt, or we have an additional 1 percentage point of our bad debt, and the reduction will increase of our in 2026.

We had If we had no effect of that, our margin would be more than 1 percentage point regarding 2024. Looking at our revenue, comparable business, if we adjust the provision for non-engaged students that was a decision of the company, we had a growth year-over-year, 4% of our revenue, 7% of our EBITDA.

Again, we have the beauty of having a diversified portfolio in education, allowing us to grow according to the most demanded brands in the past years. 20 Since '21 to now, we have had a growth forced by the premium brands, Ibmec, Idomed, move from 5% to 44% over 2025.

We had a very strong growth, Idomed, from 25% to 34%. More impressive is the growth of Ibmec that doubled, moving from 4% to 9% in this quarter.

We have an important slide on nonrecurring effects. Unlike what had been happening previously, we have our M&A spending with layoffs of faculty, well, footprint of our properties that was important before.

We had a growth that we felt it was important to share with you. First, because we have a series of extraordinary effects, and we will keep our drop of nonrecurring effects.

Important to clarify what happened in 2025. First point, we had in the second half, we had an impairment of an operation we acquired before the pandemic, 2019, with great impact or great focus, on on-campus, and that was very much impacted by pandemic and education sector.

The this impairment has no cash impact just like any impairment. Additionally, we took some actions that are important for us to improve our profitability from now on.

We restructured our corporate that was announced over the results of the third quarter in 20 2024. Fourth quarter, we had a higher layoff of our faculty to minimize the effects of our legal framework on our costs.

Lastly, we have an important effect which was REFIS, tax debt incentive that was carried out over the third quarter of 2025. All of those extraordinary effects led us to have, for the first time in many years, a growth of nonrecurring effects, a growth, and we will have another reduction moving to levels below what we had in 2024 in the forthcoming years.

When we look at our adjusted net income, we had a drop of R$80 million basically because of the increase of our interest rate, our SELIC. We had this negative impact of the increase of the interest rate impacting several companies in Brazil.

I think another very important point here, when we look at the actions that from the standpoint of cash have almost zero impact that are favorable for our cash in the year, we would reach earnings per share R$1.93 against R$1.73 in 2024 and total income of R$15 R$507 million compared to 2024 with a negative impact of the increase of interest. Looking at the number of earnings per share that we reached in 2025, we reached R$1.51.

That is a miss regarding our low part of our guidance. It's R$1.7 reais per per share that was actually impacted by revenue.

We have very high leveraged income. It generates 1% in NOR, impacted net income by R$50 million.

We had a reduction of DIS in the second half that we were not expecting, generating this beginning of our guidance. Important to show that this actually, especially the construction, non-engaged, migration has no impact for 2026, which is very positive for the evolution of profit or or in comparable basis to 2025.

The growth in net income for 2026 will be very high. We will have favorable winds in reduction of the interest rates, or SELIC.

The cash flow for shareholders measures what is the profit of the company. We have payment of interest.

We had a result that was very important this year with a growth of 38% compared to the previous years, reaching R$500 million, the base of our guidance. Even considering a year with very high interest rates, SELIC reaching 15%, we still generated cash generation to we generated cash to our shareholders.

Our performance in receivables is important. We have better operational performance, renewal of students, more engagement before renewal, better procedures of collection of our team.

Due to actions despite they have negative effect on our revenue, on our EBITDA, and on our net income, if they have no negative impact to the cash, we have a presence in the days sales outstanding. The students reduced adherence to DIS.

We have provision for low engaged freshmen, and we have payment that that were different from a private, actually. They had a private part source.

We have a clear trend of growth that should remain in 2026, certainly. We will communicate at the end of the first quarter better outlook as to where we see cash generation for 2026, but what we can say now is that we're going to have a very good year, at least equal to 2025.

Let's talk about indebtedness or debt, very important in an election year. A market may turn overnight, as about regarding our market.

We were able to reduce our leverage. We got it to the end of 2025 a leverage of 1.46 times.

It would be lower if it hadn't been the initiative of having the buyback and dividend payout. We closed the year with a cash position that was very strong, R$1 million almost R$1,500 million after an issuance of R$500 million, our second debenture that was very sort very much sought by the market.

We were able to have an issuance with the lowest rate, spread of 0.7, lowest spread in the education segment. We we had 1.03, and the payment of R$430 million that you'll see our schedule of amortization for 2026.

In January this year, we paid R$430 million, and with this payment of the two debts that were had a higher spread, 1.25, 1.50, we dropped to a spread below 1%, again, a new reference to educational sector in Brazil. We have very strong cash position.

We have no need to make new issuances to cover the amortization that we have over the year. Another important highlight with a quarter that naturally is a quarter that burns cash, we kept a net debt that is stable during the period, very comfortable position, the debt.

The payments over the year under control, we have only R$200 million in 2026. With this very comfortable cash position, it will be very easy year.

Looking ahead to '28, '29, we feel sure to have this timeline to benefit from the best opportunities that come up, and this is reflected in low cost of debt that we have, being able to make the issuances at the best market timings. We're going to have Marcel now.

Have a good day, and see you next time. Whilst Marcel sits down, we're going to go over this slide that we like this quarterly routine showing the market.

It actually keeps away from long term. We have education that is long term, long cycles, and we should look at this long-term view.

The company since 2019, it's a CAGR of 1% 8%, considering the pandemic in 2019. We have some remains of traces of FIES.

We felt the year would stabilize. We have very harsh pandemic, 2 years, with this debate of regulation of distance learning, threatening the industry.

The consistency is impressive, the growth of the company 8% CAGR year-over-year, keeping stable, healthy margins since 2021. Every year, we have margin growth at very high levels, 34% now.

Again, a business that grows even in hard years in a consistent way with very high margins and stable ones, paying dividends every year since our IPO. We kept the payment of dividends, even having declared very strongly our Yduqs Day.

We keep this model of capital allocation with focus number 1: reducing leverage. We said we would pay dividends at least close to the minimum every year, and we have been doing that even above the minimum in a very consistent way, paying R$150 million last year, R$150 million now in February.

We've just paid that. Our commitment of constant return, stability of return to shareholders, this is all enabled through the great cash flow growth.

This was the new model in the industry as a whole. It's becoming an industry that is strong cash generator with growth that is a bit smaller, but strong cash generation.

We have been growing. We were burning cash in 2022, reaching incredible levels, R$500 million cash generation for shareholders, incredible margin that we have been mentioning to the market.

That was our main business focus. Moving to the next, great.

We have Marcel next to me, who's going to talk about technology, one of the most important strategic pillars for Yduqs. Marcel is going to talk about what we delivered in 2025.

It's a great pleasure to talk about technology at this meeting.

I'm going to talk about AI. We've been strategic pillar of the company, all of development.

We've been talking about for a long time on all our initiatives. The company today follows, speaking the three pillars: better quality of teaching to our students, more operational efficiency, and preparing students to a world that is totally different from what we have in-house, including AI in all our grids, in our contents, providing them opportunity to be in touch with this technology as early as possible in their learning journey.

We have over 100 initiatives that have been implemented, capturing results in the company. We have from efficiencies in CSC with document processing time reducing by 90% average document processing time in documents that are for the intake process; in content production, a drastic reduction in the value that we have for the creation for each theme; intensive use of AI in the workflow control and the content production; and also in sales.

We have been using AI, we have been mentioning in other quarters, AI in student support. We have enrollments that are much more in self-based on self-checkout.

We have our bots and WhatsApp. We have a journey end-to-end.

When they're interested in a course, they clarify doubts on that, and at the end, when they make the payment and deliver documents. We use it for assisted acquisition.

We have a growth or that is of affiliates using AI to clarify doubts, understand pricing, offers, and students have a bit more confidence to follow on. Affiliates use that to have intake faster and much greater response time.

Apart from that, we have been working hard to transform the company and take this logic of AI first to everyone. We started this process of culture and AI literacy in all areas.

This involves capacity building, having people from all management areas of the company having AI agents for action on their day-to-day. Over 90% of the company boards with at least one AI agent and more than 40 practical use cases developed for real business impact, coming from pains that come up on the day-to-day of the company.

Great, Marcel. It's great to see our approach that is top-down and bottom-up.

We have things that came with efficiency with better results for the company as a whole. We're concerned in training people that are going to generate those initiatives in building the company.

We know the power of AI in transforming people and how much people must be to be empowered to transform these things. These use cases are coming from the people themselves, the pains that everyone has in their day-to-day processes, and how they're seeking solutions using AI to improve their work and things on their day-to-day.

Marcel will stay with us. In addition to technology, he's responsible for the market, our great intake leader.

It's important to have technology positioning in this market, try to getting technology closer to the business. Technology in Yduqs is very strategic.

We want to be increasingly more connected to the market and to business. Marcel, whilst he breathes a little bit, let's talk about ESG, another fundamental pillar at Yduqs.

We see several accomplishments we had in 2025. On the slide, we start with a very cool photo of our students of Imperatriz, Maranhão State, in environment project we have.

We understand Yduqs as an education company. Our fundamental role in ESG is transforming our students.

We increase our outreach to more than a million people that will spread this ESG knowledge and concept to the whole world. This is our commitment to ESG.

Speaking of commitment, this year, I highlight one of the developments 2025, our addition to the committed Net Zero connected to the Global Compact with the UN. We've been working very close to the UN.

In our programs, we developed in 2025 our planning of ESG. This is one of the most important verticals in this block.

Moving to the second fold, since we talked about the Global Compact, we have Rebeca Andrade, our gymnast. We have been counting on Rebeca at our communications.

There, with Cláudia, President of the Yduqs President and the Global Compact, at actually at the education and sport panel at UN headquarters in 2025. Our transition program of carrier athletes, we have over 1,000 athletes that have been benefited from the career transition program.

They're little visible in society, but very relevant contribution of the Yduqs Institute in this career transition program. Let's talk about 2026 intake.

We bring a snapshot for you to have an idea of our the intake pacing. We are at almost 80% of intake cycle completed.

We have about 18, 20 days ahead, which is an important part that we call of academic conversion. Students are about to complete the documentation stage.

That's what we are following. We wanted to share with you a snapshot of the modalities and how the volumes are behaving.

As expected, we have very strong expansion on semi on-campus from the publishing of the legal framework. We made great efforts to create those semi on-campus offers to start all operational adjustments so that we could comply with the new legal framework.

We have some results. On-campus semi on-campus grossed by 74% compared to last year.

Digital dropping 37%. It was expected.

Most of them happens in the course that cannot be offered on a digital basis as distance learning. We see positive view on this difference and migration from digital to semi on-campus.

This will convert into an increase in price, which is compatible with the offer of semi on-campus. For on-campus, we see a 5% drop, a retraction that we are assessing and following from the beginning of the intake cycle of first quarter, and we have a drop of 7% compared to the previous year.

It's important to highlight that we have been following that, and we have been following reports of the market that bring those snapshots month after month. We have a similar performance in some modalities, even better than the market.

We follow that following the Hoper Indicamp that is published once a month. Thanks, Marcel, for the presentation.

Important to highlight that despite the small drop in total intake of Estácio, Wyden, you have a mix, a reduction in digital, great increase in semi on-campus brings positive effect for the total NOR. Even you have a reduction in a total intake, you have stable positioning of revenue year-over-year.

Moving to our final slide, our final remarks of our presentation, very important. The takeaway message is to see very positive year in 2025 with even better outlook for 2026.

It's a structural turn in the industry, very strong in cash generation. Yduqs is positioning model for some years.

The results 2025 consolidates this vision. We've done this, making our results even more transparent, consistent, and predictable.

This is something we always said, all analysts, buy side, sell side in the industry being showing that this has been increasingly more the brand of our results: transparency, consistency, predictability, considering the adjustments we've made in the company over the years. We keep the commitment that we'll have strong cash generation, results increasingly more transparent, consistent, predictable.

I want to reinstate this triad. Highlights of the year: adjusted EBITDA growing, growing growth in the margin as in the business whole, very positive results in premium, the recovery of margin we had over the second half in Estácio and Wyden, bad debt dropping in structured, consistent way.

It will be even better in 2026, considering the benefits we mentioned for 2025. Premium reaching 44% of our EBITDA, many times more of the Estácio, Wyden.

We're getting to a brand that is close to the result coming from the two premium verticals. Very prepare very well-prepared for the legal regulatory framework.

We are very well-prepared for this new framework. It brings challenges.

It actually impacts the industry. We have opportunities, considering the challenges.

We are prepared to be winners in this scenario the new scenario in distance learning. We have good news in 2025, consolidate in 2026, Unifametro acquisition.

We have the closing, very strong brand based in Fortaleza with 8,000 students in the Estácio, Wyden, over 60 annual medical seats filled, we're very comfortable that we're going to reach great results for this umbrella that is Wyden. Marcel mentioned quite well on our focus on AI.

We are teaching our education institution with focus on AI. We invest time and money to ensure that Yduqs is very well-positioned to capture all the AI benefits, the triad that Marcel our focus on AI very large with the students that we're preparing for the new AI world to, education is even better with AI, and the company is more efficient using new technologies.

On cash, we have our main focus of capital allocation, reducing leverage, dropping one below 1.5 at the end of the year. This will drop in 2026, reaching our goal that we actually disclosed on our Yduqs Day, 1 time net debt over EBITDA.

We had an increase of 38% RFC FE, reaching our yearly guidance of R$500 million in 2025. We close our presentation.

Once again, I'd like to thank you for all of you that have been present with us. We have an opportunity of a year that we could close in a very positive way, and we have 2026 with very strong results outlook.

Let's move on to the Q&A session.

Hello. Good morning, Rossano.

Good morning, everyone. Thanks for the time to ask question.

I have two on our side. The first is regarding intake that you've shown so far of the 2026 cycle.

What drew our attention is drop in on-campus that you showed, 5%. When we talk to your competitors, we understand that you are underperforming competitors.

I'd like to understand what is your reading or your take on that and because why do you think you're underperforming competitors on the on-campus side? First question.

The second is regarding cash generation for 2026. You close 2025 within the guidance, but I'd like to understand the main levers when we think about margins specially to keep robust cash generation for 2026.

Thank you.

Good morning, Flavio. Thanks for your question.

Let me start with the last, and then I'll ask Aquino to add, and then Marcel to add and address the first on-campus. On cash, we reinstate what I did this during the call, our trust on cash generation for 2026.

This has been a year, as you've seen, highlighting in the presentation, strong cash generation for shareholders over 2025. 2026, we're going to have some waves that will help this grow even further.

We're very confident on the growth and in the growth of shareholder cash growth in 2026, regardless of having a drop in interest rates. We cannot count on this macroeconomic evolution.

We should have a drop in spending in interest payment because we're reducing leverage. Reduction in leverage should benefit directly this cash generation in addition to natural EBITDA growth.

Our cash generation to keep high levels, and this should actually be directly related to more strong cash generation. Aquino, would you like to add?

You covered the main points. Our company is strong for having constant growth of operating cash generation.

Our record, we had FCF growth that was record in considering our leverage. The probable, not assured, reduction of the interest rates, we are able to reduce interest rate payment, improve our financial results, convert more of our FCF to FCFE.

The operating results, we're going to have a better conversion of FCF in FCFE. We had a level of nonrecurring in 2025 that is quite high, of R$120 million with cash effect, with the outlook of having an important reduction of this level in 2026.

This will also convert into more cash reduction, FCF and FCFE. We don't yet have the numbers to share with you of guidance for 2026, but when we see the closing of first quarter in the disclosure of our results, we're going we're very confident that we're going to have a level equal, if not higher, to 2025.

We see in the first quarter is very positive. Just the cash generation for shareholders from January plus February 2026 has exceeded the number that we had in the first quarter of the whole first quarter of last year.

Before moving on to Marcel, there's a point of nonrecurring that we had in fourth quarter. We had a level that was above what we had, a level a route or a journey of nonrecurring that was growing.

We felt we could start a cost structure that was lower. We decided to follow this path.

We understand that in the market view of analysts, the analysis is more difficult. Our recommendation is that it goes to cash.

Ultimately, cash is our ultimate goal, and the reduction of R$500 million, there's no effect. It's vector of cash generation regardless the results has been having been with recurring or nonrecurring.

There are specific expenses that have an impact to cash in the fourth quarter will not happen in 2026. Very positive fact to increase the trust or confidence in cash generation 2026.

Marcel, can you talk address the drop in on-campus intake?

I think the first point is that we have no expectation of very strong market for this year in the on-campus modality. We have been following several variables.

We are in a year of decisions that may take longer, elections, indebtedness of families. We've been following carefully.

As I mentioned on the intake page, we have been looking into this market indicator that Hoper publishes. We don't see a growing market.

This report is open. We see in January a market that is dropping, but we're looking in just so that we can resume growth as soon as we have a clear opportunity.

It's worth remembering we haven't made any strong promotional action. It's important this intake cycle, we have kept the strategy of keeping the ticket that we call M7 ticket after the first semester of the student.

This naturally to us, we understand it's an important lever for the long term, and we didn't want to touch that even with more fierce competition in some marketplaces.

Okay. Very good.

Thank you.

Thank you, Flavio.

Good morning, Rossano, Aquino, Marcel. Good morning, everyone.

We have two questions on our side. The first is on restructuring of faculty in the fourth quarter, anticipating the new framework.

The question is whether you've reached a recurrent level of the faculty, if we can read there this level of fourth quarter normalized quarterly, or if you have something to be made. More details on the guidance of mid-term income, you'd mentioned on the release, considering the challenges related to nonrecurring, company was below the 2025 number.

Do you intend to re-anchor the expectations of 2026 to 2030 as you did in that material fact of May last year or not, or if the idea is just provide a guidance of cash generation as you were commenting a while ago? This is it.

Thank you.

Samuel, I'm going to start with the last. I think I can address both.

As to guidance, the market had the consensus below the guidance of net income. A more challenging topic for us to reach, we were more confident with the cash even with the additional spending.

We reached the guidance of cash. We talked about our look of guidance of cash for 2026.

We have the guidance for the first quarter. We wait for the closing of the first quarter.

We know for higher education is very relevant, especially in terms of intake and renewal over the first quarter, very determining for the results as a whole. We wait for the first quarter to be closed to revise the guidance.

That's what we always do in disclosing first quarter. We're going to do that again to revise our net income.

For the guidance in terms of earnings per share, well, since it's much lower than NOR, you have a lot of things involved. The trust that 1% of the variation of revenue impacts R$15 million in the net income.

This is practically 20 cents in the earnings per share. The very small revenue variation, it brings great relevance to the net income and earnings per share.

We have volatility in number, small volatility in the revenue actually impacts highly net income. We're very positive regarding the growth scenario of net income.

As it's been mentioned, very important factor, we had a negative impact of Selic, and we imagine this curve will drop as of next year, Selic, and our deleveraging coverage, which have a cost that is relevant between net income and EBITDA. We're very positive, considering the growth income, the guidance for 2026.

We're going to impact what we see. Things was not what we saw in the beginning of the year, we had underestimated that with a small variability in top line may impact net income.

We will be more aware in the goals for the next years. It doesn't change our outlook of strong growth of net income for the company, not only for '26, but forthcoming years.

As to faculty, thanks for your question. Excellent question.

That's been a market question. Let's clarify this move.

It's not made to adapt to the legal framework. Not that.

The legal framework will demand more on-campus and more moderates. This was actually identifying opportunity with the challenge that we have with the framework.

It increases costs to the company. We've been talking about that, our expectations in 2027 when it will be finally in effect.

It should actually have 2.7% impact. For '26, we must adapt.

We have an impact of 0.3%. Understanding this cost challenge that we're going to have over '26, in 2025, Rodolfo's team is doing very focused work in the adaptation process for the framework.

We've as a whole tried to mobilize trying to find levers of cost reduction that could be applied. One of them was to actually speed up the faculty cost reduction process.

We usually make a great adjustment in fourth quarter to for the faculty to adjust for the future year. We had challenges, considering the framework.

We had opportunity to make a reduction that was more relevant, stronger than we had performed in the previous years into the faculty. This will bring lower cost basis for 2026.

The trend is that we start 2026 lighter, considering this increase in cost in 2025. This benefits 2026.

We should have lower cost structure nonrecurring. We're reducing space for this reduction space.

The constant way that we had in reducing faculty, it's been dropping every year. Q4 was an outlier in this process.

We should resume this faster drop rate, of course, for dismissal of faculties. It should operate that will be lower than previous years.

This was the reason of this stronger restructuring process in 2025. Have I answered your question?

If not, I'll complement.

No. Thank you, Rossano.

Just a brief follow-up. The line of personnel in service provided, 9.4%, you mentioned on the release because of the restructuring process.

If I understood correctly, you're actually adjusting the staff, and this actually adjusts the line because of one-offs, but you may have other increases ahead?

Yes, precisely. Actually, this increase we had of nonrecurring was increase in reduction.

When you have a reduction, you have, layoffs and dismissals, all right? Benefits will only arise in 2026.

You're adjusting your structure in December to reap the benefits in 2026. You should not see the benefits yet in '25.

It's a benefit to be actually reaped in 2026. Now we still have the estimate of increase, especially in our partnering operation deriving from the new framework, 0.3% of 2026.

This should help the cost structure as a whole, not directly related to the framework, but cost structure for faculty, especially in our own operations.

Thank you, Rossano.

Thank you for your question.

Good morning, everyone, Rossano, Aquino, Marcel. Thanks for the opportunity of asking questions.

First, considering cost adjustments and incremental costs that you're having this year with the reform of distance learning, should it behave the margin evolution for the business as a whole? At least the great levers that you're going to have this year.

Second question is now that you have tidied up the house, you have, for estimate revenue, draw decline in DIS, what's the appetite for M&A? What are the main types of assets that have interested if anything has been interested you?

Thank you.

Thanks, Marcelo, for your question. I'll answer the second, and then I'll go back to Aquino to help me on the first.

Excellent take. We're on this actually housekeeping task.

We have the goal getting leverage of 1 time net debt to EBITDA. This leverage is the main focus of the company, we're going to sit down, replan.

It should become a company that is paying dividends at much higher levels than currently. This is the main focus we declared when we talked about the framework of capital allocation that we would have opportunities that may arise in of M&A that add value to us.

That was the case of Unifametro that we've just approved to CADE, and the closing in February. That is a very positive deal for the company, a regional brand that is very strong that comes into our Wyden umbrella, regional brand bringing 60 seats of medical seats that are already filled, a strong traditional brand in the city, bringing a medical school very much in line with our courses that we have at Idomed.

Those will be our targets at the correct value that are things that add to our business. Other things may arise in the levels you see during the presentation that Vita Toda in the premium that long-life learning, the premium segment, our segments we see as relevant to us.

It is our fair share if we look at the undergraduate lifelong is quite small, and they are growing markets, especially in medicine. We talk about the challenges of undergraduate in medicine.

We have more seats, and the undergraduate market is more competitive. You train people.

You have the need for more specialization. It's a market that is going to grow in the forthcoming years.

We are underpenetrated, we have room for growth. This growth path for strategic, if there are obvious opportunities of M&A that may help us speed up this path, being accretive, then generate value to a shareholders, this will be something for us to pursue.

Overall our business strategies. If we have opportunities, we're very selective.

The number of acquisitions we made, it's quite small year after year. We don't see that speeding up, intensive use of cash to follow this path.

Our main path is to leverage drop. We'll keep fighting to get 1 time net debt over EBITDA.

Aquino, would you go on that?

Marcelo, thank you for your question. Very disciplined company, considering our debt.

We have margins that are very healthy. We made some harsh measures in the second half to start 2026 with a level cost to continue on this healthy cost level.

The point is that when we get to a level of margins that is close to ours, we have to be careful and to not exaggerate for growing margin recurrently, impacting the quality we provide to the students. We try to balance continuous enhancement of the service we provide to students with maintenance of healthy margins.

We notice in 2026 what we project is a level of margins very similar to what we had in the past 2 years, 34%. I hope I've answered your question.

Yes, very clear. Thank you for the two answers.

Thank you. We have a question on our side on margins.

When we look at the makeup of preliminary intake seems to be positive for ticket, mix effect. You mentioned that revenue should be flat, looking at the two modalities together.

This makeup that's positioning margin for mix, considering distance learning is much higher margin, you have premium that grows more, a margin that is higher, my question is trying to understand those effects on the margin, especially considering the fact that you have some levers that may help you on the margin, bad debt, G&A. How do you see those effects, especially mix?

Aquino mentioned that he sees margins in a more flat way, but there are still some makeup that can help you expand margin in 2026. Thank you.

Caio, thank you for your question. I'll answer the first part regarding tickets, and I'll turn over to Aquino since he talked a lot about money to talk about the levers that you're certainly correct.

We have important levers to mention. As to the mix, as we mentioned, despite having this drop in intake, we benefited in the NOR because there's a turn in the NOR.

We should not expect a drop in NOR. On the margin point, I'll let Aquino talk about that overall.

You're correct, on an isolated point, that digital has more margin. It impacts in isolation, but think that you bringing an additional revenue to a cost structure basically most part is already set up or built.

That what is not built comes from the structure adjustment that we have to make to adapt to the framework. Rodolfo and I have been talking about that.

We received 0.3% of NOR, 0.7% that to happen 2027. It should be the negative effect of adapting portfolio.

When you see the company consolidated as a whole, we have growth and the structure of cost that is there. Great part that is happening semi on-campus is happening in our own.

Our first growth lever of on-campus was to expand that to partnering units. That was the first great lever.

When we start offering that, now those levers of semi on-campus are present in our own operations. Migration of nursing school, we have a volume migrating to our own units.

It's we have variable costs for students that is small. We have everything implemented, agreements signed.

Variable cost is small, you gain revenue that is additional. Of course, you're losing in the distance or digital structure, but you have an increase in the on-campus.

Same comes from the those coming from digital to semi on-campus. When we have it on-campus, it's already there.

On the consolidated, it may have a neutral to positive effect on the margin, even if you're growing the business on a margin that is below digital in terms of value. You're right regarding mix.

When you look at premium, you have businesses that have high margins that is growing strongly, Idomed with 50%, Ibmec with 45%, both with 2-digit growth, and we should benefit from that. Turn over to Aquino to talk about the consolidated view and the levers we have for margins.

Rossano covered it quite well. When we look at businesses in an individualized way, the relative growth we're having premium will push margin up.

Semi on-campus has a smaller margin than digital, and semi on-campus also has high margin than on-campus. There's a relevant point, as Rossano mentioned.

We have a fixed cost structure. Margin per student of semi on-campus is higher than digital.

All things since ticket is higher, we have a margin per student that is higher. It's hard to put everything together.

Another positive effect that we expect for 2026, very important, which is continuity of the drop in bad debt with the mix in lower DIS adherence. We have a percent drop from '25 to '26, and we keep seeing a new reduction.

We had from '24 to '25, and then for '26, we expect a drop in our bad debt. We may have better results than we imagined, but overall, we expect a margin that is quite similar to 2025 for 2026.

Great. Thank you.

Good morning, everyone. Thanks for your presentation and time for my question.

I have two on our side. One is on this mix topic, the new intake structure of the company.

If you can mention to us possible cannibalization between on-campus and semi, if you can add some color, courses that lost, was it on semi on-campus or on-campus, if have a relationship between the two modalities. The third is Ibmec.

You mentioned that the Ibmec has been evolving very well over the past years. I'd like to understand what is the mature ramp of the Botafogo campus.

How does it communicate with this margin journey of Ibmec? Is it reasonable that we may have a continuity in this expansion rate for 2026 as well?

Thank you.

Thanks, Andre. Let me talk about Ibmec Botafogo campus, and we go back to the first.

Can you hear me all right? The Ibmec Botafogo campus, important to remember that it's the migration from the city center to Botafogo.

We noticed it's not greenfield. We noticed deterioration in the downtown area.

It was very isolated, and people feel little reassured regarding security. We decided to migrate, and we took the opportunity to move into the southern part of Rio de Janeiro.

Botafogo is in the South Zone, the most dynamic neighborhood in the city that grows the most with greatest expansion in residential buildings and also commercial buildings. We have a very important area in Rio de Janeiro.

What do we expect with the campus? We expect to have an increase in ticket and volume.

Had already high volumes, very reasonable intake in the downtown area. The new market, we have opportunity for growth of intake, should be relevant volume, although it should be able to position ticket in a stronger way than before.

Migration also, despite migrating from a neighborhood that was deteriorated to a more noble area, the contract previously was very high value, one of the most expensive contracts we had in the street to bring some savings in the line of property that is quite relevant, movement that is quite accretive to the margin, both for the base and ticket growth and reduction in the cost structure that should help us in 2026 and keep on helping it over the next years. Remind me of what was the topic of the first question.

Potential cannibalization between semi on-campus and on-campus. Fine.

This is a good question. When we look at the consolidated demand dropping by 7% and on-campus 5%, I don't think that our data shows us that the main factor of this drop is migration.

We should follow it's following more or less a market drop overall. We see this connected to some macroeconomic factors.

I don't have such long statistics, and election years usually are not strong years for intake in higher education. They are years that bring certain uncertainties in Well, and when you talk about higher education, it's a long term.

You must actually be committed to long term. When you are enrolling in higher education, it's not for a Class A, but when you go, to Classes B or C, your decisions depend on your availability, financial availability in the future.

2026 seems to be a year of low trust in the future. You see high level of indebtedness of families.

This is related to our intake levels. This on-campus is related to this consolidated view better than the consolidated move.

We keep on not seeing a migration movement to that is relevant from on-campus to semi on-campus. We don't see relevant concentration in one specific course or groups.

This growth semi on-campus is very strong in all courses. The movement that the government had been making, putting in a more negative way 100% distance learning courses and actually strengthening the on-campus or semi on-campus, it has strengthened the semi on-campus, and we can perhaps a bit our on-campus.

We know the semi on-campus that complies with the framework is pretty much what we've had, and it's very well-positioned for us to keep on growing. I hope I've answered your question.

Perhaps not on the details you expected, course by course, on statistics, we see with the migration from on-campus to semi as something relevant in the result of our intake of on-campus.

Very clear. Thank you.

Thank you, Andre.

Good morning. Thanks for the question.

Just a very brief point regarding intake costs. I'd like to ask whether there is any kind of calendar effect that we should take into consideration.

When we compare last year, this year, you had Carnival that was earlier. I'd like to understand if those 20% that is not yet considered in your guidance regarding intake could have some kind of rebound, perhaps some acceleration and reducing this drop that we have been observing, especially on the on-campus.

I'd like to address a point in medicine. There's an intake cycle more difficult, considering the competition.

I'd like to understand how you seem intake in marketplace further away from capital cities. If you have to add the offerings of FIES to have more students or more intake in this specific point of FIES, if there is any kind of impact on your medicine margin.

If lastly, if I could ask a bit on more technical aspects on the remuneration model of you have Pravaler. You have a differences in between year years, there should be a difference in 2026.

You have an effect that is a bit less positive regarding cash. Your financial results should also have some kind of impact.

If you could comment on the expectations as to how this flows over 2026, that would be a great help. Thank you.

Thanks, Vinicius, for your question. Great questions.

This Carnival one, it's been a tense month for us, February. There's the detachment of Carnival dates.

It's incredible how Carnival is a very impactful element to Brazilian society. Yes, it was a seesaw.

Since Carnival this year was much earlier than last year, it impacted the comparison basis, makes it difficult for us to know the volume regarding previous years. Post-Carnival of last year, it was so we had strong recovery of intake.

Something we see a trend that is happening, it should improve our bottom lines. I don't know how much this lag, post-Carnival effect will last, how much.

Maybe you're right. We still have a positive effect on intake.

We're more conservative. We prefer to assume that the number we're disclosing now will reflect the end of intake.

Since the trend is positive, we may have positive surprises towards the end. I'll start talking about medicine, and then I'll turn over to Silvio to add.

As we've mentioned, the medicine scenario very much impacted by the new seats approved legally over the past 2, 3 years. It naturally, as we've been saying over 2025, impacts competitiveness locally, depending on the number of seats approved in the institutions that had the seats.

This may impact competitive environment in some regions. Naturally, the regions and smaller marketplaces where the demand that is not 100% local is impacted because you're threatened by different cities that had programs filling seats there.

An interesting phenomenon that we mentioned, Rio was impacted last year because a lot of seats being authorized. Over 2025, one of them we went back, and then we managed to get some injunction from the Ministry of Education.

Our premium brand, our positioning of high quality, it would prevail. We start seeing that this year, 2026, Rio has been one of the great highlights in terms of intake.

We may have new institutions, new brands will come up. This may happen anywhere.

Again, we go back to a brand that is very traditional in places where we operate, especially here in Rio, in a positioning of very high quality with the brands that is very consolidated with our target audience. That's where we're going to land.

In some countryside towns, this takes longer to happen. You have to position yourselves, considering challenges in those places.

This transition time in a more competitive landscape, we need time to prove our premium positioning as winners. FIES is an important lever for filling those seats, which should have more penetration of FIES in intake of medicine.

It's always a bit delayed regarding initial intake. We are in the middle of the cycle.

We should base more our intake on the FIES model. Indeed, this may bring a bit more pressure for margin in the first year of intake.

With the FIES student, you suffer a retention issue. You have a profile that is still low.

You're not going to have maximum retention with FIES students. It happens, but at lower percentages for courses that do not have a delinquency level, but we have some impact.

It's important to remember those students bring zero delinquency. You have revenue related to FIES.

The retention is higher than normal students, helps us keep retention. The lifetime value of students is not different from those paying tuition, but you may have an impact of margin in the short term, depending on the FIES penetration level.

The scenario is proving our thesis that medicine was high delivered for students with very high quality that delivers perception of the local brand has its competitive positioning overall protected. We have to tackle things, mapping competitive levels market by market and be more efficient.

Let me turn over to Silvio to add. He's the expert on this topic.

Go ahead.

Vinicius, thank you for the question. I think Rossano has gone over the main points here.

Let me add some color that we actually see this move happening in the marketplaces where we've seen '23, '24, '24 to '25 markets like Rio de Janeiro that is presented some impact in the arrival of the judicialized seats. After that, we have the reputation, the lack of agreements and consolidated practices, the aspect of the ministry being to revert some cancers, actually dropping or actually suspending the examinations.

Some students had to be transferred because their syllabus and their transcripts are not recognized. We see great moves increasing the rates of candidates per seat, especially in Rio de Janeiro.

Let me give you an example regarding FIES. You're right, in more distant marketplaces where courses are consolidated, where the capital have an increase in seats, naturally you have greater difficulty of taking students to the inner state.

No doubt, the FIES has helped a lot. A deep analysis was carried out, not only FIES, private funding, in addition to public one.

As we analyze the permanence of students, the groups and the seasons of students, we see that the renewal rates of these students is much higher than tuition-paying. In the private funding, FIES exceeds some marketplace actually, the renewal rates of that.

If we look at what we have in terms of long term, students, we have to bet and be more active on FIES. FIES, since it's 100% calendar run by the government, we were very passive.

FIES would arrive, students would choose us, and we simply would go through the documentation process and enroll the students. Today, we're more active, more structured regarding bringing FIES students that end up choosing where they want to study.

We've been working more surgically for FIES as we needed to fill the seats. It's worth reinstating that Rio, for example, has reached, all our seats have been filled by tuition-paying students without the need of FIES.

We have 10% of seats, of authorized leaves. According to the region, we use the funding to our favor, always trying to get to the end result.

We have no concern regarding that. It's proven, the thesis we had that reputation, history, and background certainly prevail regarding ticket fights or new courses that come into new marketplaces.

Basically, this is the point. I hope I've answered your question.

Silvio, Aquino, do you have anything on private funding?

Thank you for your question. Super important.

Now I'll take the opportunity to explain the context for those that are listening to us. Over the year of 2025, we made a change in the way of receivables of private financing.

We received as students paid. We start receiving the finance part in the same semester the students are enrolled.

The reduction of rule of future receivables. It helps it has several positive effect, and it was very positive.

It actually had a positive result. We had that the future for the even if discounted for receivable in the current semester at a lower rate than our debt financing was positive.

We had a negative in our net income, impacted accounting the comparability year-over-year. I think the whole market understood what is the positive effect.

It reduces over time. This year, we received the new finances with the new model, but we still have an accounts receivable of the low financing of previous years that they drop over time in the first year.

We received R$90 million of those financings of the previous semesters, about R$92 million, if I'm not mistaken. In 2026, we will receive R$30 million.

We have a reduction year-over-year of R$60 million in the conversion of collection in cash. Quality is in revenue and collect a reduction R$60 million year-over-year, but we still have R$30 million that will be received this year.

From 2027, this value is negligible. The curve, I don't know if it's a curve, it's clear.

R$90 million last year, about R$30 this year, almost zeros of 2027.

Very clear. Thank you very much.

Thank you for the very complete answers.

Thank you, Vinicius.

Thanks for your presentation. I'd just like to have a click on bad debt.

9 months of '25, we had an improvement in bad debt year-over-year. Performance is a bit more flat.

When we look at fourth quarter, you mentioned an effect of I don't know if calendar is the best word, displacement of actually maturing of the renewal tuitions. I'd like to understand if you have any other point in this line that draws your attention over the fourth quarter.

More than that, what are the main drivers for more improvements of bad debt, as you mentioned, close to 1 point for 2026 vis-à-vis 2025 closed years, if there's anything that is more micro in this front of renewal recovery or if you have anything that is more macroeconomic that you think can help? Second point, related to the first, to understand how the micro macro grades may impact your DSO.

You had an important How If you envisage more efficiency, especially in this context of very low DIS for 2026? Those are the points.

Thank you.

Thank you, Gustavo. Good questions.

I'll briefly talk about two points, and then I'll turn to Aquino to complement. You've explained what happened in fourth quarter.

It would be more or less compared to fourth quarter. We direct you to have year-over-year drop in BDD or bad debt.

We see the main levers. The most things that we've done that happened fourth quarter 2025, this benefit, great part is actually taken in 20 or reaped in 2026.

Non-engaged students that we had worked on early in 2025, part of it is reaped in 2025, and then mostly in 2026, which is renewal students first for '26, you reap that fully. Over '25, the drop to or decline in adherence to DIS impacts the impact on bad debt, especially in the drop-out rates.

It reduces volatility, it makes quarters more homogeneous, benefit you see more directly 2026. Those are the main levers.

As to macro, you have macro for bad debt and delinquency. You'll see that engagement of families that is growing.

As a contrast, we see a profile of default that is better at Yduqs in 2026. You don't see growth in default levels.

You see result of the work that we've been carried out in our operations, getting being closer to students, in relationship, negotiating debts that is very well structured, et cetera, increasing set student satisfaction, keeping retention, and improves the profile of the delinquency. This not to reflect the day-to-day of our operations.

Two points on our DSO. We should have an improve in DSO.

First, reaping benefits of this year-over-year, it's a student decision. This will vary up and down, the student, depending on campaigns that are is being offered, competitors offering.

They may decide to use more or less this DIS. In addition to what Aquino explained, we have private funding, things are maturing in '26.

We have R$30 million to mature that reduces your accounts receivable and improving DSO. DSO is the positive for '26.

Aquino, would you like to add?

No, excellent. I think your explanation.

Just to reinstate some points. Basically, our default levels, what happens in regulations, students, once they enroll, even if they don't pay more than one tuition fee over the semester, they continue studying.

We recognize their revenue. As they do not renew, this ends up becoming bad debt the following semester.

When we have higher engagement students, as we've been having, better collection practices, we end up reducing our bad debt despite the macro scenario not being favorable, as Rossano mentioned. We have delinquency and allocation of family funds to pay debt at the highest level in the history of Brazil.

We haven't seen that in our short term, the default levels. When we look unit by unit, brand by brand, and we take the extraordinary effect that I'll mention in a word that helped us reduce the bad debt over the year, we don't see a drop in delinquency.

Much on the contrary, we see an improvement in bad debt compared '25 to '24. What effect reduced bad debt over '25?

First effect was provision to non-engaged students, more important effect for 2026. That's why we see one of the effects that we see a real important reduction in 2026.

Second important effect is decline in DIS adherence over last year. We see the adherence reduced.

In the first quarter 2026, we see lower levels than we've seen and that we saw in 2025. Third, that is super important, that an increase in the participation of our premium brands.

They are structurally lower in terms of bad debt than the Estácio and Wyden. Those three factors we see result in 2026 that lead us to believe that despite macroeconomic conditions that are not favorable, we see a reduction of bad debt in 2026 compared to '25.

Thank you. Have a good day.

Hi, Rossano, Aquino, and other managers, directors. Thanks for the time.

Two questions, adding to this medicine discussion, talk about ENAMED. If you could update us on sectorial the discussions on ENAMED and sanctions discussion, if this anyhow impacts you, if you have a expectation of judicializing the topic and the PROFMED discussions, how you see that.

On this topic, considering that ENAMED was published, not all schools that you have did well in the test, and if you see ticket and actually intake in your schools. The second question is regarding premium segment, the focus that you have on premium.

We discussed this in the past that despite this excellent performance you have on premium, a great very significant contribution to your bottom line, you prefer to remain focused on this possible expansion of C Class. My question now that is so we're almost getting to the half of your bottom line, if this somehow has changed, if you see opportunity of acquiring other premium brands, as was the case of Ibmec in the past, and, of advancing on regulated teaching or even graduate state at large distance using recognized brands that perhaps you don't have today that you may actually advance on them.

Thank you.

Cepeda, thank you for your questions. Your first block regarding ENAMED and premium over ENAMED is something good.

We disagree some points with the Ministry of the Evaluation. We're directly by association having this discussion with the ministry, some Well, we make decisions regarding judicializing that we have a collaboration path along with the ministry, it's ongoing debate.

We don't know how much this will impact. We're taking other necessary measures to mitigate the impact of the year.

Some institutions of ours would be impacted, obviously. If there is impact, it will be on the intake of the second half that is smaller.

We reduce this impact, we're taking other measures to mitigate the impact. We don't yet see any impact in ticket directed to units or regarding, ENAMED results.

We don't see that happening. The ticket moves will be more based on regional competitiveness, new seat happening, but we don't see any direct impact of ENAMED.

On your premium point, actually, we never said that our focus of growth is just C and not premium. Our great strength at Yduqs is to have this broad portfolio and, heads of business units focused on each one to ensure that we have focus on every one of them, tapping into the great opportunities.

The beauty of this diversified binder, it gives us some cushion or some protection to, changes that may happen in any areas. We talk about challenge of medicine, on-campus, distance learning.

Things happen, This is the beauty of Yduqs. people investing in Yduqs, they know they are investing in higher education in Brazil, not isolated risks in the industry.

This will keep on being our strategy. When we talk about growth, we think that structurally in Brazil, the great growth opportunity as industry comes from the C Class that is underpenetrated.

Everybody from A and B classes go to higher education, obviously we as a super competitive brand are taking up more space, trying to bring students to the premium product, and we are very successful at that. To answer your question, yes, there may be opportunities that are more related to premium that are interesting to us on your lifelong.

Think it's a great focus for the company, and if we have opportunities that are accretive to the business that are actually things that add value to our shareholders, we'll certainly pursue that. This is one of the levers that we may use.

I hope I've answered your questions.

Thank you, Rossano. Thank you.

I thank you.

Thank you. Good morning.

Two quick questions. Number of centers we've seen in 2025, the number of units, actually an increase.

As we get closer to the change to the legal framework, do you have any updates on rationalization and the number of units, some updates as to the economics of partners? Adding to the second point on regulatory topic, last year, we had the regulation on nursing.

You need to have classes on-campus. The question would be if you see some demand, potential demand, to speed up intake on on-campus second half as this measure is effective.

These are the two points I wanted to address.

Thank you. Leandro, for your two questions, I'll turn over to Rodolfo, VP to our partnering operations.

He can address the two points.

Thanks, Leandro. Thank you for your questions.

On the first, the number of centers overall, we've very carefully from, well, it's been practically a year and a half, all the discussions on the legal framework have been taking place in last quarter. We have very robust plan of going to through a smooth process for the transition.

The number of centers, we see a potential slight drop over 2026, nothing significant, mostly talking about centers in small towns and may have this move, something we were talking about, one of the great concerns on legal framework, limitation of access. This tends to happen in small towns, but we don't understand that this is a relevant or significant number for effect of the bottom line in the business unit of Yduqs.

They are centers that have low productivity. The impact is more social, to speak, limiting access than from the quantitative standpoint of results.

On economics of partners, this has been a great focus of ours over the past years. We had been talking about at Yduqs Days that this was one of the great strengths we had, how much we followed not only our own economics at Yduqs, how this reflected in the profitability of partners.

This is no news to us. We've had practically 4 years that we've been following those trade-offs and supporting partners over this journey.

This would not be different. The whole plan when we talk about legal framework, we also have great focus on the impact to partners, how much this will bring as benefits, and much on the contrary, this is not a concern to us.

It's one of our strengths, this relationship that we have with very high levels that we have at these partnerships of NBS that we have. We could go into details.

As fast-track on your question, we understand that this understanding, well, we have positive balance. This actually limits access to the nursing courses, but this reflects lack of predictability in the regulatory environment.

It's very unstable, increasing the risk of this fast acceleration and on the course. Since we have stabilized footprint of our units, we cover in the territory most part, we understand that this lever will be covered through our units, as Rossano mentioned.

We see this move happening over the quarter, and we are focused on making this adaptation to the legal framework in a smooth way and focusing on potential accreditation in a regular way, bringing predictability both from the financial standpoint to the company as well to the partner, having some adjustments soon to be made in terms of adapting and complying. I hope I've answered your question.

I don't know if Rossano would like to add.

No, that was very good.

Thank you very much.

Thank you, Leandro.

Thank you, everyone. We close our session, thanking you all for your presence, reinforcing that the main message that we believe we've delivered a very strong 2025 actually having the solid basis for sustainable growth of the company.

The important focus is cash generation, having and results. We took several initiatives to increase transparency, consistency, predictability.

This supported by a move of cash generation that is continued growing for the next years. We once again thank the trust of all investors, those following us, and our team is always available for any additional questions that may arise.

Thank you, and have a good day.