Icon on the bottom part of your screen to choose the preferred language, Portuguese or English. For those hearing the conference in English, you have the option to mute the original audio by clicking the button "Mute Original Audio." This teleconference is being recorded and will be available on the website of the company at www.ri.cogna.com.br, where you can find the complete material available for this result disclosure. You can download the presentation also in the chat icon, even in English. During the presentation, all participants will have their microphones disabled, and then we'll have the Q&A session. To ask your question, just click the Q&A icon in the bottom part of your screen and write a question to be in line. When called, you have a request to unmute your mic, so you unmute it and ask your questions. We suggest questions are made all at once. Before going on, we would like to tell that any declarations that may happen during the conference regarding the business perspective of Cogna, future perspectives and goals are the beliefs and premises of the company administration, as well as information Cogna now. Future considerations are not a guarantee of performance involving risks, uncertainties, and premises referring to future events. Therefore, depending on the circumstances that may happen or not, investors and analysts must understand that general conditions of the sector and other operational factors may affect the future results Cogna and may lead to results different materially from those expressed in certain future conditions. Now I'd like to pass on the floor to Mr. Roberto Valério, CEO of Cogna, for his presentation. Please, Mr. Roberto, the floor is yours. Good morning, everyone. Thank you for participating on this conference to discuss Cogna's Results in the Second Quarter of 2025. Here with me, I have Frederico Villa, our Financial Vice President, and Guilherme Mélaga, Director at Vasta. The call will have about 40 minutes of presentation, followed by 20 minutes for the Q&A. I'd like to start emphasizing that we've had one more quarter with wonderful results, this time across the board with the three business units: Kroton, Vasta, Saber, double digits in revenue, EBITDA and cash generation, which makes us very happy. Obviously, each business has a different seasonality, but this quarter was wonderful with all the deals, with a great performance in all the operational indicators. The result in the second quarter of 2025, as well as the first quarter of 2025 in the accumulated view, showed that what we are developing here in Cogna in a consistent way was not aimed only to reach the guidance of 2024. That was one of the challenges for last year. What we are developing here also aims at developing a company able to develop values consistently over the years. I think this second quarter and the first semester show clearly that with all the evolution we are having. Obviously, during the journey of the next quarters and years, we will have wonderful quarters like this one, but also challenging ones because, after all, it is part of the game. However, I have no doubt that the strategic vision we are implementing with all the portfolio and the brands that we have, as the ability of the development of Cogna team is differentiated. I am pretty happy to say that because over the years, we've been showing consistent growth. This is the 17th consecutive quarter that we grow the EBITDA, for example, and I'm pretty sure that the strategic view and the ability of working of the team is quite differentiated on the market. Let's go to the figures in the first slide. I'd like to start emphasizing the net revenue that we grew more than 15%, 15.5% in the second quarter, and they accumulated more than 10%, 10.5% in the accumulated growth in all the BUs, all of them with great performance, even Kroton in the second quarter. Generally, the pair semesters have a seasonality that is less intense, but Kroton also grew 13.5% in the quarter with more than 15% in the semester, like Vasta and Saber, that had wonderful performance in the revenue. In EBITDA, as I said, the three BUs are pushing the results of EBITDA in Cogna. The growth in the quarter was 14.5% and 13.5% in the semester. Our EBITDA margin, despite the second quarter, decreased a little, 0.3%. It is important to analyze the semester because it removes a little of the seasonality, especially in hiring professors and preceptors, that is more focused in the second and the third quarters in Kroton. When we analyze the EBITDA, the recurring EBITDA margin in the semester, we gained 0.8%, showing the ability of the company to keep generating efficiency and leading processes and systems and gaining profitability. From the point of view of net profit, we reached almost BRL 119 million revised with quite an important reversion. We are pretty happy. It's an improvement of BRL 127 million if compared to the BRL 8 million loss that we had in the second quarter of 2024. In the fourth quarter of 2024, we opened the season for consistent net revenue over all the semesters we had in the fourth quarter and the first quarter and now in the second quarter in 2025. Accumulated, we have almost BRL 214 million revised in net profit with more than 7%. Now, talking about cash generation post-CapEx, we reached BRL 297 million, which is 206% more than the second semester of 2024, which shows that our work, not only to grow the revenue and improve the EBITDA, is focused a lot in the ability to receive payments from students and all the work that the Vasta team is doing with the schools, with the improvement of processes and the migration to premium teaching systems that are more resilient, less churn, and more receivables. It shows clearly that 200% growth in GCO shows that the operation is quite well in the accumulated 78% above the first semester of 2024. Now, talking about the free cash flow, that is what Fred likes a lot, is the cash, the free cash flow and net profit. We are very happy reaching BRL 134 million revised in free cash flow in the second semester of 2024. Accumulated, we have BRL 283 million of free cash flow with all the efforts and the results and the operational cash and all the liability and management that we have here. The reduction of net debt of the company is making us pay less, more financial expenses, which goes directly with the free cash flow, which makes us very happy. Now, talking about the net debt in the last 12 months, as we reduced it more than BRL 526 million revised in the second quarter. By the way, in the year, comparing the two, the second quarter, 2024 and 2025, and specifically in this quarter, we reduced the BRL 17 million, but we distributed dividends of BRL 127 million revised. If it were not for that, the net debt would be dropped BRL 137 million if we consider the BRL 17 million that we delivered in net debt. It's a huge ability of generating cash in the company. The leverage reached 1.22x. It's not a point of attention anymore. We basically don't have questions or doubts regarding leverage. We had an important reduction of almost 0.5% return in 2025 and 2024. We reduced compared to the first quarter. It's nice to emphasize that this is the lowest leverage in the six years of the company. Now, going to the next slide to talk about the operational performance of Kroton. We have the first graph emphasizing the growth of intake in the first semester of 2025. The intake in terms of volume grew 0.9%. Remember that what we focus is not the growth in volume, but in revenue, but this 9% of revenue of newcomers generated us in revenue in 17%, which is quite positive because we have a lot of students. It brings not costs, but revenue. Obviously, it's favored by the mix that was more concentrated in presencial onsite courses in Kroton Med. We are quite happy about this item. We had a little increase in the dropout rate, 0.4%, with an improvement in Kroton Med comparing onsite and distance. In the intake, previously, it was stronger in terms of volume. When we grow in volume, you know this effect next semester. We have an impact on the dropout, but it's quite small. I would say that from the point of view of underpayment, we are quite well with controlled non-payment and enrollments growing. No point of attention here regarding the dropout rate. Obviously, we are working on academic engagement so that we improve the number of students. Our student base reached 1.2 million students with a growth of 5.4% if we include the students in pre-university preparatory courses and 7% if we count only the students paying that generate revenue, which is quite nice to say that this is the 16th quarter consecutively that we grow. We are diligent in which we consider students. We didn't have to adjust base. There are no disconnections. They are paying. They are active for the 13th semester. Now, going to the next slide, talking about net revenue, we grow two digits both in the quarter and semester, growing 13% in the second semester of 2025. If we consider the replacement of discounts for inactive students with the renegotiation that we now have in TDD, we have on the same base, and we would then grow 11% of the revenue in the quarter. In the semester, grew 15.8%. If we consider the same thing, we would grow 12.6%, which is quite robust for the revenue. It's an effect of what we talk a lot, and it's important that the newcomers bring a reset and the old ones have engagement financially so that the base and the average tickets grow so that we can evolve the revenue. I think the last point here is the average ticket of the base that had 6.5% compared to the first semester. I think it's important to emphasize the growth onsite and distance learning with the two effects. This is what we are doing for our students, especially, as I mentioned in the previous slide, we have a mix with a lifetime value that is a little greater, and it's helping the average ticket. Now, going to the next slide, we have the gross profit growing 13.6% in the semester 2017. Even with gains in the gross margin, we gain, let's say, we are stable 0.2% in the quarter, but in this semester specifically, because this is the way we like to see, we grew 0.8%. If we see the third column, the third graph, we see that we lost a little. We are basically stable in the margin of Kroton Med, 0.1%, but we gained on presencial onsite due to the average ticket and the greater percentage of students in greater LTV courses. In DL, we gain, so it made Kroton gain 0.8% of gross margin. Therefore, a lot of efficiency here. Now, going to the next slide of costs and expenses, I think here we are presenting the two views of the quarter and the semester with corporate expenses with an increase of 0.8% due to the update of social and precedence payments due to the long-term program. When we analyze the semester that is in the next slide, you see that the corporate expenses are stable. We had only this difference in the second quarter of 2025. The PDA, despite showing the growth of 10.4%-1 2.6%, we have to remember the reclassification. It is in the previous method, the 10.4% and 12.6% in the current method. If we were in the same base, especially with our lease that we have a table explaining that, the PDA would be stable. No point of attention here. This increase of 2.2% is due to the change of the discounts for inactive students. Operational loss, then we have some effects like replacing some teams of Kroton working only for Kroton. I'll give an example like Martech team that would work intensively for Ironwear brand, and now they are working in all Cogna business. This is just an example of replacement leaving Kroton and going to the corporate with some projects also related to the consolidation of the academic RP. Also, we have gained on efficiency processes, investment in AI that we are talking a lot here. Now, going to the next slide, that is the cost and expenses of the semester. Basically, the same explanations are valid. Here, you can see clearly that we gained 1.3% in efficiency. Where does it come? The PDA is stable 2.6% here in this graph, but stable if we consider the same basis. We gain efficiency in operational expenses and marketing as well, showing what we have seen before that we are searching for efficiency, concentrating more on the marketing expenses is where seasonality is more favorable. We are also able to improve our conversion rate, which doesn't demand so many investments in market to do that in funnel. The total cost also dropped. That is 0.8% that I mentioned in the previous slides. In general, Kroton is quite efficient with this 1.3% of gain that I mentioned. The last slide of Kroton now talks about the recurring EBITDA and EBITDA margin. The quarter specifically had a reduction in EBITDA margin of 2.1%. Obviously, this is pressured by the reversion that we had of BRL 35 million in the second quarter of 2024 related to the S system. We did that in the second quarter of 2024, which pressured a little. That's why in the quarter we are losing 1.1% in margin. It's important that in the semester we don't have this effect. We see clearly that the Kroton semester was good, and we are gaining 0.8% due to the efficiency that I emphasized. With that, now I pass on the floor to Guilherme Mélaga so that he comments on Vasta. Thank you, Roberto. I'll start in slide 12 with the operational performance in the B2B of the summer. That is the unit providing services to schools. I start with the graph on the left, that we had a growth of 4% in the system with 1.49 million students. The segment of complementary, that is the set of bilingual material and so on, we grew 16.8% in student body, reaching 564,000 students. In the complementary and the penetration that we are getting in schools that we already have, Kroton content is good. When we translate in the number of schools, on the right, we can see 5,000 schools, 5,025 schools in the second 2025, and in complementary, 2,149 schools. It's quite a robust growth, and the emphasis is complementary with 24.8% growth. Also the start unit, that is of franchising, we have seven under operation. The flagships in San Jose, the Rio Preto, and Pasteur in São Paulo. We grew 30 contracts compared to 2024, considering the second quarter. Now we have five signed contracts in start units. Now going to slide 13 to mention the revenue in the quarter, we grew 21.8%, reaching BRL 358 million. The highlight is the conversion into revenue of our subscription contracts, reaching BRL 320 million, with a growth of 14.7%. When we analyze the cycle, that is, in fact, the proper way of seeing the business performance, we reach maturity in the cycle. We only have the next semester for the cycle when it's seasonally lower. We have a good idea of the growth that we had in the revenue. We reached BRL 1.487 billion revenue with a growth of 13.7%. In subscription, we reached BRL 1.340 billion with a growth of 16%. The expectation is that the expectation of the cycle is closer to what we are performing so far. Now the non-subscription segment that we had a growth of 11%, that is a reflex of our operation business in the schools and flagships that I mentioned. We now have a more significant volume of payments here, which represents a growth comparing year over year, reaching almost BRL 98 million. I also emphasize the B2G segment that we reached BRL 50 million here in the cycle. Remember that this number is only the first semester. In the contract of Pará, when we compare to the cycle last year, we would have the contract in Pará with BRL 69 million. The good news in B2G is that we have, beside the contract in the first semester in Pará, BRL 15 million of revenue of new contracts. We are now dealing with a municipality. It's a segment that is growing and gaining capillarity and expectation for the second semester, quite positive. When we go to the expenses in slide 14, I'll be brief here because I want to emphasize the expenses of the cycle so far. I emphasize the total growth of expenses with the growth of 16.1% compared to a revenue that grew 21.8%. You can see the result on the right with a growth of 3.6% of margin in the quarter. Our growing volume is above the cost growth, which makes us increase our margin here in the business. Now, let me talk about costs in slide 15, costs and expenses, which is more clear. I'll focus on the table on the right. We can see here all the efforts that we've been making to reduce costs and efficiency. I'll emphasize the PDA that we are 1% lower than last year, reflecting not only the good practices of charging, but also our movement for the premium segment, working with schools of better quality of credit. Operational expenses, we reduced at 1.5%. This is a continuous search of efficiency for us to be more and more efficient with new technology so that we, in fact, can invest in marketing and sales to ensure our growth. Here you can see 0.6% of growth, which is a reflex of investment for our growth and the benefit of this growth that is seen in the fourth quarter when we start having the new contracts. Let's go to the EBITDA in slide 16. The EBITDA of the quarter is BRL 40.5 million with a growth of 31%. It's a weak semester compared to the previous semesters. It is important in the growth we are reaching the growth of 26%. Despite the investments with the growth, we see the margin of more than three points, reaching BRL 40.5 million, 80% in the EBITDA previous year. When we analyze the cycle, we see BRL 458 million of EBITDA, the greatest one so far, with a growth of 10% compared to the previous semester. We reached 30.8% of margin. This margin we hope to grow with the growth in the fourth quarter, making the company grow not only in absolute values of EBITDA, but also in margin. Now I pass on the floor to Fred to talk about Saber. Thank you, Mélaga. I'll start my presentation with Saber. Just to remind you, we have the business of the PDA Solutions for Governo Red Baloon Fundos. We had a growth in net revenue in the third quarter of 13.6%, reaching the net revenue of about BRL 84 million. I have to mention that until the second quarter of 2024, we had a business of sets that we sold last year. It's not comparable to this business. In the second quarter of 2024, it represented BRL 10.2 million in our revenue. The highlight here are the other solutions for government and a product that we have in Acerta Brasil, with a growth of 82%, reaching BRL 48 million. From the left to the right, talking about the semester, we had in the semester a revenue of BRL 217 million. The highlight is positive in revenue, also with the solutions for government and others, with a 57% growth, reaching BRL 85.7 million- BRL 134.7 million. The negative aspect here that is mainly in the PDA is seasonal. I have the seasonality of the program of purchase and repurchase. Remember that the year 2025 is the year for purchase of high school and elementary school one and two. This is the year that we mentioned to grow the revenue, but with a neutral EBITDA comparing one year to the other. Now, leaving the revenue and going to EBITDA of Saber, the recurring EBITDA and the EBITDA margin, you see that in the third quarter we reached an EBITDA of BRL 2.4 million, with an expansion and growth of 124%. In the same period, the last year we had a negative EBITDA of about BRL 10 million, with a growth in margin of 2.4%. Last year, a negative margin. Here, when we look to the right to the semester, we had a growth in EBITDA of 36%, reaching BRL 51 million, and we had a margin of 23.5%, with a growth of margin of about 9.4%. With that, I finish the presentation of Saber, and I start the last part of the presentation showing the numbers of Cogna as a whole consolidated. In slide 21, I start the presentation talking about the quarter. In the quarter, we grew the net revenue in 15.5%, reaching BRL 1.6646 billion. We grew in the three business units. We had the group of Kroton, 21.8% in Vasta, and 14.6% in Saber. As we had the first quarter that was quite strong, we had a growth of 10.5% of revenue, reaching a revenue of BRL 3.202 billion. In the next slide, slide 22, leaving the revenue and talking to the EBITDA, we had a growth in EBITDA according to the second quarter of 2024- 2025 of 14.4%. We reached here in the semester a growth in EBITDA of 13.4%, reaching BRL 1.8 billion, with an expansion in margin of 0.8%, showing the strength of our businesses. We grew in revenue, in EBITDA, in all the three businesses. Here in the consolidated, it only shows the whole situation. In slide 23, in the end of last year, we presented a net profit that last year in 2024, we had an effect of reversion of contingencies that helped our net profit. We had a net profit x reversion in the fourth quarter of 2024. We had a net profit of about BRL 95 million here, BRL 96 million in the first quarter of 2025. Now in this quarter, we had a net profit of BRL 119 million. We have a margin of 7.1%. If compared to the same period last year, it was negative in about 0.6%. In the semester, we have a net profit here in BRL 215 million, with a growth of more than 1,000% compared to the same period in the previous year. It, in fact, is something that we launched in the fourth quarter last year with this virtual cycle. This virtual cycle of net profit is now in the next slide to talk about the cash generation for the company. Since 2024, we were talking about the cash generation, the operational and the free cash, and the cash after CapEx, and the free cash, and the generation of operational cash after CapEx, and that service. All the profit, the interest that we paid the debts. Last year, we finished the operational cash generation with BRL 1.044 billion, reaching the guidance of BRL 1 billion. The free cash generation last year was BRL 395 million in the year. In the quarter, we have BRL 297 million and a growth in the quarter of 206%. The free cash in the second quarter of 2025 reached BRL 135 million. Remember that last year, the free cash generation was negative. Now talking about the quarter, as we also generated positively, both operational and free in the first quarter of 2025, our semester delivered an operational cash generation of BRL 547 million with a growth of 78% and a free cash generation of BRL 284 million. In the first semester of 2025, our free cash generation was BRL 95 million negative. It shows that the company is on the right pathway, growing revenue in all units, EBITDA. No underpayments are under control when everything is under control. I'm sorry, I got lost in the slide. Now going to slide 25, talking about the position of cash and debt at the end of the second semester of the quarter of 2025. We have a position in the gross debt of BRL 307 million and availability of BRL 944 million and activity of BRL 2.697 billion. Our agenda of amortization, you have to remember that in 2026, we only have one amortization of about BRL 500 million in Cogna 2019. It's not a point of concern to us in the company. We are here still working in one more operation of liability management to reduce our costs of capital, not to have this indebtedness for the first quarter of 2026. Now going to the last slide, slide 26, in the company in the second quarter of 2024, we had the leverage on EBITDA of the last 20 months of 1.16 times. Here we reached 1.22x with a reduction of 0.257x in the EBITDA and the leverage of this year in the company. Additionally, we also reduced the net debt compared to the last quarter and the first one in 2025. Remember that in the first semester of 2025, besides reducing the net debt, we also have a back of the payment of dividends of BRL 121 million. With that, I finish my presentation of Cogna and the leverage of the company and pass on the floor to Roberto again. Thank you, Fred. Going to the next slide, when we talk about the six pillars, we talk specifically about growth. It's clear the growth in double digits in the unit business in the second quarter. We are quite optimistic to the year, analyzing all the businesses, the titles that are positive in onsite and distance learning. Kroton in the first semester, it was good, and the intake was good. We have everything to have a wonderful year in Kroton. Vasta as well, progressing a lot in the ACV cycle for 2026. The team is thrilled, growing. The start, the Mélaga mentioned that we have 30 contracts more than last year, so 50 contracts. Solutions also complementary, progressing well. The next growth line, especially in Saber and PDA, we are having contracts. We had some discussions last week, some news saying that the government wouldn't buy the books. I see that as speculation. We are receiving the contracts for repurchase of 2021 and 2022. We have a perspective of having obviously high school now with the fourth quarter. Everything progressing, and important parts of our growth progressing with, as Fred mentioned, EBITDA is stable and solutions for Vasta and Saber. We have serving to the city halls and the state government with discussions and processes in the pipeline. We are quite optimistic in this front. From the point of view of growth, we are okay for 2025. Obviously, the greatest question mark on the market is the impact of the regulatory framework for higher education. We reinforce the point that we see positively the clear criteria, the interpretations less spread, making all teaching institutions working similarly, which is easier for the student to choose, I'm sorry. I understand the needs of onsite education increase the costs, but we know how to operate semi-presential. This is our origin. Our polls are quite experienced, most of them with more than 20 years of experience with us. It's more cost, but we understand that the price repass. We gave an estimate to the market saying that we have an estimate of BRL 105 for DL. It should be BRL 150. We understand that this repassing price increase won't prevent us from growing as well as in presencial onsite education. That is a growth estimated per student, but students pay BRL 800, so we don't believe it's a big problem. We need to live with this adjustment, but everything going well when the cycle of intake is good. Analyzing the growth, we are quite optimistic. From the point of view of experience, we keep growing in all senses in experience of clients, students, and clients like schools and governments. I emphasize two awards we had this semester, [Mass 25] in best companies for client satisfaction and [Mass customer 25] as well, specifically for the use of AI. We are investing a lot as well. It's us talking about us, but it's the market acknowledging our progress from the point of view of efficiency. It is in the culture of the company. We've been progressing, especially in engagement and re-enrollment in Kroton with all the performance of ACV higher that is developed and delivered by Vasta and also advancing in B2G in Saber. You can see that in the margins that we are showing in our businesses. We have a lot ahead of us, and we understand we still have opportunities to gain on efficiency in people and culture. We are investing a lot in improving and having the best talents and creating an environment for them to develop. I emphasize here the awards of Great Place to Work that we've been receiving every year in Cogna and Somos and Vasta and emphasize specifically two awards that we received in 2025. That is the Great Place to Work from the point of view of diversity in two categories, both to women and in ethnics and race. It reinforces the importance we give to diversity. In innovation, we keep going on in Cogna Webs, and we are responsible for corporate building. We are working intensively close to the DUs with new projects, progressing, starting and progressing. In terms of innovation, it is present. We are quite optimistic with what we can develop over the years. To finish, from the point of view of ESG, for the third year consecutively, we are in the sustainability portfolio of B3 in ISE. We recently presented an integrated report that is quite complete for the first time being independently audited by KPMG with a complete material that you can know a lot about Cogna. If you can read the material, you have a lot of information. With that, I finish by saying that we are pretty happy with the second quarter, thrilled with what is about to come, positive perspective. The team is quite optimistic. We have a lot of work, but obviously, we are quite thrilled. With that, I finish the presentations, and now we go to the Q&A session. We'll now start the Q&A session. Remember that to ask your questions, you must click the Q&A icon in the bottom part of your screen and write your questions to be in line. When called, you have a request to unmute your mic, and then you unmute your mic and ask your questions. We ask you to ask all questions at once. Now let's go to the first question from [Luca Marchesini], Sell-side Analyst from Itaú. We'll open your audio so that you make your questions. Luca, please, you may go on. Good morning, everyone. Thank you. I have two questions here. First, you can update the intake for the third quarter so far, especially considering this transition period that finishes in August and the impact of that. If it is speeding up the new enrollments, if the company is more promotional facing that, I mean, if you can give a glimpse on intake considering this transition period, it helps. The second point regarding the medicine ticket that was stable annually, obviously, with the impact of [Fies] calendar. If we excluded this effect, and if you could comment on how it evolved comparing the years and a little bit of the competition scenario in medicine, if you feel any resistance in price readjustments, it will help us. Thank you. Luca, thank you for the questions. I'll answer, but then, Fred, if you have anything to mention, please complement. From the point of view of intake, Luca, we are, let's say, optimistic because intake is good. It's growing a lot, presential and DL and semi. Somehow, it is surprising to us. I don't know if it was a repressed demand due to all the discussions of the regulatory framework that made students move later for the enrollment. I cannot say if it's structural. The intake is growing, and we gained efficiency from the point of view of funnel with a lot of changes that we had in the process of converting leads, and it is helping us improve the growth. We see a growing intake and understand this is part of the market. We are benefiting from this market and maybe evolving a little more due to this conversion. Regarding the transition period, I don't know if you have access to this information, but recently, I guess on Tuesday, the Ministry of Education launched a note saying that the transition period, due to some systemic adjustments they have to do, is extended to the first two weeks of September. We don't know exactly if there is a specific date. We had the 19th as the onset of the new framework, but due to the systems and adjustments, it extended. Maybe we'll gain 15 days, 20 days, maybe 30 days of intake so that we can progress more and get closer to the transition happening in the cycle of 26.1, which would be positive for us not to get a drop in the beginning. Many players had some discounts considering this window of debate. We followed some offers. I emphasize the point of the strategy not being focused on the volume, but in the intake period. We are following some prices, but we are focused on making this cycle have more revenue than necessarily the amount of volume, the volume of students compared to last year. I think I answered all the points. The second question about the dynamic of the average ticket in medicine. I'll consider here, and thank you for your question. The average ticket in medicine has a dynamic with more consolidated schools. It can be possible to repass inflation better and less consolidated ones only for old students and for new students. In fact, the ticket is stable regardless of the place. Thank you for your answers. The next question is from Marcelo Santos, Sell-side Analyst from JP Morgan. Marcelo, you may go on. Good morning, everyone. Thank you for considering my questions. You are talking about leverage and reverting UCES as a healthy goal Cogna and what to do when you reach this goal and how is the M&A mind now that we are reaching this leverage. Thank you. These are my questions. Marcelo, thank you for your question. From the point of view of allocating the capital, our mindset is the same. We are focusing primarily on using the cash to reduce the debt, therefore having less financial debt. Obviously, one or other strategic M&A, a lower one, we may work. We are, in fact, analyzing some small things, nothing to consume our cash. I'll let Fred talk more. We also discuss how to return part of this capital to the shareholders. We distributed dividends in May, but we are also discussing potentially using other instruments to give back the money to the shareholders. From the point of view of mindset, this is what we have. Spending less in financial expenses is the primary intention, Fred. Additionally, and basically, Fred said everything, but the leverage for the future, Marcelo, how we analyze that? We have this leverage of 1.22x, and we understand that without guidance, this leverage should be closer to one time for the year of 2026 and 2027. Later on, for the structure of the company starting in 2027, I reduced the amortization and I can have a new leverage. Thank you. Our next question is from Mirela Oliveira, Sell-side Analyst of Bank of America. Mirela, please, you may go on. The next question comes from Eduardo Resende, Sell-side Analyst of UBS. Eduardo, please, the floor is yours. Good morning, Roberto, Fred, Jamil. We have two questions here. The first is regarding a DL regulation. You mentioned the deadline for the restriction of transition was extended. I'd like to understand what is the greatest concern in the very short term considering the intake for the beginning of next year? What are the main operational adjustments to be carried out in your operation? If you can give an idea of that, it would be interesting to us. The second question is about the B2G revenue in Vasta. I'd like to understand your mindset on what to expect for the second semester, what to expect for the year in this sense. Thank you. Thank you for the questions, Eduardo. From the point of view of the very short term, we had good news of extending the term, which allows us to deal with the intake in the current modality. More important than extending the deadline, considering we have to face the transition, is to improve this movement of growth in the intake. Obviously, there is a change. We have to change it in the website and explain the new model that was DL, now it's semi. It can bring disruption. To us, it's better not to have changes in the middle of the cycle. It's better when we close one cycle and start the other one. Despite the deadline being extended, although we don't know the future date, we need to wait for the information of the ministry. This is positive. I think what is still missing on the ordinance is to be clear on how we have to carry out the transition in nursing, but it will be for 2026.1. It's not in the very short term. We have time for this transition. In the B2G, I guess Mélaga can comment on that. Thank you, Eduardo. Now let me talk about the B2G here. The perspectives of B2G are quite positive. Looking at the cycle so far, we can see BRL 5 million of revenue in B2G, and this is the first semester and the first contract that we have to compare. In the first semester, we acknowledge BRL 50 million. The novelty is BRL 15 million acknowledged in new contracts. In fact, we increase the capillarity of the business. We reduce the dependence of the business on big contracts. We keep prospecting new contracts in states, and retail gets stronger as well. Looking at the next semester and the future performance, our expectation is to grow in the cities. We have BRL 15 million. We can grow more. The fourth quarter is the one where, in fact, there is the supply for 2026. You may expect a more significant acknowledgement of revenue in the fourth quarter. That would be for the classes in 2026, but still depending on new contracts to be signed over these last next six months. The perspective is quite favorable. Just to complement Eduardo, because you asked about the short-term concerns, I reinforced the point that we understand this change in the regulation for the big players, and we are obviously included. This is positive. Obviously, we have a change of cost. We cannot deny that. We have increasing costs, but the regulatory changes will remove small players that in general have no differential, no capillarity. They decrease the prices, and they pressure the average ticket in intake. These players are lower participation on the process. Maybe without them, we can grow more, just to emphasize this aspect here. Okay, perfect. It's quite clear. Thank you very much. Have a nice day. The next question is from Mirela Oliveira, Sell-side A nalyst from Bank of America. Mirela, please, you may go on. Good morning, everyone. Can you hear me now? Yes, yes, we can hear you. Thank you. We had a connection problem, but thank you for the space for questions. I have two questions here. In the first semester, the company showed the cash generation that is quite strong, reflecting all the changes that you faced over the years. In the second semester, we should start seeing, at least in the fourth quarter, the impact of the new regulation, especially in competition. I'd like to know if you expect a decrease in the cash generation of the company from now on in the second semester, or even if you have some visibility, if you can comment for the next year, how to deal with the changes. The second question, more operational, you briefly mentioned on the dropout rate in the second semester that is somehow greater than last year. It calls attention that this movement is with the company delivering an average ticket with improvement in the mix of students. We would like to understand if there is an effect that you believe is more specific or if it's a trend that we should pay attention to in the next quarters. Hi, Mirela, Fred here. The first question about the operational cash generation, I'll talk about it and the free cash generation because this is how we manage business in the company. The point that you mentioned is that we expect a deceleration. No, but I would like to explain why. This is the why and the beauty of the business. Our strength point for the second semester is the P&LD. We have a growth of revenue and a strong cash generation for the second semester. Additionally, I have Vasta that also has business with diversity and governmental business. We also have expectation of cash generation for the second semester. We don't foresee today, considering where we are in the cycle of intake in the short term in Kroton, any deceleration for the second semester. Additionally, I'd like to emphasize in the free cash generation that the company is in the leverage. If you analyze the financial results, we have accrual minus interest of the previous years or semesters. We can see that keeping the interest rate and salient 15%, we should have a second semester quite similar to what we have regarding the free cash generation, quite similarly to what we had in the first quarter of 2025. Just to complement in the cash generation, our understanding, analyzing specifically Kroton with the new regulatory framework, we have a change in the intake and some costs in DL go to the same presencial. I understand that this change from the point of view of competition is quite favorable. It removes a lot of players that reduce prices because they are 100% online and they won't be on the market when it's semi-presential because they have no poll, no classrooms, no libraries, no labs. They have no infrastructure. We see no reason to believe that the cash generation in absolute terms will be reduced due to the change from DL to the semi. Just to give you an idea, obviously, the semi-presential model from the point of view of percentage has a lower margin, but the absolute contribution is lower. In fact, I believe that the competition will drop drastically. I remember in 2017 when there was a change in regulation in some cities, we were competing with two or three competitors, and then we would have 10, 12, and the 10, 12 keep not having structured polls. They need to leave competition. We'll again have the three or four with infrastructure. The competition from the point of view of price will reduce. The average tickets will move and should eventually have a positive result from the point of view of students. This is a view we have to live with, and we have to live to see what will happen. Regarding our question of dropout of new students, dropouts, I mean, I was responding to a question. It is the impact of a greater number of students, new students. When we analyze P&LD, we see that presencial had a little increase in dropout, 0.2%, DL with a slight increase, and then presencial was more dropped from the point of view of new students in the last cycle, especially the last two ones in intake. When we have more volume of new students, the trend is that then we'll have a little more turn, but nothing to be concerning, point of attention, nothing out of the regular work for us. We are working in structured projects as we always do. There is no point of attention in terms of engagement or increase of non-payment. Thank you very much. Our next question is from [Hennah Prates], Sell-side Analyst of Citi. [Hennah], you may go on. Okay. Good morning, everyone. Briefly, two follow-ups. The first one in P&LD that Valério mentioned, they are receiving the contracts, and I would like to understand that according to the news we see and the manifestation was that they were receiving Portuguese, mathematics, and it was missing sciences books. I would like to know if the new contracts involve that or if it's only Portuguese and mathematics, first question. The second one in P&LD about the company budget, if you foresee any delays in the purchase for a high school in the third quarter, if the government will pay that this year. That's it. Thank you. Hennah, thank you for the question. Fred, if you want to complement. In fact, [Hennah], the orders were delayed. When the association talks about the delays, it is because it's concrete, it's real. According to the agenda expected, the contracts were quite delayed, and we are receiving the last days, the last weeks. This is the first point. Even conceptually, thinking conceptually, it's quite difficult for the government not to purchase books to schools for funding one and two, especially in this electoral context. I personally do not. Event will happen, despite one delay here and there. That's why we were paying attention, but believing that the call for bid that was even signed in the past. Those who won the call, they have contracts, and the government has to pay for that. If we have delays for logistics or something, it's not good for us. As I said, contracts are being paid. One thing that, in fact, didn't come is sciences, but the rest are regular. Now regarding high school. In high school, in our budget for the fourth quarter, we have some budget, and we have a part that we'll be receiving in the first quarter. It's common, and we work with this scenario. Okay. Perfect. Thank you very much. The next question is from Lucas Nagano, Sell-s ide Analyst of Morgan Stanley. Lucas, please, the floor is yours. Hello, everyone. Thank you for the space. We also have two questions. The first about the partner polls. How is the environment regarding that and the new regulation? We saw the news of the government closing polls in March, so how can it impact the economic viability if we have a conformity environment with the adjustments or if there is some rationalization? The second one about Acerta Brasil, because the same way in B2G is consolidated as a leverage to Vasta. How do you see a potential market and the focus of management regarding this solution? Thank you. Hi, Lucas. I'll answer about the polls and Fred responds about Acerta Brasil. I can tell you for sure that our polls regarding the regulatory changes are quite thrilled. Despite it sounds strange to you, I can explain it easily. The new regulation came in 2017 with a lot of effort and resources offered to the polls. I don't know if I can say, I can say frustration because our essence, our origin, is semi-presential. The polls have infrastructure, and the great majority of our polls bringing the 80/20 in the intake, are polls that evolved from individual polls to economic groups with a big amount of polls with infrastructure offset. To them, the change in 100% distance learning to semi-presential is a great push-up. It's helping us in this aspect that we are speeding up the enrollment of distance learning and semi-presential because the polls are thrilled because they are structured with labs, with all the structure. For years, they're facing that port of sale with no infrastructure and lower prices. That was the history so far. It's quite difficult to compete. They understand they have competitive differentials to keep growing. I reaffirm here that our polls are quite thrilled. Regarding Acerta Brasil, Fred, Lucas, thank you for a question. Regarding Acerta Brasil, in Saber, we are consolidating that as a growth of the company. The reason for our ability to distribute and to intake schools and students and governments and states to sell the products, and secondly, due to the quality of our product. Here, analyzing year with year, we are growing double digits, and there's nothing in the future to tell us that it's different from what we've seen. Just to give you some idea, this product of portfolio, go-to-market B2G, this is something that we analyze closely here. Flavia, that is the leader in Saber, Mélaga, leader of Vasta, Fred, and I, and other executives, they are in meetings every two weeks to check the initiatives and points of improvement because we understand that B2G is an important path of growth to our operation as a whole. We have Mélaga identification to make that business grow. Thank you. The Q&A session is over. We would like to pass on the floor to the final considerations of the company. I thank once again you all for following our result call. I congratulate all the Cogna team, our 24,000 employees working nonstop for us to reach our goals. Let's keep up the good work. We still have a lot ahead of us. I reinforce the RI team is available to clear any doubts the investors might have. Feel free to get in contact. Thank you and see you next quarter. The result teleconference regarding the second quarter 2025 of Cogna is over. The Department of Relations with Investors is available to answer the other questions you might have. Thank you all participants. Have a nice evening.