Company's website ri.cogna.com.br, where the complete materials for our earnings release are also available. You can also download the presentation using the chat icon, including the English version. During the company's presentation, all participants' microphones will be muted. Afterward, we will begin the question-and-answer session. To ask a question, click the Q&A icon at the bottom part of your Zoom screen and type your question to join the queue. When your name is called, a prompt to enable your microphone will appear on the screen, so you must then enable your microphone to ask your question. We ask that all questions be asked at once. Before proceeding, we would like to clarify that any statements made during the conference call regarding Cogna's business outlook, projections, and operational and financial goals constitute the beliefs and assumptions of the company's management, as well as information currently available to Cogna. Forward-looking statements are not guarantees of performance and involve risks and uncertainties, and assumptions as they refer to future events, and therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions, and other operational factors may affect Cogna's future and may lead to results that differ materially from those expressed in such forward-looking statements. I would like now to turn the floor over to Mr. Roberto Valério, CEO of Cogna, who will begin the presentation. Please, Mr. Roberto, you may proceed. Good morning. Good morning, everyone. I'd like to thank you all for joining the conference call to discuss our first quarter 2026 results. Joining me on this call, Frederico Villa, our Chief Financial Officer, Guilherme Mélega, our Vice President of K12 Education, Jeferson Ortiz, our Vice President of Higher Education, and Rodrigo Cavalcanti as well. This call is expected different from the last call. We have some introductions from the market, and we will do it a little bit different. It will last about one hour, composed of 20 minutes of presentation and 40 minutes for Q&A. Therefore, you have more opportunities to ask your questions, and then we can have a fire chat. So be welcome. I would like to begin highlighting that this semester, this quarter of 2026, was very good results, very positive results with the two BUs really growing. Obviously, we'd highlight the BU of Basic Education, which is growing along all its business lines. The B2B and B2G. But reinforcing, and I always like to say that this quarter is a very good example that shows the quality of our strategy to act in a very diverse segment, not only with higher education but also in basic education and the diversification of the portfolio within all these different segments. And no doubt, the quality of its execution since we began the turnaround of the company in 2021. So I believe that the whole market recognized. The consistency of our deliveries in some quarters, one BU performing a little bit better than the others. We have the seasonality of all the different businesses, but showing a very strong strength. Last year, the higher education was very good, and this quarter and obviously the second quarter, the basic education performing really well. The composition made the company to grow at a very high rate. So talking a little bit about the financial highlights. Our net revenue grew almost 18%, boosted by the basic education. And the semester is a little even stronger. We grew almost 25% year-over-year. The EBITDA is growing 6.8% on the quarter and almost 14% on the semester. I like to highlight the semester because in the business of higher education, the semester brings a neutrality that may be not a big difference between semester, including the enrollment. I also highlight the margin pressures in relation to the new regulatory framework. We would have a big pressure on the margins, and that wouldn't mean the reduction of growth in EBITDA and generation of cash because we replace EAD with a percent margin with Insight and hybrid courses that have a higher percent margin. But the growth is steady, and this is very clear, even though we are losing three points in the margin in the quarter and 2.7 in the semester. The EBITDA, both for the higher education and also Cogna as a whole, keeps growing in the semester almost 15%. In relation of the free cash flow, we are considering the free cash flow with almost 88% of growth. We generated free cash flow of BRL 504 million. As a reference, last year, the whole entire year, we generated BRL 716 million. In the first semester, we reached BRL 4 million, which is a very important growth. And the net profit also, 23 in the quarter and 35% in the semester. Once again, this quarter was a quarter of reducing debts. We reduced it to BRL 21 million in debt. I will explore this a little bit more in the specific slide that we talk about capital allocation and what we are thinking and what we've been executing in a very constant fashion in terms of capital allocation. Moving to the next slide, the one that talks about the revenues. I believe that this is very clear, the diversity of our business, and I would like to highlight the growth of basic education. You see that we are growing 50% in the quarter and 60% in the semester. And for those who had the opportunity to read our report, you see that all lines are growing. If we get basic education and segmented B2B and B2G, within B2B, the subscription grew 22% in the quarter and 18% in the semester. The non-subscription, in refer to the textbooks, 33% in the semester and 17% in the semester. As much as our language, that we have Red Balloon and others that have important growth, growing 31% in the quarter and 20% in the semester, meaning that the lines of B2B growing in a very strong way and steady way. I know that B2G, the solutions for the government, had an extraordinary growth in the semester. But I would like to highlight that was not only due to the B2G that we grew strongly the revenue in the basic education, our lines and our products, B2B, meeting the demand to schools, partners, and franchises, and growing very steadily. And talking about basic education, one important highlight, the PNLD growing 450%. It's important to highlight the three things. There is a displacement in the revenue from the PNLD that generally is in the fourth quarter and the first semester, and everybody knows and had this information. There was a displacement on the revenue to the first and the second quarters. This is one of the reasons of the PNLD growing so much. It is important to highlight as well that the program of mid education, it was bigger than the initial expectation. That is why we had more revenue. The company achieved eight points of market share. We moved from 22% in the last program to 30% in the textbooks. The program was much bigger, and we achieved more market share. Also, there was a displacement for the second cycle, and that benefit the results for the second semester on PNLD, but a stronger result, even without the displacement. In the B2G, our line of solutions are specific solutions with the Secretariat of Education and in the states and municipalities, we follow the growth, 45% of the growth in the quarter and 35% in the semester. It is a line of business that not too far away, less than BRL 41 million of revenue four years ago and last year. The revenue was BRL 400 million, and we still have a lot of opportunities to grow. Speaking briefly about the higher education, it grew 6.3% in the quarter and more in the semester. Our business B2C is 6.3% and 8.5% in the semester. There was a transitional moment and the change of the regulation with the change in the profile of more on-site than a hybrid, but we are continuous growing in a consistent way. As I say, I like to look at the semester because it is more stable and a growth of 8.5% on the revenue. Moving to the next slide, I am talking about EBITDA and margin. It would not be different, like stronger education. A strong growth in the basic education brings results in the EBITDA of the basic education growing, 62.7% in the quarter and 6.5% in the semester. We have an expansion in the margin. We are achieving a better margin. It is important to remind you that the PNLD has less mean growth than the B2B. It ends up pulling our margin a little bit downwards. Even with concentrated growth on the PNLD, our margin grew and shows the quality of the basic education in terms of portfolio and also services offered to our clients. Basic education, actually, higher education, the EBITDA grew a little bit less, but 1.8% in the quarter and 2.5% in the semester. We are losing margin, as we have mentioned, due to the mix. However, we understand that this is a transitional moment, and it is natural that it occurs. We are continually looking at a growth in terms of nominal and absolute, both in the revenue and EBITDA looking ahead. When we move to the net profit, we grew 18% in the quarter and 23% in the semester. I think that the highlight here is due to the operational results. Very. Financial discipline and talking about the GCL, it is a highlight in a company like our capacity of making important investments that we have been investing in CapEx and making our investments both in expansion and also related to technology use. Following these investments, we are still growing with the GCL. The leverage, we got to 1.63 in EBITDA, and I would like to highlight that it is the smallest leverage since 2017. It did not fall more because we had other levels that we are going to explore, and then I can clarify some of your questions. Otherwise, the leverage would have fallen even more. On the chart, the yellow line, you see the mean cost of the debt. There was an increase of the mean cost. In the second quarter, we have the incorporation of the EdBank, that we have credit lines that are more expensive than the Cogna average. We understand that there is mean cost. This is going to reflect on the numbers. Moving to the last slide before the questions and answers and talking about the allocation of capital. It is noticeable, and we have been talking for the past three, four years, that our priorities in terms of capital allocation are financial expenses, the reduction of financial expenses, and the reduction of debts. In our case of basic education, reducing the withdrawn that has a risk above our mean average. The risk is BRL 36.7 million, and we have the responsibility to reduce our expenses in the line and also the reduction of the net debt to 21.8. Fully aligned with everything that we have been saying, looking to reduce the debts, not only through leverage, since we have this optimum leverage, but to reduce the financial expenses, which is quite heavy due to the interest rate in the market. We did it, but we are still giving good return to our shareholders. We pay BRL 28.5 million in dividends, adding to the BRL 120 million paid in February, and distributed BRL 148 million in dividends to our shareholders. As we always say, strategic M&As are part of our strategy. Last year, we had an acquisition of a medical school at a cost per seat, very positive. Around BRL 750 million, and we bought an EdTech to strengthen our other business, Instituto Mauá, and many other clients. Now in this quarter, we had the acquisition. We were already investors in the EdBank. We had 43% of the startup, and now we bought 47% for BRL 46 million. You see that this is important and well-balanced capital allocation, looking for the reduction of financial expenses. But we have small and important strategy acquisitions that are important to generate value. The same thing that we did when we created our B2G business. It began small, and now it is quite important. The same thing for Estudantes. Now we have 70 contracts celebrated with schools already working. We move on with this vision of balancing capital allocation, but without giving up the future of the company. Having said that, I would now want to pass on to Q&A, and as you request, we left more room for questions and clarified questions that you may have. Now we will begin the Q&A session, reminding you that to ask your questions, you should click on the Q&A at the bottom bar of the Zoom screen and write your question to get into the chat. Once your name is called, then your microphone will be turned on, and then you have to activate it to ask your questions. We kindly ask you that the questions are made at once. So let's go to our first question. Marcelo Santos from JPMorgan. We will turn on your audio so you can ask your questions. Please, Marcelo, you may proceed. Good morning, everyone. Thank you for the opportunity to ask questions, and congratulations of the new format. The first question is in relation to the vestibular in the H2 of the year. How do you see the demand and the ticket in the higher education? The second question. Please, if you could tell us about the commercial cycle 2027. Hi, Marcelo. How are you? Thank you for your questions. In relation to the vestibular, it's important to say that everybody knew that this cycle would be very challenging due to some specific factors. The same one, because at the same date last year, we had an increase of the demand because the market knew that the rules would change. A lot of people sped up and made their enrollments, and we observed that. We had a growth that was very fast, both in the enrollment for the on-site and also the hybrid, with a growth in volume, a single digit very high, which made it very clear in a competitive phase and an important challenge. This is the first important aspect to bring. The second one, we have this dynamic of the World Cup, and we observed that during the World Cup, the enrollment did not follow the same pattern. Then at the end of the World Cup, they sped up and we noticed that this was kind of clogged and our classes began recently. Our in-person began on Monday this week, and the hybrid began last week. We know that the very first three weeks, there is a lot of new enrollments. We've been seeing the seasonality of the enrollments a little bit different than the big challenge that we have in relation to the base comparing to last year. Having said that, including the vestibular is very challenging from the perspective of volume. We are not growing. Generally speaking, obviously, the dynamic among modalities between in-person and hybrid perform better than the EAD. Among the modalities, we are following the same dynamic of the first cycle of collection. That's what I said. EAD decreasing around 30% and Insight and hybrid growing. Another point of view of the ticket, we see some aggressiveness in the offering. We've increased our prices through the month of June. Imagine the market would pretty much do the same, and that didn't happen. What is going on now in a slower fashion than what we anticipated before. Then we reduced the price more towards the end of the World Cup, and we sped up our enrollment. I know that I end up passing a lot of information, but I tried to make the explanation a little bit simpler. We knew that the scenario was going to be challenging due to the comparative basis. After this year, and the bases are the same. After next year, the percentage growth will become more clear. As we are speeding up in the past few weeks, we understand that we still have a lot of things to move forward. But today, the reduction of enrollment year-over-year without creating any harm for the future revenue because the average tickets are higher and this cycle of collection is smaller, affecting very little the students' bases. We are continuously growing and looking at our forecast, we see a growth in the revenue in the third and fourth quarter. I ended up answering all the questions and now we can move on to somebody else. Thank you, Roberto. Thank you, Marcelo. Let me just give a little bit of flavor in our commercial cycle for 2027, reminding you that this commercial cycle for 2027 is composed by two segments based. One is the maintenance of the renew of our base schools, and the other one is the commercial harvest of new contracts, both coming from new schools and also contracts coming from the current schools. In relation to the renewal, we've been having a very positive behavior in our base. We have to be ahead of the renewals that we had last year and pulling by the premium brands. We have a renew cycle, very robust until this very moment. When it comes to the commercial harvest of our contracts, we had a first quarter very heated up, different from other sectors in the economy that had the effect of the World Cup and so on. We did not see the same. We saw a constant flow of new contracts significantly above the previous year, including new schools and also contracts of the forming that of the base contracts. But reminding you that the first semester, historically speaking, corresponds to 20% of the total. The trend of the first 20% is quite positive. If it remains the same, we'll have a much better harvest than we had last year. But the whole entire game is going to be played in the second semester, but we are very strong and very heated up. Thank you very much for your question, Marcelo. Thank you both for your answers. The next question is from Lucca Marquezini, analyst from the Itaú. Lucca, you may proceed. Good morning, everyone. The first one is related to the average ticket. I was doing a follow-up in relation to Roberto's answer. What caught our attention the second quarter is that you showed a growth of the average ticket in all modalities, different from what we had seen in the other companies. Considering the second semester that you talked about the competition a little bit more challenging, and we had a reduction in price recently. I want to know if it makes sense that this average ticket in the second semester, to make it a little bit more clear. Second is the PNLD. We know that it's a stronger driver for growth in the revenue in the first semester, and understand if this level of the growth in the revenue for the second semester could be repeated in the second semester. I want you to comment on that. I'll get the first question, and then the second, we will pass to Mélega. It's important to say that in the segments we can keep. Let me rephrase it. A good part of the increase of the average ticket comes from this strategy of repassing the prices for the student space. It is important to say. We have done that historically for many years. We can reprice it above the inflation rate. That helps us with the average ticket, including the base. In the specific case of the comment that I made in the terms of the inflation, it does not have a trend to impact negatively the average ticket, because we try to increase and not reduce from the point where we were. There was an average point for the Insight and EAD. Our intention is that, given our new regulatory framework, we try to pull the price up, assuming that additional cost, the market would do the same movement. In fact, it did, and not in the same dimension in all the portfolio that we have had. We had to make adjustments to down, because of the process. I thank you. It is not that we are reducing the average ticket. Vis-a-vis with the previous movements, we tried to make it go up, and then we had to make adjustments. I think that the explanation is clearer now. Thank you, Lucca. I will give a little bit more flavor to that. In the first semester, we recognized BRL 431 million of PNLD, which basically the PNLD for the basic in the previous cycle of the PNLD that historically it is recognized, taking the previous year as the basis. We have to look at this year, and we recognized BRL 431 million in the first semester. This number, when compared to the first semester of 2025, corresponds of 1,400% growth. This is not typical and reflects with most of the problem with basic education, meaning that this is concentrated in the first semester. We had already did a lot in what is still missing for the second semester in the PNLD, some repurchases that are done from Fund 1 and the program of the Fund 2. The repurchase of Fund 2 and the program of the Fund 1, which is the program that is being announced now. If we have the same procedure that we had with the other segment, we will have a small percentage in the second semester. Just to give an idea of the values. In terms of repurchase that has already been formed by the PNLD, we would have something around BRL 56 million of revenue in the second semester because this is already orders placed to us. In relation to the Fund 1, it is a much smaller program. Basically half, and that depends on the amount the government will buy in 2026, and then how much this is going to be turned for 2027. Keeping the same ratio, we should have a recognition of a Fund 2 of something around BRL 20 million that historically, if it is the same percentage of the previous year, depending on our market share, which is unknown. These are the grandeurs that you can expect for the PNLD for the second semester. Very clear. Thank you. Next question comes from Maria Eduarda Rezende from BTG. Maria Eduarda, the floor is yours. Hello, everyone. Good morning. The last call. You talked about 120 polls in operational margins up here for the second semester. If I am not mistaken, it was close to our base 30 million students according to the regulatory framework. My question is, how many polos of this 120 are already authorized, and what is your expectation to recover part of this volume? My second question, we had some months for the integration. I would like to understand, you began seeing the benefits and be it in the cross-selling or cost reduction of others. Specifically on the B2G, do we have any evidence in terms of the average ticket in relation to the contract? Thank you. Maria Eduarda, thank you very much for your question. Jeferson will answer related to the polls with nursing, and Guilherme Mélega will get the second question. Thank you, Maria Eduarda. Thank you very much for your question and the perspective of our polls. We had 120, and we received the authorization for 113, all of them structured to operate. They began operating the cycle of fundraising in a very positive way, according to the regulatory demands. This is important for the higher education. When we look at the cycle of our fundraising, the dynamic, we have already talked about it, and it is quite important to understand that most of all the operations represent the cycle has a different dynamism, but all polls have enrollment, and we have one cycle that even though it is short, basically, it is very favorable when we look ahead with the number of enrollments. We have a very positive growth with the interaction since the beginning of the operation, and the expectation is even more favorable for 2027. Thank you, Maria Eduarda. Let me talk a little bit about integration. Yes, we are already talking about a lot of synergies, and I will talk about the most relevant, most important one, the commercial synergy that we are acting together with an integrated team. The B2G market is now one, and we integrated the portfolio. We had complementarity of products, and we could segment better those products. The result, you will see, by means of the sales and year to date, we have 30% of more sales on the B2G. This is very clear, a synergy of a joint activation. We are quite optimistic with this business line. The main synergy and one of the main motivators of integration was that we could act with much more robust in the public area, which is this important market that we are acting without. But considering the synergies that we had already captured. We are listed as we no longer have the same expenses in terms of councils and TMO and governance and auditing. Now we have an important reduction of costs and synergy that we have captured. When you look at our operational expenses, we have been working, absorbing inflation, both on the side of the expenses as much as on the side of the revenue. The synergies are here and on the first semester. Thank you. Thank you very much. The next question comes from Renan Prata. Thank you very much for this space and open for questions. I have two questions on our side. The first one, I would like you to talk about the equation, and I would like to get this CapEx ahead considering for the end of 2026 and 2027. Second question is related to the renegotiation of tuition. So what is the strategy when it comes to the renegotiation of tuition? Because last year we had an acceleration, an upcycle of those products. I want to understand a little bit your perception in the product offering when it comes to the renegotiation of tuition. Hello, Renan. Your first question related to CapEx. As we have mentioned before, we are having more investment in CapEx. As we have said before, had an impact in the maturation of our courses in the medical field and other CapEx that we are doing, we already have some return. In this quarter, we had a CapEx of BRL 150 million. The growth versus the second semester of 2025, BRL 50 million, as I have mentioned. When I look at this year, 2026, in relation to 2025, I had already talked about that we would not have a growth in CapEx in infrastructure and technology that would be around last year, BRL 500 million, and now a little bit above BRL 600 million. For the next year, looking at the following years, we should be keeping this CapEx close to 2026, different from what 2025 was. However, this is not the reason for a changing of regulatory framework, because in the regulatory framework, as you know, the effect of nursing and the polls, but the polls that make a whole lot of investments in the polls. These are all related to our medical courses. Some CapEx that we are making that we do have return for our shareholders, giving the example that what we are doing, investing in the medical field and some of our campi, they are not that big, but we understand that these investments can increase the average ticket of gap collection in our units of medical schools. Second question is the renegotiation of tuition. We are working with the same of the previous cycle. Comparatively speaking, is in line, no increment. Reminding you that this is a parcel of the installments of the payments. The descendant that is joining now in August should have paid the July. We make installments throughout the entire course. We are doing the same thing of installments that we did last year. We are not projecting any huge impact of receivables in relation to the step-by-step. Clear. Clear. Thank you. Our next question comes from Caio, analyst of Santander. Caio, you may proceed. Hello, everyone. The first question, this relation to the capital allocation that Roberto talked a little bit about, but I want to understand about dividends, giving this strong generation of cash flow. We know that structurally it is stronger and the level of leverage that you have now. I would like to know from you, when are we going to see there is a policy of dividends a little bit higher, an increase on the payout, giving this competition of low leverage and stronger cash flow. The second question is related to the PNLD, the revenue for next year, given this competitive base, that it is quite difficult that we are going to have. What should we expect for the revenue in terms of the PNLD for 2027? Can we grow the revenue in face of all the repurchases? What do we expect? Thank you. Hello, Caio. This is Fred. I would like to get the first question about leverage and what would be the capital allocation here. The discussion about dividends is a discussion that we have been having, and many questions are coming from our shareholders. We do have an ongoing discussion, but our understanding that the best allocation for our capital is continue to reduce our financial expenses. We are in the optimum leverage. We do not need to reduce our leverage. The optimum leverage allow us a better benefit in the line of income tax. However, we are reducing the drawn risk. In terms of leverage, it doesn't consider that our leverage and net debt over the EBITDA of financial debts according to our clauses. However, we have one line, which is the payment for the suppliers in 360 days, and this line supplies basically our business of SOMOS and Saber, all line of paper and printing. We have the books and booklets. However, our understanding that the best allocation of our capital is to reduce the financial expenses due to the high cost of the Selic tax. However, we are here having this discussion that in the second moment, we could increase and have a better dividend policy and increase our payout. Second question related to the PNLD. I will pass it to Guilherme. Let me give a little bit of flavor here. The PNLD program is the biggest program of PNLD in high school. That's the one that we have more students and more recent. The program that we are now going in in Fundamental I, with the size of the program, historically, it's half of the PNLD program. The purchase cycles is yet to come. It's smaller than what we have just lived in the high school. Your question is related to 2027 and what's missing. We have many variables that, in fact, we do not control. The first one is how much of this new program is going to be bought in 2027. Last year, there was a small percentage, around 15%-18%, that was bought in the same year. The rest moved on to 2027. For the time being, it's the best current number that I have to tell you for the year in terms of the PNLD for Fund 1. We do not know the market share of this PNLD, assuming that the market share will explode, we will be around 25% in the program. It's a program that is half of the previous one, so we will have around 25%. What is recognized this year, if it's the same as last year, will be around 15%. However, for next year, we have one expected repurchase in the high school, much higher. We've performed well with 30% of the market share. Historical percentages of repurchase are around 30%. I'm giving historical references, not guidances, as Fred mentioned. We don't know how much it's going to be for the high school, but the historical repurchase is 30% in a program that we had around BRL 500 million in revenue. These are the big numbers to tell you related to PNLD with a lot of uncertainties due to all the changes from the government. I understand. Just one quick follow-up. Why don't you issue debts? Because your cost of debts around BRL 1.6 are paid, and paid this cost that is much higher. Thank you, Caio. Naturally, it's what we are doing already. We are in the midst of a discussion about that, increase our bank debt with a very low capital cost and reduce the other one. This is what you investors and analysts will observe for the next months. That's precisely that. Thank you. Our next question, Lucas Nagano, analyst from Morgan Stanley. Lucas, the floor is yours. Thank you very much. I also have two questions. The first is nursing and the poles. From those 113 poles, what is the perspective of occupation of the vacancies in the middle of the year? This would be interesting for the first semester. When you said, Valério, that is growing, considering this upside of nursing in the poles. The second question is related to the margin for basic education. Thinking under the perspective for the next two months, what's going to happen to the PNLD? What is the perspective of margin in volumes of PNLD? Maybe the revenue is strong, and maybe it would be a little bit more favorable for the margin. Thank you. Hello, Lucas. Thank you for the questions. Again, the first one for nursing, and Mélega will take the second. In relationship to nursing, we are quite optimistic with the polos. We had more than 400 poles in the EAD, the ministry authorized only 113 that we had talked about. The expectation is that as the minister promised, year after year, they increase the poles as we had this opportunity. Specifically talking about the 113, they are already active and they are enrolling students, the main challenge is to enroll 100 in the mid-year cycle. It's quite difficult. I can tell you that we won't be able to occupy 100 of the openings because this is a shorter cycle of less enrollment. We've received the authorization and we began operating 45- 50 days ago. There is a repressed demand, but it's a demand that comes throughout the year. But we are quite optimistic with nursing when we look ahead. This cycle, the main challenge when we enroll as many students as possible, but due to the shorter cycle. Hello, Lucas. According to our margins for basic education, we observed that in the first semester and the second quarter is that, in fact, and I believe that the gross revenue, we are 10 BP below when we compare to 2025, and this is clearly the burden of the PNLD that we had in the high school, this concentration of high school that we had in the first semester of 2026. This effect of the PNLD that lowers in 10 BP, and I said that the PNLD is going to be small in the second semester with a concentration in the B2B and B2G. Reminding you that the fourth quarter is the big one for the supply because it is the back to school and we are going to have an effect on the margins and also in the B2G. Our expectation is that it will continue to grow, and this is going to be compensated, the margin that was below in the first semester. Historically speaking that we did not have a concentration in the B2G. The margin was 30% on the EBITDA. If we look at incorporating like Saber, this margin, due to the PNLD, should be a little bit bigger. On the other hand, we have B2B growing and B2G growing as well that will give another weight to this margin. It is not absurd to think about when we look ahead, around 30%. Thank you. Thank you very much. Our next question comes from Marcelo Santos. Thank you. Thank you very much for the follow-up. My question would be to Mélega. Mélega, we are in election year, everybody knows. I want to understand, how do you see the risks in the contracts like B2G with a change of the government? It would be interesting to know how many of the contracts are for the states or municipalities. Any consideration you may provide. Marcelo, thank you very much for the question. Let me give a little bit of a context. Telling you that we are also learning in this segment. This is the very first governmental change that we are going to face. We have a very diversified portfolio in B2G. We have hundreds of municipalities. In some states, we have a state of Pará and Paraná, São Paulo and Bahia, with products and solutions with different contract types. We do have big clients in the states and lots of clients in the municipalities, and the elections won't have a relevant impact. Reminding you that all the contracts B2G are annual. We do not have pluriannual contracts in B2G. We have renew of contracts that are good performing. What we expect is that the election does not cause any friction on the rhythm of our business growth, and we don't see that. We see states keeping their contracts and new entries, and also municipalities that the capillarity is very big, are continuously growing and representing the biggest base of our contracts that are already in force. All right. Thank you very much. Our next question comes from Mirela Oliveira from Bank of America. Mirela Oliveira, the floor is yours. I don't have access to the audio. Mirela, we've sent you a command to activate your microphone and ask your question. The Q&A is now closed. We'll pass the floor for the final remarks from the company. Thank you all very much for those who participated in the poll of results. One more quarter that we understand that we are keeping moving and growing. I would like to thank everyone, more than 25,000 collaborators that are building a much better company and meeting the demands of our clients. Thank you all. Have a great day, and until next time. The conference in reference to the second quarter from Cogna Educação is now finished. The Department of Investors Relations is ready to answer any more questions. Thank you all very much for the participation. Have a great afternoon.