Good morning, everyone. Welcome to our earnings release call of the second quarter 2026. I am Carina Carreira, with Ânima, Investor Relations officer, and we have Paula Harraca, our CEO, Átila Simões da Cunha, our CFO, and Tiago Moraes with Inspirali. This presentation is being recorded and will be provided today through our website, where you can also find the other materials of our earnings release of the quarter. At the end of the presentation, we are going to have a Q&A session. To ask a question, please raise your hand. Paula, please. Thank you, Carina. Good morning, everyone. We are all very glad to share with you the results of the second quarter of the year and the first half of 2026. These results show the consistency of our journal of execution and delivery of sustainable growth in all our lines of business of the company. Starting from growth of revenue, we are closing our half with BRL 2.2 billion or 6% growth compared to the first half of 2025. This is not just growth in volume. It is also associated with increase in ticket in all different segments, and I would like to make a highlight to our core because it has been delivering growth in revenue and with 9.5% increase in net ticket, which is something really important, consistent with our strategy of repositioning our brands. We have also been applying discipline, consistency, something that Átila and I keep on repeating on a quarterly basis, careful use of resources, placing or making our investments in places where we have added value service. EBITDA was BRL 691 million in the quarter, 7.6% growth, which is also motivated by the area of Inspirali, which has delivered fantastic results in the second quarter. Net income was BRL 135 million in the first half, 29% growth over the quarter, over 200% if we compare just quarter-over-quarter. In other words, results with profitability and generating solid cash position for BRL 149 million, 7.2% compared to the first half 2025, which has brought our leverage to 2.41x compared to 2.66x in the same period last year. In other words, we have been growing with profitability and deleveraging the company. I would like now to hand it over to Átila, my co-pilot, our CFO, who is going to share with you the results by business. Átila. Thank you, and I call her my boss. I would like to greet all of those today. We are starting one more half year, one more semester of education. It is great to see the life in the campuses. This is what really drives us. Let us go on into the next slide. I am going to start describing the core segment. These are the numbers for the quarter and the half year. We have come from a very strong cycle of intake that we saw when we started 2026. This strong cycle of intake was impacted, as we said in the previous earnings release call, by a trend of worse dropout rate. We have realized that this was an issue, and we announced that in our earnings release because we always want to have our investors aware of what is going on in our businesses, even though these are problems. It has led to increased dropout rate, but it has brought us all together to deal with issues as quickly as possible. So we closed the half year, the last weeks, presenting lower dropout rates than what we had observed in the same period last year. Right now, we are re-enrolling everyone. We are aware that problems are gone, and now we have more and more students coming to our businesses, really meeting our expectations. We are still maintaining our journey of good average ticket. We are maintaining our average ticket rate. In the second release, second first quarter, we showed the impact of the full new enrollment, which helps us really sustain and help us increase the average ticket. We have shown, once again, consistency in results being delivered. Average ticket is a priority to us. It reflects our strategy and our commitment, which is to improve services the whole time to our students. Thanks to this strategy, we can sustain an increase in revenues. We have delivered 4% in the quarter and 7% in the half year. Operating results was impacted by dropout, which was really brought to a halt. It is back into the expected levels. Half year was somewhat impacted by the quarter, but something that we understand that is just solved and now we are just going to see it through the rear mirror. Digital Education. We have been monitoring its journey, its path. There was a decrease in revenue, which was partially offset by improvement in dropout rates, which was lower than we expected. A maturation of our bases leads to these healthy indicators, in addition to the average ticket, which has been increasing, so we can offset a very important issue, which is the decrease in our base. Aware of the situation of the drop in revenue, we have planned to obtain efficiency in structure, in cost, and we have managed to compensate it significantly. Therefore, Digital Education is showing positive numbers in the period. Now let us see the next slide. I would like to invite Tiago to talk about Inspirali, this great driving force that this business is. Good morning. Good morning, everyone. It is always a pleasure to share with you the numbers of Inspirali. It is maintaining its path very consistently with discipline, focused on quality and on doing the right things well. This is what we do, and it takes us to this number. The average ticket went up 4%, with significant increase in the second quarter, despite the impact of Fies and everything that we have talked about, Fies, the financing system. The base of students has also gone up, which is a recognition of the students make of the good work we deliver. It impacts, once again, our net revenue. Despite the impact of Fies, as we pointed out in the first quarter, we have significant increase in the line of net revenue. Operating result, doing things appropriately, focusing on quality, maintaining investments in faculty and the practice, making right allocation of available resources, and really using a lot of discipline on costs, administrative expenses, marketing, things that we have already talked about before. Everything is under control, and this is how we intend to close the year. Inspirali is following its journey with commitment, understanding its role in the training of future physicians, and focused on quality. Átila, back to you. Thank you, Tiago, and kudos to you, to Inspirali team for this wonderful quarter, showing the consistency, resilience, and quality of this project, of all our operations, courses, and the top quality of our Inspirali team. Next slide. We have presented the consolidated data of growth quarter-over-quarter. It is important to make some highlights here in terms of revenues and EBITDA. Always being very transparent with our shareholders. We had a problem of dropout rate, as I told you, more attrition. Made everyone aware of that. We said that the rate was not enough to impact our trajectory of increasing growth, and this is what we can see here, 4.4% growth quarter-over-quarter and 6.1% half-year-over-half-year. Consistent growth. In the previous earning release call, there was a decrease in margin, and we thought that would be a one-off effect. But we maintained our understanding of having stable margins year-over-year, and that would be recovered throughout the year. Once again, following our philosophy, we are not trying to expand margins. Whatever we obtain in efficiency, in expenses, in costs, in non-added value initiatives, we are going to transfer into value-added initiatives. And the margins come from operational leverage. We told you in the first quarter that we would certainly recover our margins throughout the year, and it can be shown here. It shows the results of our second quarter. So 200 basis points of margin and a significant of almost 12% expansion of our EBITDA in the quarter. Let me tell you about some other elements that we go from EBITDA to net profit. There are some positive and negative effects impacting all the lines below EBITDA. But net, we can see an expansion of net profit over the half year, showing that the factors that come below EBITDA are softer than they used to be in the past. Despite financial expenses, we still are dealing with this burden. We've been working with the liability management, as I'm going to show you, but it's still a quite strong factor. But we've been improving net profit regardless of that, with an expansion of nearly 30% of net income in the half-year numbers. Next slide, we can see our CapEx. And once again, I reinforce the consistency between what we say we are going to do and what we effectively do. We still have CapEx of about 30%. We're still investing more on digital transformation to improve processes, to gain scale, to reduce expenses, obtain efficiency, and improve services provided to our students. Consolidated numbers, we can see the same levels that we've been following for a while. Here, we can see cash generation for the half year. We delivered BRL 100 million in the half year. Second quarter was somewhat worse, but the first half was better, or rather, the first quarter was better. In the end of the six-month period, we can see cash generation that is very consistent with the cash generation of the same period last year, despite the change in interest rate between January 1st, 2025, and the interest rate this year. But despite that, we still have a consistent strategy of cash generation. Cash was used to pay dividends somewhat above what we paid last year, following our policy of distributing 25% of our net income. We also have increased our share in subsidiary, which has led us to reduce the results of minority holding. But it taking some cash consumption. But if net income increases because of that, we can see that the strategy has been successful. Now going into the next slide. In this quarter, we have also taken very important initiatives to pay some of our debts. Our treasury is working in a very disciplined, consistent way to reduce cost and to extend our payment terms. We have issued some new commercial notes reinforcing our cash position as I'm going to show you in the next slide. BRL 1.8 billion cash position, which makes us quite at a comfortable level to pay the interest on the main debt and also to sustain the robustness of our businesses. It's important to emphasize, as we are going to see in the next slide, something important, which is leverage. It is being impact year-over-year, and it's important to say that in this quarter, the discount of receivables were consistent with what had happened in the previous quarter. You should know, though, that the receivables from credit cards were somewhat higher, but those of Pravaler were somewhat smaller, BRL 12 million more for credit card, BRL 15 million lower for Pravaler. About BRL 3 million less than the same period last year. Just to make a clarification here that you might have concerning these figures. It's also important to emphasize that in the same period, we had one specific covenant of a debt we have with IFC, an BRL 18 million difference, BRL 20 million to be paid in September. It's going to go down to BRL 60 million, and there are going to be three more payments of BRL 20 million each. The debt is based on future interest rate and the main debt versus 1.3x EBITDA. Everybody knows this indicator. It's interest rate coverage. As we have Inspirali debt due in May next year, there is this impact. IFC understands and recognize the problems of this indicator, and this is why the waivers are naturally granted. Once all these issues are clarified, we can move on. I would like to hand it back to Paula. Thank you all our educators who work every day for Ânima to deliver increasing results, solid results, which shows our strong operating capacity, our capacity to grow ticket revenues, margins, EBITDA margins, our capacity to keep on growing net income, and as shown here, showing a consistent trajectory of reduction of leverage. I thank you all very much, all of you who wake up every single day to deliver very good and consistent results. Thank you very much. Paula, now back to you. Thank you, Átila. I think your point is very well taken. These results are not isolated indicators. They are the combination of a strategy being very carefully executed by this group of educators who is joined in this great mission. It's very important news to share with you. The figures we are sharing with you is just part of the story. There are some other numbers that we are going to keep on sharing with all of you, with the society, which is the impact that we generate by doing our activities. This is a topic that I particularly like as well as Ânima's, because what we do is social impact, and probably this is the best way to show the power and the great difference we make every single day. Ânima is a sustainable activity in its essence, and we've started a very deep work, since 2024 with diagnosis, then in 2025, we had interviews, heard stakeholders, you know how it works. But we wanted to share with you our strategy, which is now gaining more and more momentum to be maximized and given more visibility. We are doing that for the whole ecosystem, Inspirali, Ânima, Ânima Institute, all brands and organizations that are part of that. I am very glad to share the news with you. We had a meeting with our leaders. We first talked to our leaders, we shared the results with them, and then we share with you, investors. I am very glad to be here. This is the work of so many people who joined us in creating this strategy. Átila made a very interesting point. We are celebrating here a very solid half year. There were some glitches. I used to be a goalkeeper and, well, I had problems now and then. Sometimes you are doing fine, but, well, there is a problem. We can change things. We have resilient. The whole team worked deeply towards that. I am so proud to tell you, yes, we have had problems. We suffered. We were impacted by that, but we embraced them as challenges. Some of them were our own issues, others were result of the mix, but what have we done? We understood the causes, start working, and today we are doing so much better. Back to school is great. I could see classes full of students, everyone engaged, teachers, educators, coordinators, the whole team. This is not a commercial process of attracting students. No, no. It is managing a much deeper link that we believe we have. We have to nourish that with our students. This is what create the quality of our revenues. This is what really provides us to have an improvement in average ticket, providing better experience, always focused on operating discipline, careful, very strict control of expenses, overcoming operating challenges, and fully committed with academic quality. Because this is our DNA. It is to deliver education of quality to many. This is what I would like to emphasize. I would like to thank all educators, all students. I have talked to so many students about the challenges. We are very firm and confident. I would like to thank our board of directors. Yesterday, we had a meeting with them. They are constantly supporting and challenging us in this third wave of Ânima. Carina, back to you, and I will be glad to answer any questions. Thank you. Great. Thank you, Paula, Tiago, and Átila. Let us start our Q&A session. To ask a question, please use the raise hand icon. The first question comes from Flavio Yoshida with Bank of America. Good morning, Flavio. Good morning. Thank you for taking my question. I have two questions, actually. First, concerning the dropout, the attrition rates. The core segment had an increase in dropout rates, and it has impacted the base. I have two points to ask. When do you expect it to reach the previous rates? Have you already dealt with the issues of the first quarter for this next cycle of intake? I have a second question concerning margins. The main cost lines were more stable, and there was a gain of margin, which was supported by the line of others. What should we think from now on in terms of margins? Thank you. I am going to start from the second part, and then Paula can answer the first part of the question. We have a very clear commitment with control of expenses. It is a priority to us, and it can be seen in our results. We are controlling very strictly all the numbers, and the recoveries that we have observed are part of the business as usual. Credits, for example, that we have of PIS and COFINS, taxes that are now going to be offset with PIS and COFINS over financial revenue. In the next 12 months, the credit will be turned into cash. This is part of our businesses. We have to experience that on a yearly basis. It's not going to change. It's part of the business. Credit over expenses and then benefit over revenue. There is nothing unexpected there. I would like to emphasize once again our understanding that we are working with stable margins year-over-year. We are not going to focus on gains of margin, but rather efficient expense allocation so that it can be translated into additional quality to our students. This is the company's philosophy, and we're going to keep on doing it. Paula? Thank you, Átila, and thank you, Flavio. Just understanding the dropout rate that we had in the second quarter, which was mainly due to the in-person and semi in-person course. First, we have more new students. We've made a very good intake movement, so more freshmen. We also have more students in the semi in-person process, which tends to have more dropout and operating challenges. In terms of operational challenges, which were changes being done at the same time, product, educational plan. We tried to do it all at the same time, and yes, there was some noise, some minor changes, maybe some more complex challenges, but we've solved them all. We brought the teams together. We had a war room. We managed the crisis. It's all solved. So concerning trend, it's already stabilized. The end of half of the year, it was stabilized. Drop rates went back to the expected levels. So that's a problem that lies in the past. Above all, what matters is not the problem, but rather the solution. What have we learned from it? We have become more resilient. A number of points that we detected. Of course, nobody wants problems to have. I am a goalkeeper. I don't want to have goals being scored on me. I think we've become so much better in adjustment of governance, management system, and I believe that today, August 14th, back to school, just running seamless, no noise, no attrition, no operational challenge. I think we've done our homework, and we are operating at a very much better level. Thank you, Flavio. Thank you. The next question comes from Marcelo Santos with JP Morgan. Good morning, Marcelo. Good morning. Thank you for taking my questions. The first question concerns the entry test for the second half of the year. How did it go? Secondly, average ticket. Do you still think it's a favorable average ticket? What do you see against your competitors? These are my two questions. Marcelo, we've maintained our strategy that we've shared with you, sustainable revenue, growing volume and ticket. This is exactly what we've been focusing on. We keep on growing, and this is something that we are working with AI, commercial strategy. It's a level of details that now we can see campus by campus. It used to be brand by brand. Now it's campus by campus, where there is more space, investing, getting more and more momentum. In practice, of course, we are not going to give you any guidance towards that, but I can tell you that we are following the same strategy, growth of volume, increase of average ticket, and we are very comfortable. We know the market is more aggressive, but we are very firm in our strategy without going into war prices. We keep on with our purpose because it's not only a change in price list, but it's an improvement in experience, engagement of faculty. This is the virtuous cycle that we have at Ânima organizations. Once again, there are 74 campuses. Some of them can have improvement in tickets, others maybe less, and this is what coordinates all our campuses and our businesses. What about volume of entry test? I think it's also aligned. The first half, we ended quite well compared against the market. In-person market hadn't grown, and we did. The first half of the year, fine. Now, second half, we are doing okay, in line with what expected. I think it's important to talk about the medical course. Maybe Tiago can say something as well, because most of our medical schools, we didn't have half-year entry test. We are directly going to 2027. At the core, we are aiming high, doing okay. It's challenging. It's not easy. We are not celebrating, but we are doing fine, really focusing on our initiatives. The same for the medical school. Maybe Tiago can jump in and say something. Thank you, Marcelo, for your question. In our medical school undergraduate course, we had an entry test in the first half of the year, which was great, and we had no need for a second-half entry-level test There are some maybe additional seats in some of the centers, but thinking about volume and university entry test in the beginning of the year, at least the medical school, we have taken all the seats, and now we are just working with some residual students now in half year. Thank you very much for your answers. Very clear. Next question comes from Mauricio Cepeda with Morgan Stanley. Good morning, Mauricio. Hello. Good morning. Good morning, everyone. Two questions. First, I think they're more financial-oriented. We can see that your cash flow after paying interest seems to be in a decreasing trend, whereas net debt is going up. What could you do now in the second half of the year to improve cash profile and preserve this path of deleveraging? Or do you see any other alternatives of capital structure to avoid the change in trajectory? Second question is about Inspirali. It seems to be at a level of maturation which is quite high. Do you see any other avenues of growth? Or would you think about disinvestment and maybe compensate it because of the leverage that is going to come with FMU, which would be more of a turnaround kind of, let's say, narrative? Hi, Cepeda. It's not a trend. It's just a one-off effect. In the first half, we had consistent cash flow. The second quarter, we explained what happened. We had a number of liability measurement operations, paid interest rate, had new debts. Part of the cash has become IR source, which is going to be compensated in our revenues presentation next year. That's why it was worse than the same period last year. Said that, the company is moving on with its consistent cash flow. We expect a very consistent trajectory similar to last year. We do not see any risks. We do not anticipate any risks. We are confident that we can deleverage the company in an organic fashion, reducing leverage by cash generation, improved results, so that there would be no changes there. In this quarter, specifically, there was a one-off effect. It is a very specific element, and from now on, we are going to resume our evolution as had been the case in the previous quarters. This is quite important to emphasize. Concerning Inspirali, Tiago, if I may, I would like to say that Inspirali is a resilient company, very strong, relevant in all the different areas where it offers medical courses, and results show that. Together with your first question, we are very confident in our organic reduction of deleveraging, and this is why we do not think there is any intention of making these investments, as you suggested. Quite to the opposite. We want our medical schools to be stronger and stronger, delivering more results to Ânima ecosystem, and they will keep on being a very important part of our organic deleveraging, as it had been throughout the years. That is great. Thank you. The next question comes from Lucca Marquezini with Itaú BBA. Thank you for taking our two questions. First, concerning the level of default payments, this is something being observed in retail. Have you been noticing that? Do you still see this impact, especially dropout rate and also default payments? Secondly, build up on cash generation, capital allocation. How is it correlating with dividend sharing and all that? What can you tell us about that? Hi, Lucca. The bad debt provision, I do not think it should be analyzed on a quarterly basis. You will see that it has been decreasing in relation to our revenue, and it is also related with the quality of our accounts receivable. It is everything really under control. I would say that our low-end loss provision is quite okay. So lower low-end loss provision would be enough to deal with our elements. Why do I say that? Because on a constant basis, on a daily basis, we have been observing a share of default payments, which is somewhat lower than the same period last year. This is a very important variable that we have to monitor, and we have been doing that. This half year, we improved our anticipated rate of default. We have been using AI to do that. We have improved our billing strategies, which reduced our billing cost, and as such, we have been obtaining good results. So I would say that in this line, we have been following a consistency in improving the quality of our revenue. Concerning our capital structure, I would like to emphasize once again, we trust our capacity of organic, and we have been delivering it consistently. We will be able to have the acquisition of FMU quite fine, increasing leverage. In addition to capturing synergy and having gains of EBITDA, which will inevitably come from our acquisition of FMU, we will be able to continue our deleveraging strategy, and we are very confident to do so. Said it all, we are very confident on the capital structure of the company and our own organic deleveraging strategy. That is great. Thank you very much. Thank you, Lucca. We have a question from Frederico Valente. Good morning, Átila and Carina. Thank you for taking my question. I would like to know a little more about the anticipated receivables of the company. I can see that in your explanatory notes, you have a discount rate of 1.15% per month, which is above the rate of debentures or other debts that you have, even with that increase in spread with FMU. I would like to understand the rationale of these operations and the difference of rate. The anticipation coming from credit cards is better than other receivables, such as Pravaler. Tell us more about that. Is it seen as that or a separated operation? Thank you. Thank you, Frederico. This is not an operation of debt. All the discounts of receivables are done without any right of regress. So that's cash remaining the company. And the cash of the company is allocated in-house. We can have 102% profitability based on CDI and credit card discounts are done at a lower rate, actually. It does make sense to us as a strategy, and the management of Pravaler with higher rates. But because of some specificities, duration, and they tend to have lower amounts than the total amount billed through credit cards. So we consider the whole mix. And based on the mix, we understand that these operations make sense to the company, to the working capital of the company, and they've been as part of our structure for a while. They are part of our operational cycle for a while, and they are going to remain so. Overall, the mix of rates is interesting to our working capital and cash management strategies. That's great. Thank you very much. If I may ask one more question. What are your plans for more debentures this year, beginning of next year? What are you thinking about that? You see, Frederico, we have a very healthy company. Our rating was reaffirmed by both rating companies. We are maintaining our funding capacity. We've had two operations in the last quarter showing that we can reduce spread and increase maturity. Our company is always paying attention to opportunities to improve the debt profile, bringing down cost and increasing the extended periods. Similar to what we've been doing throughout the years, showing that we can do it quite well in our liability management. Thank you. That's great. Thank you. Thanks, everyone. We are going to close now the Q&A session. Thank you all very much for joining us during this webinar. Our investor relation team is available for any additional questions. Have a great day. See you next time.