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Good morning. How are you? Thank you for being here. Welcome everyone and welcome to one other IPA day. This is our sixth edition since our IPO. This is a very special edition and we are very excited. I think it's going to be really cool that you're going to learn more about about the moment we're going through. Let's start. So the theme of today's AFIA Day is Strengthening the Core and Expanding Opportunity. The idea, this is the first AFIA Days since our possible merger with Eudux. And our agenda is really cool. Our first panel will be with Virgilio. We're going to talk a little bit about Afia's thesis. And more than that, we're going talk about the possible merger and how we are thinking about the integration. The second talk will be Blanco and how we're gonna generate value to our shareholder and how can return the value to shareholders. And finally, Lelio will close with our digital services and the continuing education for doctors. When we finish these panels, we're going to have a Q&A session up here in the front. And later, we are going to Have a Q & A moment at your tables during lunch, exclusive to investors. We are going to explain how we're going to run it, and then we're gonna move on to our close-up. So we're gong to start now. We're going show you our new IR website. We are launching it today. It's already aired. It has changed a lot, so the experience is friendlier and it's better for you, especially if you want to get information from our financial history and further documents. But the coolest news is that it has an AI assistant, so you can seek information quite speedily in our website. So we will be waiting for your feedback, and tell us if we can have any further improvement. But the idea is to facilitate how information reaches our investors and shareholders. So to start our AFIA Day, I'm going to invite Vigílio Dibon, our CEO. Hello. Good morning everyone. Welcome to our 2026 AFIA Day. It's a great joy, it's great pride from our side to talk about our history. And today this is an even more special day because we managed to join our AFIA day, our chat with stakeholders. With our News Forum 2026, we have executives from all over Brazil and from other parts of the world to talk about the transformation and the planning after the announcement of our intention to merge with iDOOX and our ecosystem challenges that is our great business. So you are very, very welcome, and it's a great joy to be here with you today. i'm gonna do a brief recap of our last six years especially when you started to follow up with us when we went public in 2019 but we are the only globally known ecosystem that is integrated for professionals in health and medical areas that generates values to medical education and everyday routines, connecting doctors to industry, leveraging income, bringing more patients, and generating a ton of differentials, especially when we talk about our undergrad studies and our continuing education. So we have here a three-minute footage to show how this ecosystem is becoming a greater purpose that connects almost 10,000 collaborators and several doctors. How far can medicine go? What are the borders of health? How far we can take it? Who do we want to be in this story that is being written? Great transformations begin with a dream. Our story is proof of that. AFIA was not born to be just a great company. It was born to answer. An answer to those who have a vocation to take care of and needed to find the right place to make this dream come true. An answer for the doctors who needed an ally for their journey. An answer from our partners and stakeholders that trust in the construction of this solid, sustainable and people-centered ecosystem. And an answer for all society, that needed to believe that it was possible to have access and be cared for. In the last 10 years, we have expanded access and raised the quality of training professionals destined to transform health in Brazil. We grow exponentially, year by year, with consistency and responsibility. We united medical knowledge and technology, acting in training and training, and also through digital solutions, which today are part of the daily lives of thousands of professionals. And with a lot of pride, work and dedication, we became the largest education ecosystem and solutions for medical practice in Brazil. Leader not only in medical vacancies in the country, but for doing what no one dared to do and get where no one has dared to get. Thank you. But what now? And the future? What will happen in the next ten years? The future is not something that simply happens. It is something that is built. In a world in constant change, a decision is permanent. The one of how we choose to act. As an institution, as a leadership, as responsible for education and health. We know who we want to be in this new world. A reference point in the midst of uncertainty. A light for those who honor the oath they made every day. AFIA is made of courage, vision and people who believe. And the last 10 years have brought us here. The next 10 will be even more transformative. Asia. Good. How do we join this ecosystem with several solutions and services and captures the purpose that connects the almost 10,000 collaborators of the company today. There is no doubt that if we did not have this purpose within the 1,700 doctors and our 3,500 collaborators and 70,000 doctors doing continuing education, if you pay attention to this number, we have more doctors doing some kind of specialization than the entire resident system in the country. So please watch our responsibly. We have 26,000 graduating students in medicine. Today, 307 spots. And this will lead us to form more doctors than many of the northern states in Brazil. So we are talking about 300,000 doctors as users, and we have a system that we reach directly over 1,500 doctors through our solutions and capillarity. If we multiply that by the number of patients that are directly or indirectly impacted, it will show you the impact that we have been causing inside our company and yet generating spectacular returns to our students, our doctors, and our stakeholders. And we have built this strong foundation for this ecosystem, but with lots of performance and dedication and effort. And we would like to show you some numbers. Since 2019, when we went public, we had an operation in seven states in 2019, and we expanded to almost the entire domestic territory, operating in over 20 states. We had 1,200 spots in medicine, and we have reached 3,800 spots. Our revenue, it was $670 million to something next to $3.8 billion. If we can multiply by five or by six, depending on the line of our balance in the past five or six years, When we talk about undergraduate revenue, we left from 0.6 to 3.4 in revenue, and today we left our adjusted EBITDA from 0,3 to 1.7. We always said that AFIA had a tripod that was resilient and predictable with high growth, with yield and having over 40% margin, keeping our efficiency, having all our ecosystem that has never seen resilience to our doctors. But none of that would have been possible if we had not this obsessive focus on working on differentials and quality. This is an example from 2026. We have reached academically nine SAIM accredited accreditations. And we are seeking this accreditation to all our institutions. It's just a matter of time. We need to have the entire accreditation method being carried out. We also, this accreditation will have our students accepted all over the world. So this accredition for SIAM is key. We have invested in the past 12 months over $100 million in physical infrastructure. So we have rooms, we have labs, we Have clinics, we have practical simulation in our units. When we talk about research environment today, ASIA is the company that publishes more scientific papers in Brazil. We have 4,500 papers with over 90% in medical area. We have international papers with 333 articles within the A1 and A2 classification. This in 2025, comparing to 2023 when we have increased 6.4 our production. And so we try to work with this resilience, keeping our occupation and keeping our schools attractive and having 100% of our occupation. I know that throughout this year we had some people taking part in our third AFIA summit when we show our chain of value, the value of how we connect industries, patients, students, doctors, our CBCs that generate value in our flying wheel of AFIA and Lely will comment on that, but many of those with over a thousand doctors and representatives of the industry being connected within our ecosystem. We have over 200 active contracts, either schools or educational programs, providers, pharmaceuticals, hospitals. they are consuming AFIA somehow, either by continuing education, access to doctors, or more attractiveness to jobs, or helping us with an education process within our medical schools, so we connect people, we increase our engagement. And today over almost 600 partnerships with healthcare and government in reaching our practice in undergraduate and in continual education, and we have a ton of impact, especially in needy communities. Recently, maybe in the last 18 months, we dove right in in our AI program, and we are launching this new curriculum called AI First. that is our students, if they joined us through any entrance program, we know what kind of individual is studying with us. We do all assessments. We build this development plan according to their soft and hard skills gaps. And we follow up on with them and we build their learning process, their knowledge with real situations. It's basically creating an avatar that will grow on with the student that interacts with our digital solutions and offers an educational experience even five, ten years after graduation. Let's say they join the EIN clinic and then they have a patient standing in front of them. They are having an infarction and then They will revisit the protocols based on the objects that are set in our articles in our AI. We don't do that only just to education and decision-making, but also to help educating our students by creating medical cases all based on AI to do a better decision-making process. We have tons of benefits and efficiency that we always look at. The AFIA play that is available for free with over 5,000 objects generated or created and released daily for the SEC, our students, consuming in a very direct way. and we train over 10,000 physicians in AI courses, free courses or premium courses, and some were paid for, and increasing our ecosystem as well. Tools to support each field is not only GPT-based, but it has to have the way of talking and dealing after in a new curriculum, not only integrated with the best technologists, but creating an avatar who is a physician or a student and will follow the whole journey. And it's not only about quality or results. If we don't fulfill our social role, something that made me very glad, the work in 2023 that we are updating in 2026 is the SROID, social return on the investments in 2023. We measured 20 of our units, taking the municipalities that we call control municipalities to have a payback to society with a methodology by an independent consultant for reducing hospitalizations in the public network. increase of vaccination for children and was quantified in reduction in expenses and benefits for social aspects. And to each investment of Africa, it is bringing benefits for society. And the new study, we go from 20 medical schools up to 24, three municipalities covered being impact by our units. These are the indicators, the metrics that help us to make tangible where AFIA is present, has its footprint. We have 564,000 immediate high vulnerability municipalities, almost 100 in specialties. In land, in rural areas, it is not only the the lack of a consultation, but in specialties. And we have this in our unit. It's 15 different specialties, so in the radius of over 500,000 kilometers, it's an expertise that is saving lives in those units. It is nothing by chance. It increases quality, reputation, social impact, and brings financial return. And due to this impact, we were able to have a finance from the World Bank with some social covenants, and we reached them in reducing over 15 bps for our cause at each measurement. High impact connecting us with the cities that we are present in. So for the last six years, an amazing, spectacular delivery, always providing guidance to the market, always overcoming the target. We have done 21 acquisitions since our IPO. in now what about our the next 10 years the market has changed there are tons of differentiations uh passionate team always delivering and overcoming the guidance how do we grow and deliver and add value for the next ten years the mark has increased in competition uh regulation certainties that we uh seen for the last two or three years seven to eight thousand seats in medical schools that we have tried to fight against 100 percent of our occupation full occupation we have reached maturity delivering dividends and the repurchases for the shareholders but how do we provide growth if the education sector is rated in the lowest figures that we know so far? And why eduX? That's the question, because it makes sense for us to assemble this platform that's totally, fully differentiated in our ecosystem. So we are gathering ecosystems, a full health ecosystem, also higher education within a capillarity. There is no match in the country that prepares us for the 10 next years, but to unlock the growth for the next years of the combined company. So talking about the combined company, Afia currently has 3.8 billion in revenue, about 10 billion companies, but more than that, the medical seats, we have this amount of seats, and we have 3.9 billion medical seats. So we have multiples that we have so accretive capital allocation in terms of the acquisitions. Blanco will show in his presentation, we have an average of transactions since the IPO multiples four to six times. This is the average after all the synergy. This will overcome all records in terms of attractiveness of capital allocation for our investor, a company that will generate $1.2 billion in cash that we have this commitment of distributing 50% of this amount to our shareholder and reaches 38,000 medical students. But more than that, besides the synergies, it is how we unlock growth within this new player that we are combined into a business that is still premium business. 50% of our revenue in education, medical education, the IBMAC, that is a platform that I will mention later on, and over 66% of all our EBITDA operational results in cash generation from a resilient, predictable business with higher complementarity. And the higher player in medical education ton of synergy and a way ahead of capturing less risky synergies. But what are these growth avenues? I will tackle four new points that weren't here at AFIA. First, our ecosystem, our health ecosystem after was reaching over 95 percent of much of it so adding to it looks seeds we have some opportunity to increase the the frequency creating 10 to 15 percent more in volume so it's almost basal or will make it mature and will make grow our medical base foundation those that follow us for the two left to the two last year so you can see the among these course that is the greatest organic leverage because during the pandemic we grew a lot in medical education but we saw that our medical courses will reach to this so it's a regulated market we don't know what will place to more in terms of capital allocation will provide opportunity so under AFIA brand all the full health portfolio, and this fits perfectly in our operations. A lot of strategic meaning, especially in the small, medium-sized cities, where AFIA brand and the physician that region is part of, and all other medical professions or health professions want to be part of this So we are maturing the operations with the average ticket above any competitors in terms of on-site medical classes. This, when you check in the bed, this is a strong brand in good areas to work with this opportunity and expand it. The same way in lifelong learning, we are in 25 cities, our supply in grad and extending a continued education. This lifelong learning takes place in the weekend, so we can expand with installed capacity, not only GMA optimization, but create more capillarity. in within in edu in the second greatest player already has a big footprint not only with medical schools with partners clinics and hospitals and users that will be benefited by our digital solution medical practice solution with more audience monetization channels and more added value to the industry. The second leverage is EBMEC. It's a fantastic brand in the southeast region with the perfect acknowledgement of its existence, but not so much explored in very needy regions north-northeast. We are expanding to Fortaleza. It is a capital city with a lot of opportunities to grow. So we'll accelerate due to our north-northeast, south-east footprint and to gain agility, but we'll serve for the lifelong running health management, how to gather forces for a post-RED dedicated for management. Connecting to the third point, if we check the superior education platforms, hybrid aspects compared to on-site education. Brazil has the greatest incentives in the planet to have a university or third level of education. And if we see the other countries, Latin America, and on the other hand, the greatest in wages or salaries if compared to those that only have the secondary level education. So like I said, 24% versus 48% OECD. So what's the dream of a student that have a post-grad diploma at EBMAC? So we have this structure for digital feature, and this makes sense to reinforce our muscles with this footprint that only it could bring to us. And most of that, it unlocked the fourth line for the last three, four years. We were very narrow-looking. The assets that we were looking for, medicine, medical education, 67% of the revenue at that institution, there were places that could be a better capital location with more efficiency, but we didn't have the muscle or a platform that would help us to get this energy of distant education with the diversity of courses so in this combined company we really become a play with a strong balance sheet a strong currency and a very big footprint to extract value and to consolidate after the consolidation of this new company as such we have the synergies well here it is no apologies Either me or you. One more slide. That it is. When we chose to make sense this kind of transaction or trade to help the player before any discussion of price or trade, really a great learning with Bertsman, but let's not go into a commercial discussion if we don't see the size of synergies, and we see it in this merge. We have an international consultancy firm to help the consolidation team. We have one taking all the relevant contracts by each side. We do the cost driver for each contract for the best benchmark, assess everything that can extract value from either company. So based in this study that took three months, validated with the C-level from each company, we reach a synergy of expenses, costs, and cap access to 2.2B. We are talking about 20-25% of market cap and 80% of synergies that will be captured in three years. Well, okay, but we have this synergy, and this is complex. That's why we looked into EDUCS. I started my executive path in education at EDUCs. I really admire all the work and the professionals. It may be five of you that got to C-level and two that also. Can you raise your hand? This was not the rehearsal. So one, two, three, four people see level in to 30 to 40 executives that were bought and worked at the other side, admire our house. So we know the platform, the architecture, the systems in a free condition. We have governance. We have the same controller. We have the definitive leadership and a way to go ahead. To deliver, it's not to be easy. And then there'll be Yankee that I want to introduce you. It's with us since 2019, since the IPO went through different departments, was present for corporate service and also a partner in the system of shared services and also the rollout taught us to all the units and then came to take care of our shared system. And now he goes to a country new education and he knows in depth. And was my partner in my life before this that helped to deploy the system and the shared systems at EDUCS. So then it will be our leader integration. Can you tell us what you can, how you're doing, how are you planning this integration, so how you extract 2 or 2.2B? Well, good morning. Good morning, everyone. Please be very welcome to Rio. Today is a little sadder because it's raining. We were hoping to welcome you with a beautiful day, real besides being in my hometown. Since yesterday, it's also the headquarters of the clean team. The transaction is subject to preceding conditions. we have some government approval needed and it has everything has to do with the planning of what we will be able to do after we get the approval well I am Dennis as Virgilio mentioned I've been at AFIA for seven years in these seven years three and a half as service management and besides my people team I would work with shared services from a IT corporate IT and I helped to create the integration machine that Louise Bianco will will also mention it's we have reached the next level of excellence in integration and I had this role until the arrival of my partner Mirella and with her arrival she took this this management seat and I started using with the BU of continuing education three plus five years later I have I had the invitation to be integration officer and up till this moment the BU for medical practice and continuing education has been subject to a debate of integration and it will be under Lelio's leadership. He will talk about it later. So where are we in this transaction? Everybody will remember the proposal of matching the businesses that were approved by both councils at the end of September and following up we started mobilizing consultancies and legal teams and that was end of September beginning of October and this transaction has some preceding conditions and maybe the most important one are two components first is that this transaction is still it still depends on the approval by the board of directors of both companies so by the beginning of October we we invited the assemblies and it should take place by the end of November beginning of December once it's been approved by both board of directors we should have the assessment. And it's important to mention that in such a transaction, we need to go through the due process with the antitrust assessment. With that, we expect that it should last from nine to 11 months. We are talking about June by nine months and latest August. So, from now to August, there are several restrictions to sharing sensible data. Both companies need to keep on operating as separate companies, independent companies, and especially as competitors. They are still competitors throughout this period. What's the legislation that allows in this period is the setting a clean team. And this clean team, given certain conditions of the antitrust protocol, this clean team can start working on the planning of this integration. So basically, what is the role of this clean team that we have set up since yesterday? So this team has been established, protocols have been signed, and this team has one role right now, to plan how we are going to organize the systems, the processes, the products of this combined company, and how they are going to work since day one, between first day and day 100, and what can we do immediately in terms of capture of synergies what we can what we must do over the first 100 days and that's referring to integration of systems change of systems and this may take a little longer so for our capture so at the end of the day the great the greatest role of the clean team is planning, to set up a plan so that on day one, everybody knows what they need to do. So, Virgilio here mentioned briefly, and it's quite clear to us, both for the team as the management team and my partners and so on, it is quite clear that there is a certain skepticism from the market about the publishing of synergies. We have had some recent history of processes that failed in capturing published synergies, and besides governance, as mentioned, maybe for me, what is the main point? Quite differently from those transactions we've seen And here we have a very clear governance. We have a great controller. We have an controlling group that involves the current AFIA controllers plus reference eIDUCs shareholders. We have solid shareholder agreements. It is clear that the company will be led by Virgilio when the process is over. So VirgilIO will be the CEO. The role of the EDUCS CEO in the new company has also been set. So the issue on how much we have evolved in government keeps our team at peace while planning the execution for the future. But not only that, also the companies have decided to separate the time of various senior executives. So the teams that were set for focal points and for the clean team, we're talking about 95% of executive reporting directly to C-level executives. So we have people with great talent and history in the company. And the third point, just as important, the decision of the company to do that the team dedicated to Clean Team have exclusive dedication to the planning. We are talking about 12 people, 13 counting me, that are far from their every set aside from their everyday operations to work 100% in planning this integration. And how are we organizing this team? For each of those pillars that you see here, this is the structure of the exclusive clean team. We always have a pair, one executive from White Ducks, one from AFIA. Once again, executives that have left their previous positions and are here to roll out the plan so on the side we have a team responsible for master plan so this is the planning of all activities that need to be take place to day one that from from day one to day 100 and so on the second group that is valued capture that is responsible let's say to operate the business plan so we have a designed business plan with synergies that have been mapped the idea he is to detail this these synergies but we also need to insert input all those actions into the master plan then we have two structures here there are more dedicated to people and talents the first one more focused on organizations, so how the company is going to work, how the organization is going to be from day one, and issues related to compensation and benefits and union relations. This is on pillar number three. Pillar number four, maybe we're going to have the most strategic asset. Here we are working heavily on culture, change management, but mainly on talent management. We are going to ensure that our greatest talents are mapped on both sides, and in the new organization, we have room for our best talents in their best roles. And we close with two pillars that I call architecture. So here we have anticipated how the academic architecture is going to be. So we have two different ways of working medicine, and these teams, in a clean team regime with exclusive dedication, they are going to work with the academic architecture ahead, with health, remote learning, medicine courses. And the last module, we are talking about IT architecture. So what systems remain in each area and what we need to have in our master plan to get there. Well, guys, at the end of the day, Virgilio talked a lot about the credits of this transaction. It is quite clear what needs to be captured. but the difference between us winning or losing this game depends on discipline in this first stage discipline on the organization on planning designing and architecture and then after do you want discipline on executing this master plan and here I have no question in my mind that we have the greatest team set up we are talking about I'm speaking on behalf of the team of 12 that are with me and the other teams that are the focal point and I am sure that we are gonna do this incredible integration case these were my comments we talked a lot about integration and to keep on working with our agenda, I would like to invite my partner, CFO from AFIA, Luiz André Blanco, to talk about M&A and capital allocation. Thank you, Denis. Welcome, everyone, for our very dear sixth AFIA Day. I'm also from rio we have three three cariocas that have been on the stage and it's great that it takes place here in rio and it is great to share with you a little bit of our consistency and discipline so to start talking about our consistency just looking at the past how we have behaved on delivering results. So to the left, we have our history starting in 2021 up to 2026, our EBITDA and revenue history. We have a 21% in revenue and 22% EBITda, which is quite a solid delivery. And as Virgílio mentioned, we have always delivered over six or seven years since our IPO all the guidances that we promised the market. And this consistency in revenue and EBITDA also translates into an FCFE consistency. Here, we have set in our history and we calculated the simplest way possible from the variation from liquid debts associated to all shareholders' returns and M&As that took place over the period. So, we had this risk history and when we talk about this free cash flow and equity allocation that I want to go over with you. So where do we allocate this free cash flow equity? We like to think about this allocation as something here that we look at basically while this picture of 2021 until the 2Q-2026. As I mentioned before, we had 3.1B, and we returned to our shareholders 1.1 B between repurchase and dividends, same bar. and we have had acquisitions that have less to 3.2 billion reais. I'm going to comment that in the next slide. And to conclude, we have 1.2 liquid debt and we closed the second quarter of 0.8 times. so this is a very low leverage and very low cost so thinking of this allocation that we have we did we can divide those basically in these three boxes our shareholder returns dividends and buybacks that second one our inorganic M&A growth and also what we have done with our expansion capex so these three boxes are the main goals of my slides here and to convey to you how we think and how each of these outer items and how we allocate the cash generation bringing results to the company starting with shareholder returns if we look at our history also from 2021 to 2026 after has returned to you shareholders 36% of our free cash flow equity over the period depending on the period we had more dividends and or a little less dividends and then also depending on the period, we have a great participation in buybacks, then dividends. And how do we think about it? The return to shareholders is done from the moment we feel comfortable with our leverage when we have a greater return to generate cash to the company. So every time we find this binomial of adequate leverage, along with the opportunity to allocate investments, organic or inorganic, we return it to the shareholder. But then you ask, how do you decide between dividends and buyback. We decide from the price of dividends and buybacks. We have our overview and we allocate buyback or dividends according to the share price to avoid buybacks I would like to highlight also on the slide that in the past six months of our first semester we returned to our shareholders a hundred and six percent and we also ended the period with a point eight leverage of that over EBITDA. Following up on that, our greatest decision here on capital allocation was M&A. And M&As, if I look at the picture since the IPO, we have executed 22 M&AS over the time, and 11 were in the graduation system. And also, SPM, in graduation, these 11 deals represented 4.1 purchase billion. We always said that our M&A after Synergy, they were between 4 to 4.6 EBITDA, but the average was evaluated 4.5 at the total of almost 22,000 seats purchased over the period. And all these M&As were run, as Dennis mentioned, with a consistency and with great consistency and discipline. We are very consistent in our evaluations. We do not do the math. Just a simple math is so much per seat. it's always cash flow and thinking on the tier and the nominal tier must be unleveraged so when we take a picture of these deals and these tiers we took a picture of the last three which is Unidonto, Negra Rio we had this hurdle over 20% that we sought in terms of leverage. In these three specific deals, we generated an added value on our EBITDA of 12.7% in the year of the transaction. So this is quite a positive result of this capital allocation. But just not only that, we also invested in 11 deals of digital or tax continuing education. So, one allocating half a billion with a 4.1 times EV over sales. There were eight acquisitions and three on education mergers. And why am I highlighting this point here? Because these acquisitions, they created a new segment. We had two segments until 2021. And from 2021, with the arrival of PapMed and iClinic, which is a segment led by Lelio, which is a medical practice, and we build a ton of reputation along with the doctors. We serve more than one-third of the doctors in the country. We provide support to thousands of appointments, of prescriptions every day. And this builds credibility along with the medical community that this, it's not just marketing. No marketing expense will set this off. We are expanding every day, increasing the assertiveness of medical decisions, increasing their productivity, and making them make more money. Because a doctor trusts our solutions, either through the clinical side or productive and charts, they will exercise their profession, and this is priceless. and this builds credibility to the AFIA brand. And when compared to the entire sector, we have the lowest marketing expense, but the most effective marketing expense. So we always mention when people look for this, we are helping these professionals all the time. So besides unlocking a segment along with SBN and continuing learning, we'll generate 15, so 4.1 times from the acquisition regarding the revenue is almost $500 million in organic growth in this sector. So moving on, well, the past of NA, what about EDUCS? We see EDUCs doing 10 years in one. After the IPO up to now, we did 11 transactions with 2,000 seats here. With eduX, we have 2,100 seats in 10 years in one transaction for the multiplier of 2.1. And if we, 1.1 F theta, if we compare this multiple, is 2.7. 3.8% EV EBITDA to 2.7% if this transaction is approved. There is a price after synergies that we obtain 2.6 times after the synergies and more accretive up to now. So leverage 1.6 times combined company before dividend distribution. We get to 1.2 times net debt of debt to that with the generation of free cash point for equity of $1.2 billion. and we have a 60, you have this in split. It's the volume, extremely meaningful, and a valuation very attractive for us. But is that why we did this transaction with it? No, I will show now why there were other advantages, But before that, I would like to tackle what's on the screen, the dividends that will be paid that we are committed, that generated doubts from the investor. But this is clear how this behaves. So, then the transactions agree that EDUX will pay 750 million reais, like the free cash flow to equity, the greatest from both. And from AFIA, we'll do it if EDUCS does not reach a free cash flow to equities up to $750 million, there will be a top-up, 69% to 31%. I can provide an example. Let's say that EDUCS will generate $7,500 million. That is the midpoint from the guidance for 2026. This will generate a gap of $180 million. As AFIA, in this moment, the lockbox date up to the closing date, how much AFIA would have to pay for dividends would be free cash flow. In this example, I inserted 12 last month that were 7,500 plus the top-up, that is 180 times the relation of 2.2, that would be 400 million reais. AFIA would have the right between June 36th, this amount, or do the dividends or rebuy. So it's important to highlight the relationship is adjusted. 69 to 31 is unchangeable in no matter the economical execution from us, either us or them. This is locked, but the amount of shares that the shareholders from AFIA will receive, as we have announced, will be updated according to the rebuys or the new buys. What EDUCS brings to us increases our acquisition pipeline. We were very dedicated in the 60% of medical sources in the long term that would get to 89 companies with 12,000 medical seats. With EDUC, we expand our potential of M&A target to 135 companies with 21,000 medical seats. But not only that, EDUCS brings more liquidity, a critic that we see from the investor, the low liquidity rate, 7 million reais in liquidity that we have daily in the market, adding to the EDUCs liquidity. Keeping it in our know-how, Our 43, we got to 70 million, which is very interesting, make us be part probably of a different MS and the maintenance at the Ibovespa or the market capital, trade capital. So we bring all this new opportunity with eduks. So to close, I bring this slide, which is the third way to allocate capital. I went over the return to S&P by BACs. I would like to present our last slide on carrybacks. that brings new opportunities for revenue. Different from other companies in the industry, we have a CapEx linked to property that we also have. We have invested in the last 18 months $205 million in infrastructure, labs, equipment, books. But we invested more still in intangibles and in content, because AFIA is much more than undergrad. It's a full ecosystem for physicians. So I'd like to highlight in these 18 months, we accelerated a lot of investments in technology, not only for medical practice, but for continued education. with 178 million intangibles and 40,000 million content to accelerate our growth. And therefore, from now on, to say what will be the results of this acceleration of intangible that we are investing. So I'll pass the floor to Lélio to show how we'll get all the payback or the return on these investments. good morning it's a great pleasure to be here with you again sharing what we'll be doing with the invest or have been doing thank you virgilio blanco day and it's a great to work with you and also it's a privilege in fact to work in a company with this capacity of investments to accelerate the deliver of our ecosystem. Now, an ecosystem that reaches 80% of physicians in Brazil. They are registered as having news or using. 508,000 registered and more than half of users are active ones of our solutions. Almost 300,000 use our solutions at least once a month. So, Well, our intention is to intensify our relationship with this space. So a great part of the investment for this year is to accelerate the delivery of experiencing this ecosystem, our virtual cycle, or our five wheel. It's based on these three assets, qualified audience that is part of this investment to grow and keep the audience that through the use of our solutions generate data, not only the digital behavior, content, courses, consumption solutions, as well the data from the medical practice, prescriptions, electronic report. This enables to improve the experience of these physicians with the ecosystem and make us able to create new avenues for monetization with special B2B. Pharma industry, providers, and much more. Those that want to have relations with this medical audience. A lot of this experience done manually, and the investments in the ecosystem is to create capabilities that enable the systematization and scale up this. So we have been creating components of a technical foundation. When we combine 11 health techs, I have at least 11 registrations, registers of physicians or solutions for logging. If a physician uses more than one solution in a systemic wise, it is more than 1 user. This, I cannot relate with him as an individual. We do it manually through campaigns and much more, but this doesn't scale up. So part of the investment, it seems simple, but those that work with technology, nothing is so simple. It's to unify medical registers and solutions for logging it was thought but we've it then is into the clean team we accelerate the unification of these business units to capturing operational synergies and their relationship with these persona which is their physician we are serving the same a physician a one with my My clinic is in a classroom for graduation. So in this second semester, we are unifying the business units. And the audience, our primary focus for our investment this year, we have to improve with this perspective. Volume, very important to us, to grow our base. Although we have 80% of physicians registered, I have more of the recurrent use measured through mouth, and when you want to increase the frequency, I want this physician using it every day, our solutions. I want to be present daily, and that I want to have more surface of relationship. This physician using more solutions from my ecosystem, generating more exposition, exposure with products and more data that enable more thesis, more capacity, and to improve and grow our audience in these three perspectives in a scalable and systemic way. How do I create this audience? These are flags, white book, our main product is for clinical decision, by bed, those that are the emergency rooms, any of these rooms, 60% to 80% of the musicians have our solution on their hands, more than 400,000 physicians registered. We have an AI innovation with over 100,000 physicians using it. Whitebook, I have 32 million consults annually or search queries, which is valuable. I will bring an example to generate clinical intelligence. iClinic is one of the major solutions for eReport with over 50,000 active subscribers, over 3 million patient consultations per month that enables clinical research that we're still not doing yet. We started conversations this year how to apply this asset in clinical research activities, our continued education platform with over 10,000 students and over 56,000 users taking into account digital platforms in our courses, over one million hours of educational content consumed. This is valuing the individualization with this physician in our green field target. In the last 12 months we have reached 20 million prescriptions in our platform with 46,000 prescribing physicians. This is an asset that is interesting in the pharma industry. Just recently Brazil release the issuing of prescriptions that are yellow and blue through digital means. This is very important to us so that makes the growth of monetization, the volume of e-prescriptions will grow, therefore the increase of monetisation with this asset. Showing some innovation for Whitebook, We embedded AI with a conversational interface for the user with this extreme responsibility that the content that feeds SLLM, we didn't create it. We used the market, available in the market. We created content that fees the LLM to ensure assertivity. We have this over 100,000 users in high level of satisfaction, 3 million searches, and those 13% are using daily. So we believe that the growth will take place. The white book, as I said, many users, 32 million searches of clinical decision annually. This is an insight that we work to generate value. I will call to the stage Dr. Diana, which is a physician from our research center, and will share with you a use case of these searches and data through the white book. It's good to have you. Tell us what you're doing with it. Well, first of all, I'd like to say it's a huge pleasure, a delight to be here. We'll talk a line of research that is part of my line of education. I have the privilege to present last month in China in the conference of the OMS of the World WHO. WHO parts that we are doing. And what's our major aspect? Laila mentioned how much our data can generate clinical intelligence, and I'll bring to you a practical example how this is taking place. So first, we look into the White Book data, which has a high-level engagement, about 170,000 physicians that use White Book to research clinical cases. They are within the emergency room. They are doing the prescriptions and thinking about diagnosis. So we capture the data that it is being researched. and second stage we assess the signal detection. That means looking at the historical curves of access of our users, and when we see historically we were not expecting that increase, we see that there is something different, and we check the signal in a more special way. We apply algorithms of machine learning to do the analysis there and generate insights that are regional. We look into a state or a specific region. So these insights are mapped, and our clinical team validates it. So we gather, we talk with our physicians to check if the increase is associated to an epidemiology in that venue. If we understand that this movement, in fact, has some possibility of being important, clinically speaking, we provide a communication to the physician that is by the bed in that location, the updated content based on evidences. Here we have our great advantage, which is the engagement of our physicians that goes beyond the individual interaction. And with that, we can generate source of data for the health system. And we are going to be in a practical case that we have recently experienced. We are seeing the measles issues and cases. And we noticed that our users, they were researching quite deeply the theme on measles within our app. So as we see in the graph, we see here a base curve on measples research. And we see a peak here. And we identified that there was a different movement going on in Sao Paulo. Based on that, we sat down together, understood. and we actually had a confirmation of measles cases in Sao Paulo and we had anticipated our ideas and we contacted our doctors and we sent a notification to over 70,000 doctors within the pediatricians, GPs and infectious disease specialists, experts. And we also sent an updated newsletter that if they had a suspicious case, that they should have the best content for the assistance. And this potential goes beyond a single case. We brought a practical example here, but our researchers, they are quite wide. We have been studying very much. We have two public articles on important magazines. The first one, we took several diseases in several regions, and we realized that when we deliver to our AI model the data of White Book, the model is better adjusted. They understand better the disease behavior pattern. This article was published in the BMC Health, and the second article was when we looked specifically inside into dengue, and we analyzed 27 regions, and recreated a model for measuring where we do a forecast. we do a prediction analysis for cases in eight weeks into the future and we understand that when we work in scenarios that simulate what we have today in Brazil that is a scenario that has a delay notification if we deliver this pattern into our white book we have a better performance of the model because we have real-time data and we can see the access of our users. So we also talked about the great finding of our studies was in a real-world scenario, our data has contributed to the performance of the models. We have worked on the validation of our radar when we understand the best triggers to arrive, to get to a cool accuracy, to understand other diseases in other regions and to understand the clinical outcomes and to work on the impact on information reaching clinical decisions. And we understand that our data can generate value, both for our users but in AFIA, and now we understand also for our health system. Congratulations, Diana. I'm very proud to be part of this project. This is extremely innovative for the market. We are used to, when we do the analysis, to look back, to looking to the past. But today we have a tech innovation that allows us to work proactively in real time and with a prediction feature, even if it's a short interval, for important events in health. And this creates a differential in the doctor's experience into this ecosystem, where we can take extremely valuable and contextualized information, either by a determined health event or region, that will make the practice easier. But also for health managers, this is a proxy to the demand of appointments, of beds, and medications, all in real time. So we stop looking into the past, and we have a solution that allows me to monitor that in real-time. It's extremely innovative, and I believe that this can be one of the theses on monetization to B2B. The eye clinic also we have onboarded with generative AI with assistant practice. The doctor can invest 100% of their time with their patient, listening to the patient transcribing into a report and having a much richer quality of data. and we are now bringing an engine for clinical decision into the report in our white book so it can support hypothesis during the consultation, also in the doctor's practice. What we do today in our emergency rooms, we can do that in their own practice to give a better support to the doctors. Today we have 50,000 payers for iClinic, we have 36,000 active users, and 3 million consultations per month. The potential of use of this platform here, for example, for clinical research, Brazil is in a better position for interest in clinical trials and research as far as legislation goes, And we can be players working in partnership with the industry in this realm. Our prescription in field, it's an extremely important asset in our ecosystem. Today, we distribute it naturally through iClinic in our practice solution, but also in Whitebook, where we see a two-digit monthly growth, and in our medical updates portal. With Whitebook you can prescribe for free with no limits, medication, lab tests, and vaccines all in one place, with more greater safety and prescription in under time. You share instantly with your patients without the risk of losing a prescription, all backed up by the clinical decision support of Whitebook. Whitebook, a new way to prescribe for changing world of medicine. Download Whitebook for free and try it now. So today our prescription is available in our free Whitebook We are one of the main players on digital prescription and this is a growing market. By increasing the number of prescriptions and having the law on our side There is no doubt that this market is going to grow, and this market is where we are going to strongly operate. Our continuing education platform, as I mentioned, throughout the year we have done 46,000 consultations in our healthcare facilities. We have about 6,000 active students, and 10,000 have been in our undergraduate programs. We have also invested in a new platform with medical updates. Medical updates is one of the components that give us frequency in our solutions. This is an asset that you can access every day. And every day we distribute medical updates through the app or through external channels, mainly YouTube and Spotify. So this is a key asset in our ecosystem. Besides the digital platform, we have always worked in transforming our 25 units in a hub for doctors. Today, our units have intense activity during class times, Thursday, Friday, Saturday. And we are using this room to bring events and engage the medical communities. So we have over 160 events carried out this year. It also makes our platform quite interesting to the medical segment, especially for the B2B market. 18 of these events were partners with pharma. And the idea is to scale that. The idea is you use our health facilities that are idle between Monday and Thursday to offer to this new doctor quite an accessible option with a high quality practice. And this will be also another way to engage doctors. We have a pilot program in Belo Horizonte with a higher level of satisfaction. So we trust the engagement of this audience through a high-quality space that we have in 25 units spread all over Brazil. All that enriches our audience, which is our extremely valuable asset. We have 500,000 registered physicians. We have 1 million subscribers to our YouTube channels, which is increasing the frequency on our medical update channels. We have 87-hour WhatsApp, 27,000-hour Spotify. In January, we're going to launch our new experience in our new portal. And there is no doubt it's going to lunch up. And what we are doing, all this investment, is to deliver, in fact, an ecosystem, an experience in an ecosystem. And this is our great value. I have solutions for the entire journey of this professional. From the moment they are graduating from the undergraduate program, they start using our solutions up until after they retire. Even after they retire, this doctor can keep on consuming medical updates content. We have even more fragmented solutions. This is a leap we are taking this year, which is to make viable as a system an experience that is more integrated into our ecosystem. It is key that this new medical update platform, because it is a cross-cutting environment, reaching the new doctor and the retiring doctor, consolidating this experience. So this is my main point of contact throughout the journey. And if I can, through this platform, offer this doctor the ecosystem experience, I optimize and make my relationship with these doctors more intelligent. A great share of Blanco's investment is being used to build the capabilities that lead our execution to evolvement. So, today I have a solution for medical updates that we're going to launch in Q1. We have these communities, we have over 87,000 users using communities in WhatsApp. The idea is to control better this audience and the use of data. I have leading solution to supporting decision making that is the top of the funnel to other solutions where is the doctor that is going to consume a grad program on our white book where is that doctor that going to open a practice they are on white book using one of our continuing education programs where how do I relate to this doctor today still manually we generated this intelligence manually the the capabilities we are building will allow us to create a system and scale this relationship in a smarter way. Well, the podcast was great, but let's get to work. Good morning, Dr. Anna. Good morning. The patient just called to say he is running late. No problem, because now I can fill all those gaps getting my life together. In the meantime, I can catch up on my studies for the specialist board exam by answering practice questions right on my phone. Also, hop on Whitebook to see what's new with medication guidelines and new procedures available. And of course, write prescriptions and send them straight to my patients, in the blink of an eye. Oh, did I mention I can even attend international medical conferences without even leaving the office? Yes, it's just about hitting play button. Intervenous blood in patients with cardiac arrest. Well, this is a question that encourages scientists, researchers... Come in. Good morning, Joe. Sorry, I'm late. How can I help you today? Asia. to have a more fluid integration among our solutions and this allows us to scale even more our monetization thesis so in b2c a doctor paying for the use of our solutions by subscription participating taking part in events or buying continuing educations or special solutions package but we believe that b2b it's where we're going to unlock the greatest value either through pharmaceutical industry where we have our primary focus and where we are reaching as a meaningful growth this year we are going to grow 40 percent year on year it's still not relevant in our total revenue but it is by far the one that grows the most we act on promoting engagement with the industry with the audience of doctors either by continuing education or promotional content I'm gonna show you an example but it goes beyond the pharmaceutical industry any b2b that wants to engage with medical audience in an intelligent way to the industry and a practical way to the doctors, we have the best ecosystem for this engagement. Besides this pharmaceutical industry, we start working with marketplace concepts to attract other industries from other segments to our ecosystem. I'm going to give you one example here of an offer that we are working with pharmaceutical industry that is generated value by prescriptions. So we have 20 million prescriptions in the last 12 months, 46,000 doctors prescribing, and we have the promotion of a medication at the prescription moment. So while I'm prospecting, I highlight this product. Of course, a doctor can choose to use the medication or not. And this has grown 109% year-on-year. The more I increase the level, the number of prescriptions, the more I decrease the interaction, the more increase the offers. So we have solutions for B2B. This year, intentionally, we focused more on the pharmaceutical industry. So if I focus on the pharma industry, the growth here is 40% to 50% year on year. So there is great value to unlock here still. I would like to conclude my participation. Thank you for your attention. I hope we have the opportunity to exchange ideas here. I'm going to invite Renata Couto to the stage. We're calling Virgilio, Dennis, Luis Blanco, Lelio, We have our horses just ready to go, so we start over on the left side of the room. Before doing your question, introduce yourself, please. Thank you, Samuel Alves, BTG Pactual Bank. Thank you for the presentation. I have two doubts. If you could talk more about the need of this investment due to concentration, to approval of the Antuitrust Council in terms, because of, and the fourth leverage that Vigilio mentioned in Blanco in the expansion of scope for inorganic. assets what kind of asset the two new ecosystems can complement even more examples more footprint in sao paulo or the presidential on-site business or any geography or combination of costs can you explore it thank you thank you samuel great questions i will talk about kaji the antitrust council all of you can help me as well we have an overlap based on the relevant market within the high education market in relation to CAGI understanding. We have three important overlap in some cities, Rio de Janeiro, Teresina, and Paraná. It's a first case discussing higher education emerges as an attention point for the medical courses. It's still early to say who will have the investments. We know that there are different dynamics in the market for high-scale courses, a radius of attendance that is very different. We have two-thirds of our students come from other places. different when a physician travel etiquette has started about three or four years housing anyone for those suits that are from outside the state two-thirds of them it's a student that has income and availability and flexibility to the to travel say so we consider in our synergies to to talk 2.2 can capture something in terms of the synergy in terms of capital allocation that unlocks in the H&M market now is different from 2019 2020 if you check a good medical institutions in regions that make sense with good brands or used to be very expensive, it wouldn't make sense if it wasn't like that, or low-level attractiveness, because it won't make any sense. On the other hand, there are great assets in some regions with great assets like São Paulo, África and Redux as a small presence, but it makes sense, but there will be a hybrid player concentration of medical aspects below 50%, maybe 30% or 40%, and will extract synergies not only in medicine but also in the digital platform with the footprints from other courses. So we start to check public and private players that were not under AFIA radar. We have a strong currency and a balance sheet that will help us in opening the options. And in the end of the day, health is something that will be able to extract more synergy than in other fields. I'd like to add somewhere. It's super important to highlight that new opportunities, this new range that will be opened after we close the transaction and start capturing synergies. We have very strong discipline, like we like to say, in capturing synergies and then to open to new opportunities that they do exist. Thank you. Hello. Flavio, Bank of America. Thanks for the opportunity. It's always good to talk to you. I'd like to know about pricing for the medicine business with integration that I would like to know how you see in regions with integration. I would not like to help the pricing due to the competition that is increasing in other business in the semi-presential with more aggressiveness. What do you think to keep this behavior or change? Or either if there is any opportunity for de-investment and add a purebred horse in the equation. Well, I'll start by the end. There is in our strategy any de-investment pitch. This new platform makes sense, generates value, is diversified the proper way. We have the proper muscle to continue as a key player in higher education. The scale is always important and won't be different. Instead of running more to the side, now seeing a more diversified way, we can attract more investments with capital allocation that makes more sense to bring return to our investment. Therefore, we have to have the amount or robustness necessary. Having said so, no company can deal with a bad capital allocation, either management, digital tools. It will analyze it, but strategically speaking, it's not in our world roadmap. Regarding the medical field, we have a lot of complementarity. We have three cities. We don't know exactly how it will behave, but there is this exam that is necessary. The student already gives the options in terms of the universities. So we don't see opportunity for pricing, but resilience to keep differentiated frequency of seeds. We put this in EDUCS that has this opportunity of occupation, but we have the opportunity to improve in many aspects, reduce the funding part of financing, and to keep the sustainable price taken into account to be the long term. of companies are still isolated or apart. The competitions exist, each one with its own commercial policies, but planning and executing 171, it's the unified exam that took place last weekend. We contribute with everything, pricing and everything that is being presented for the final approval of the transaction we are in the intake of 27 one when we have published for our future students the pricing for January. We have an increase of 25%. When we check the projections of IPCA for 2027, the pricing is above to the projection of the focus balloting for IPCA, the metrics for inflation. Good morning. Lucas Magano from the Stanley. First question, in terms of demand, with all the changes in the labor market in the medical field, time for study and payback, How are you observing the changes in the mindset of those that will be taking the exams? There is this average that must be reached in terms of grades. So this will end in effect. in the average of 2026 what have you prepared yourselves and and there are schools that weren't assessed before what are you doing about all of this Lucas a great opportunity to talk about in a magic and now we'll go backwards the government has published a provisory ordinance this publication approval by the Congress depending on the president that can veto what was approved the birth for Brazil and education sector we understood with good eyes that is exactly we have question in 2025 for an imagine with this approval the students are responsible for the process. I'll mention some aspects. The track record of the students that are taking NMED will have the results in the NMAD. This is very important to help us to engage the student in the commitment taken with the exam. The process of certification of the student's CFN will take long because it starts with the newcomers. And after six years, they will have the professional registry certification in the board, having it or not, at the medical councils. This is important for the commitment by the students regarding this. It helps us in the process of in the future. We have worked a lot with the simulated exams. And we did it in 26. We did it 11 simulation exams. And the curve of results, not only of doing it, but the grades have grown. And the results are preliminary that we have collected. Also, the answers in the day of the exam of NMAG that showed us good results in evolution of our students. Because in 26, we have clearer rules, which was something that we didn't have in 2025. Because the rules of NMMAG were published after the exam being done. So now, with this being clear in 2026, we were able to work with students and also trying to close gaps in the process, helping us in the learning curve of these students and the results in 2027. I would like to mention regarding the project. The bill was approved in Congress, that is Article 14, and the process or the injunctions that are taking place do not exist. Punishments stop, the injunction stop, and then new ones will take place after the second exam after the approval of the bill becoming a law. This may lead to some changes, of course. But the next exam will be in this first semester of 2027. The second exam on the second semester of 2020, if there are situations with penalties and low proficiency in those two exams, you go back to the process of injunctions or penalties. So this is very positive. But on the other hand, it engages much more the student. There is an average weighted. Otherwise, they won't get a certification. If they didn't get the right grades, we'll be able to take a second exam. But this student may fail the exam, but can be a professional in research or teaching. So the bar that is demanded for institution goes upwards. So in how we see the capture of the students, We were really successful with all the seeds being fulfilled. We are now dedicated to 2027. We'll have a convention for 2027 point dot one with many participants selling our ecosystem, How we have resilience, robustness, generating more value for the physician, not only doing their student pathway. So in AFIA, we're still working the construction of differentiation, reinforcement of the brand, and resilience a long time. Hello everyone, from Citi Bank. Congratulations. Two questions. First, for the bank to understand capital allocation in terms of dividends. You have exemplified the mechanism stop-up. I'd like to understand the timing we should we is expect something closer to the deal closing in nine twelve months and then a real big announcement or this will be gradually done up to the conclusion of the deal. And for Lélio, you have presented many initiatives for 2027 and I'd like to know more about changes after the merge. What are you expecting for the new company can add value in this growth of Avenue, new physicians, new teachers. What do you think, Hannah? Thank you for your question. Regarding capital allocation, just remind you, we still have the buyback program to be done up to December 31st. We still have a balance of over 200,000 shares. This is being done according to the limitations of the American market regulations, and dividends will be distributed throughout the period. As there is a top-up, you have to leave some part for the end to ensure the execution of TAPOF, but we'll do this $1,200,000 throughout the term. In combination of the business, all these students, as the ecosystem, like Virgilio said, creates value for DUCS and also creates value for the ecosystem. The 26,000 students of AFIA use our solutions. The 11,000 students from EDUCS will be also audience. And there is something called hard work that is a preparation for title exams. There is this synergy with our business with residency. see, the founders are ex-medical students, and similar to our business here. If I could add on our side, we'll have one more component that is quite interesting. The physical units are divided in standalone units where we do not have a grad school, and we have cross units when we open within grad, undergraduate program. Normally, when we open a new set, a new location, we have a medical ecosystem. That is, I have a teacher that is a doctor, a student that is doctor. Usually, those units have better results than the stand-alone units. Let's say I enter a new city and I'm starting to create an ecosystem there. However, when we close the combination of results, we're going to have several locations where we can go and open a cross where investment is lower, or we have a standalone unit where overnight we're gonna have a medical exostip in that location. In both cases, I think it's quite interesting in the continuing education business. Just to add a little comment here. I'm Victor from Santander. Thank you for the opportunity and congratulations for the event. When we look at synergies, you mentioned expense and cost synergies but I would like to tackle revenue synergies. I think that some of them are clear, especially when we talk about the ecosystem, AFIA's ecosystem for UDUX students. Do you have a number for the synergy and the speed of penetration for the students of UDUCS? What do you expect on that? And the second question on cost and expense synergy is, where do you think EDUCS is very efficient and AFIA not as much? What are the main lines of synergy that AFIA and EDUCSA are more efficient? First, starting also by the end, Victor, these synergies, we have not looked into so much detail because it has been into a clean team regime, and during the legislation, we cannot look into these metrics and publish them. We are looking into the metrics of where we both have good practices, and from the side of AFI, along with our ecosystem, we have a practice of grouping medicine efficiency and capture methods. We have better occupation rates than EDUCS. I think that you can see that in our ecosystem and they will be given that as a gift. But when we talk about scalability and digital platform, we do not have as much muscle as EDUX, Price Intelligence, as their capillarity and their strength to operate not just as a brand, but also in the domestic environment. because as they work with Stasio, for example, I think that you must run this market and this operation. Eric, who was an operations director, he's quite knowledgeable about this large-scale operation. He was also a director of operations, both online, on-site and online for eduX last year. So we can add value by adding our expertises into this joint operation. Just to add, there is one fact that is quite important. It's the theme of using the structures that we have in medicine today. We have some that are dedicated exclusive to medicine and then we can use them for health as well. So there is a big room to amplify, to expand the costs on health, where today we have exclusively medicine. So we also took this pathway in the past three years of expanding the costs of health on the campy where only medicine was located. just to add when we talk about revenues this has not been fully quantified but just considering the courses and capillarity we estimate about 800 to additional 1 billion on NPV so it depends on execution but this is not what we are giving the market as guidance, but an increase of offer, cross-selling, up-selling and availability, we have the synergies that the companies are going to offer us. We can only put into synergy what we can predict. Good afternoon, Marcelo Santos, JP Morgan. The first question on the SEEDS expansion in medicine for the past years, I would like to ask you, are all the SEeds operational? Have we already seen a stabilization of offer? The SEEDs that you have seen in competition for the first semester of last year, how do they compare? Are we at this regime point? This is the first question. And second for Lélio, you said we are at the point of focusing on audience for medical practice solution. What is the roadmap for the next years? What is a focus for next year? What do you seek? What is your next step? I'll start. Thank you for the question. It is a great opportunity to talk about this additional seats theme and the authorizations that have been released that starts with illegal process, and then it was incorporated to 531 as the Supreme Court. Today, what we see in most locations where new seats were authorized, it is a great frustration to our competitors, because they effectively cannot fill their additional seats, mainly in the smaller cities, because they are new in those regions they know little of the market so they face great difficulties and they are not managing to open these new seats another important factor is that sometimes students are not comfortable with these authorizations under bylaw because many of those are authorizations they are not stamped by the Ministry of Education as a full authorization. Students know that it has been a legal decision, court decision, so we are operating in a region where sometimes students are not comfortable because in many cases some of those authorizations fell through and they know they won't be able to conclude, to finish their courses and how they're going to move on. So we have witnessed witnessed lots of frustration with these authorizations. Just to add, all those high volumes of legal authorizations, we have now a residual number, so we see many prohibitions and authorizations but if you have any added seats, I think it's It's going to be quite a precarious volume when we talk about authorization. It generates low credibility and a little generation of demand to the competitor. And some institutions, maybe at another example here in Rio, let's say the Catholic University PUC is also launching a course. They should launch their interest exam. So this is like the remaining line of seats. 95% of the seats have been granted already. But if you look ahead, maybe we are seeing the opposite mechanism. I'm very happy with the approval by Enamat. The bar for quality is very high. I hope they close many seats in many institutions because it has been quite irresponsible. We work in such an integrated ecosystem, so we see that maybe this will be a break of organization. And, you know, the Ministry of Organizations, it works on impulse. It opens a door, goes into momentum, and then opens a course, closest and a remote course, an EAD course. So we need to have a stabilization for the next few years. They created some. Who created differentials are OK. Who didn't will face problems. We are very well positioned to have great performance in the following years. And this is a great opportunity to explore this, because there is a constant evolution of products in a moment of succession. And we see AI, and we have been adopting it responsibly in a way that we offer the doctors. AI in some sectors, and I have room to trip on it, but in medicine, I can't trip. It needs responsibility. Also, according to use and cost. When we think of generative AI, most of us think on reducing cost. But when I offer this as a product, I increase my operational cost. I increase because we are talking about the tokens economy. When I see the white book, when I show the whitebook user, I must somehow have some intelligence on what I offer. So there is quite a lot of technological evolution to do better use of generative AI in our solutions and in our development cycle. So we start by using more intensely in a scale, in active development. So we have less people, but more use of generative AI. We have this roadmap with one of the levers on profitability for the next few years. So we're going to scale this up. When we talk about ecosystem, what we are doing this year, which is expand audience, intensify monetization, this is for B2B, mainly for pharma industry, where we are a relevant player in Brazil and we grow, the rhythm grows in Brazil. In Brazil, the pharma industry, it massively invests in medical engagement in a more traditional way, like you have commercial representatives with free samples. But any kind of context in the industry, the trend is to use more and more digital platforms. And Nafia is the best player to take over this space. And we are taking over the space. We are going to keep on growing this Brazilian market, and we start diversifying sectors in B2B. Hospitals, where we still have very little penetration in B1B, labs, and other industries. The financial sector is all fully interested in talking to doctors. we have shown the initial income of a doctor is R$16,000. So this is quite a qualified audience for many economic sectors. So we want to create this marketplace to bring other service providers and other products to engage with doctors. This is just to talk about Brazilian market. If we talk about LATAM, this is a very blue ocean for our ecosystem. We see similar ecosystems in the U.S., but not with our coverage. We have Oxymage, FIM3, which is a company that I follow and operates in Asia, the U!S., and works in Brazil in partnership with AFIA. So, here we have the opportunity to consolidate Brazil, to expand also geographically. So the roadmap here, our great challenge here is to prioritize. There is so much we can do with so many growth opportunities. We need to prioritize and execute them well. One more question here. So this is the last question, so we can move on to our lunch. Vinicius Figueiredo from Itaú I would like to seize the opportunity to make two questions one is about cost, I think you spoke very well about what it represents in synergy but looking at EDUCS and AFIA we know that the profile of your students and of your cost is quite different with you have different profiles for teachers and the pro and the platform so he has some the remote learning courses and given that remote has a greater presence than on than on-site learning how can you go deeper please into what kind of cost will you be able to impose when we talk about technology, when we talk about service to the students when we talked about online classes and assessment and also another point that is correlated to the material that you presented but I would like to seize the opportunity to talk about the impact on the end of the 6 to 1 working shifts in some sectors we are tackling that more and less but I think you will feel the impact of this labor decision now I think that's the first part when we talk about costs when we show the synergies the most is in SG&A but let's maybe we can talk about all packs and costs that involve technology when we talk about cause there are two main levers the first is the synergy with the all the online muscle that today we have at edu how can this be replicated to the online disciplines that we have it after especially when we talked about the the courses that even though it is a small scale, we can increase them. Today we use what Unigran Rio has, their muscle that has landed on us, it has a completely different scale than Stasio. For example, when we talk about domestic capillarity, so we have the digital platform, and when we talk about CAPEX and content, improvement of content and curricular evolution, we do need to to get into detail but we're gonna have this manufacturing unit of educational contact and we approach all the segments premium and we're going to keep a high level of service but still talking about costs how we work in the states for you to do the practice for students We talk about partnerships, so how we manage our partnerships. There is also some synergy to it, especially when we talk about the quality of our learning spaces and try to optimize the costs every time possible. So you see that the synergy is important when we're bringing technology, especially when we look at AI. there is no doubt there is synergy but the greatest share is expenses focus on sgna this the second is at the scale six to one and work labor force we do not operate on saturdays not in undergraduate we have some operation on online courses and and they are compensated with a free day on mondays so this operational side of working on the weekends has no impact to us when we talk about in our administration that we're going to have a reduction of 44 hours to 42 hours and then 40 these additional hours we were not working with them anyway we were using the eight hours and a break of minutes to add to 44 hours a week we have to gain productivity we're not gonna hire anyone in our administrative department to compensate to offset this reduction in hours so we have to gain productivity. So this impact of Saturdays and our administration, we understand that we'll have to be more efficient. The great impact on the education sector is on teachers and professors that are usually hired hourly. And why is this an impact? because you have a summary by the Superior Court of Labor that has the compensated weekly resting, and that is that you currently pay one-sixth of those working hours as an additional, as a bonus, and today's date. Although the legislation that is approved last week doesn't state explicitly DSR, it is misunderstanding from the moment that the legislation is not clear how DSR is calculated. One-sixth now should be calculated as two-fifths. This means 20% in the faith. Our understanding that this didn't come to increase the wages of any professional. This must be clear because if it doesn't state explicitly that possibly the evolution should become clear, this would be the potential impact of something that is not in the legislation. That is this, one-sixth up to two-fifths, creating more costs. Well, we'll close our Q&A. Thanks for your presence. And Vigilio will do the final comments. I would like, first of all, to thank to Renata and all the IRI team. And to reinforce those that cannot stay with us for lunch after for the last six years, we have created an ecosystem generating huge differentiation for the health of our company and unlocks opportunities of revenue generation with new businesses that are not. within our business model, and yes, we look for a combination of business that unlock opportunities for the next years and undoubtedly good opportunities for capital allocation regarding the market and what we have seen in higher education. So it's a pleasure to be with you. Thanks to everyone. And also the presence of our counselor, Miguel Paola, independent counselor, to also chat with you during lunch. Enjoy lunch. Let's go.