Hello everyone, and thank you for waiting. Welcome to Hapvida' s Second Quarter 2025 Earnings Conference Call. Joining me today are Mr. Jorge Pinheiro, CEO, Lucas Adib, CFO, and Vilerme Nahus, IRO. For those requiring simultaneous interpretation, the tool is available on the platform. Simply click on the interpretation icon and select English. This event is being recorded and will be made available on the company's IR website alongside the full earnings materials. You may download the presentation by clicking on the chat icon. Please note the disclaimers governing this release at the end of the presentation. During the company's remarks, all participants will remain on mute. After the company's remarks, we'll begin the Q&A session. To ask a question, click on the Q&A icon at the bottom of your screen and enter your name, company, and language to join the queue. I'll now turn the call over to CEO Jorge Pinheiro to begin the presentation. Jorge, please proceed. Good morning, everyone, and thank you for joining Hapvida Participações e Investimentos S.A.'s second quarter 2025 earnings call. Joining me today are Lucas, Vilerme, and our IR team, Renato, Ana Luisa, and Jefferson. I'd like to highlight key messages from today's presentation. With our integration process now complete, we're steering Hapvida toward long-term strategic objectives that will guide our company going forward. We are placing our customers at the center of all company decisions, with significant investments in our healthcare delivery capabilities. In addition to that, we are expanding and upgrading our own clinic network, a critical pillar for ensuring long-term accessibility. Investments in our own network will enable us to continue the organic growth of our covered lives with quality and sustainability. Finally, we're leading initiatives to advance technology and artificial intelligence to transform healthcare in Brazil, accelerating our tech and innovation efforts. Starting with care quality, we are increasingly centering our focus on our members, a principle that has permeated our discussions from our board level down. Customer experience has become a genuine obsession with our investments focused on serving them better and better. Our quality metrics continue to show sequential improvements. In the latest ANS-published IGR, General Performance Index, we've again delivered spectacular numbers. Our NDI Saudi operator focused on São Paulo reached its best level in years, consistent with the improvement trajectory that we've signaled in previous calls. We continue to advance with discipline in our investment agenda, expanding our own network and increasing verticalization. In line with what we planned and announced in late 2024, we recently unveiled our master plan for Rio de Janeiro, highlighted by the new high-complexity hospital in Cidade Nova, among several other units in the metropolitan region. Investments in owned infrastructure ensure greater control over quality indicators, care quality indicators, and enable our responsible, sustainable growth. It's a virtuous cycle. Regarding organic growth, we added 58,000 health members in Q2, with controlled cancellations and increased corporate plan sales, while individual and group plans, affinity plans also grew. After unfavorable seasonality and integration impacts in Q2, we've vigorously resumed growth. We maintain our positive outlook for the second half of the year, based both on recent commercial performance indicators for new sales and churn, which align with our expectations, and on technical decisions with short-term impacts like incentive campaigns, pricing policies, and process simplification. Looking further ahead, we also expect improvements from initiatives such as launching our new product grid, revising the broker journey, and redesigning new contract implementation processes, among others. Moving to MLR, we've maintained strict cost management discipline, increasing predictability, and demonstrating the strength of our vertically integrated business model. Before discussing the quarterly numbers, a brief note. After completing the integration process, we conducted a comprehensive review of our cost base and identified certain admin expenses directly tied to care delivery. Starting this quarter and going forward, these expenses will be reclassified as healthcare costs. Prior periods have been adjusted pro forma for comparison purposes, and Lucas will provide more details about this later. Under this new approach, Q2 2025 cash MLR was 73.9%, 2.1% above Q1 25, representing an improvement when considering the implicit seasonality that typically raises this indicator by about 2.5% from the first to the second quarters. Note that we've also begun including judicial claims in costs starting this year. Excluding this effect, the quarter would have actually shown a 0.7 percentage point year-over-year improvement, an excellent result for a period that was further impacted by a higher frequency of viral infections and respiratory syndromes, plus new unit openings. Finally, on judicial claims, we had another quarter of positive signals. New net injunctions remain stable compared to Q1 this year. However, excluding duplicate injunctions, the amount decreases by approximately BRL 7 million against the first quarter of 2025. Our dedicated cross-functional team, which initially focused on preventing new injunctions, has recently expanded its work to address the existing injunction inventory, seeking reversals, recoveries, settlements, and elimination of duplicates. We continue accelerating our digital and AI agenda with multiple initiatives like SEREIA. SEREIA stands for Center of Excellence in AI for Healthcare in Portuguese, developed in partnership with leading universities. This center of excellence has successfully combined data scale, academic rigor, and practical application. We have proprietary AI models that have already been incorporated into routine care to prevent diseases, support diagnosis, personalize treatments, and optimize resources. The results are visible – 72% accuracy in early detection of chronic kidney disease versus only 22% with traditional methods. Breast cancer risk prediction up to five years in advance. Our virtual assistant, Maria, which has already handled over 50,000 interactions with nearly 99% approval. Initiatives like these are being prioritized and monitored by our Board of Directors, given their strategic importance. To wrap up, I want to say that I will be traveling to Recife after this call to launch the federal program called Now with Specialists at our newest hospital in the city, Ariano Suassuna Hospital. I'll be joining the Presidency and Health Ministry in supporting this program that expands access to specialist appointments, tests, surgeries, and treatments by coordinating public and private sector capabilities to reduce waiting times and ensure timely care. We'll align our offerings with the program's priorities, directing capacity from our own care network to areas of greatest need. Many thanks to all our employees, doctors, dentists, brokers, suppliers, and Board members. A deep-felt thanks to our customers for their trust in our company. We continue firm with our purpose of providing affordable, high-quality healthcare to Brazilians. Now let's proceed with our financial highlights. Lucas, you have the floor. Thank you, Jorge. Hi, everyone. Thank you for joining us. It's a great pleasure to be with you for another Hapvida earnings call. Before discussing our results, I want to address three important topics for this quarter – the SUS reimbursement, judicial claims, and the cost/expense reclassification I've been discussing with you for some time now, and we've just finalized. Starting with SUS reimbursement or RESUS on slide three. This material will explain this process. Let me take a brief step back to give you some background information. Everything begins when one of our members uses the public system, whether for convenience or legal requirements such as emergency care in public hospitals for traumas and traffic accidents, as well as dialysis, childbirth, and others. On average, just over one year after this utilization, ANS sends to each operator the Beneficiary Identification Notice or ABI. From there, we have a period for analysis and admin discussion to contest these ABIs, covering issues like waiting periods, coverage scope, and so on. When contested, timelines can extend up to two years. After this, still at the admin level, if ANS determines the charge is valid, a federal payment guide is issued. GRU, this is the federal payment guide. Upon GRU receival, we'll make a deposit into a judicial action that disputes only the IVR, which is 50% above the SUS table. We don't dispute the base SUS table values or RESUS itself. Everything is deposited, and the federal government can withdraw the uncontested amounts at any time. What we dispute is only the SUS table surcharge via IVR. It's upon receiving the GRU that the collection history or HC is recognized, which is simply the quotient of GRUs divided by their respective ABIs. In the table on the upper right, I show the combined ABI and GRU numbers for all Hapvida Participações e Investimentos S.A. group operators. Combined because each operator is treated individually. Under ANS DAP methodology, the required provision per operator is the balance of all ABIs multiplied by the HC percentage, as I mentioned earlier. We've been receiving ABIs normally for all group operators. However, ANS stopped sending GRUs for NDI Saudi over the last two and a half years. This caused NDI Saudi's HC ratio to become outdated, consequently reducing the combined provision to 57% in the weighted calculation between operators with high HC and NDI Saudi. Does that mean that our provision was incorrect for the last two and a half years? No, because the methodology is automatic under ANS DAP and conducted by ANS itself, and this discrepancy results from latency on the regulators' part. During Q2 2025, we received most of this backlog, causing this GRU to impact results due to the HC ratio lag in resource provisioning. At quarter end, we had an ABI balance of approximately BRL 440 million and an HC ratio of 71.2%, which is the ratio between total GRUs and total ABIs with a time displacement relative to the balances you see in the table because there will always be a balance of GRUs to be received for ABIs already acknowledged. To eliminate exposure to this volatility and latency in receiving ABIs and GRUs, starting this quarter, we created our own IFRS methodology for calculating combined resource provisions to reflect operational reality based on basic statistics. The new approach considers three main factors: dispute history, admin request approval history, and actual ABI volumes received. With this methodology, the combined coverage ratio reached 86%, requiring an extraordinary provision this quarter of BRL 65 million, as highlighted in the table and chart at the bottom of the slide. Enough to cover all GRUs not yet sent by ANS. Let me repeat this because this is an important takeaway. We recognize in Q2 2025 results all effects both already accounted for and to be accounted for related to the GRU backlog already sent and yet to be sent by ANS. In other words, for those concerned about what might still impact company results in coming quarters regarding this matter, the answer is everything has already been recognized this quarter and will have no more resource-related one-offs going forward. The lower chart shows the evolution of total SUS provisions, which is resource plus SUS IBNR over recent quarters. We've had between BRL 58 million- BRL 72 million. In Q2, there was an extraordinary impact of BRL 202 million, BRL 137 million from retroactive charges received through June 30, +BRL 65 million additional provision mentioned earlier. The BRL 96 million includes the second quarter 2025 ABIs with higher HC ratios plus slightly elevated IBNR due to SUS utilization history. With this matter resolved, looking backward, let's look forward. I estimate that using this new methodology, the quarterly run rate for combined resource and IBNR should range between 1.2%- 1.5% of net revenue, assuming historical utilization patterns remain stable. First topic addressed and properly anchored. Let me take this opportunity to add, in December 2024, you recall we communicated to the market our agreement with ANS regarding historical resource values and fines. Last month, we made the GRU payment for Hapvida Assistência Médica related to this agreement, concluding all discussions involving this operator. The amount paid was BRL 92 million below the BRL 168 million provision for Hapvida in December 2024, which accounted for the greatest amount provision. Additionally, the company received ANS communication with a different interpretation about the accounting timing for the agreement. In ANS's view, recognition should occur only after actual offsetting of judicial deposits and GRU payments. Our management believes this accounting difference stems from a specific conceptual interpretation by ANS. The company maintained its 2024 financial statement recognition audited without qualifications by our auditors, including an opinion from Brazil's leading accounting expert, but temporarily reversed this effect. On June 30, 2025, regulatory filings submitted to ANS with no impact on the agreement's legal validity or market transparency. As ANS sends the remaining GRUs and payments are made or judicial deposits are offset, subsequent regulatory filings will again recognize the agreement's effects. This means when September standalone operator data under ANS's DAP becomes public via DOPS, you'll see reversed VESL for operators as mentioned above. This changes nothing in IFRS, and this approach is fully compliant with accounting standards just as in 2024, but ANS thinks differently, and we're temporarily adjusting this to meet our regulator's requirements. The second topic refers to judicial claims. Moving on to slide four, here you can see Q2 2025 evolution starting from last quarter's disclosed data. Beginning with the upper left of the slide, I highlight judicial deposits movements, table quarter over quarter. From the BRL 792 million opening balance in Q1 2025, we had BRL 135 million in new net deposits, similar to Q1's BRL 137 million. With improved controls, we identified BRL 18 million in duplicate injunctions during the quarter not yet returned by June 30, + BRL 11 million duplicates in Q1 2025. Comparing Q1 and Q2 2025, new net deposits excluding duplicates, we went from BRL 126 million- BRL 117 million. We're working hard to further reduce this in coming quarters. Every week we adjust variables, and the dynamics remain complex. Our biggest battle now involves care-related claims and mainly fraud and abuses around autism spectrum disorder and home care. We had BRL 110 million in disbursements, nearly BRL 20 million above last quarter, reflecting both higher judiciary productivity in April and May, where we have the high season, and increased efforts by our judicial team, intensifying settlements and redirecting care to our owned or third-party network. The team has recently begun focusing more on order deposits and injunctions, contacting parties to negotiate settlements. This releases provisions for some cases, but accelerates disbursements since these are court-mediated settlements involving releases of historically blocked amounts. In the lower left, you see our civil provisions. From the BRL 838 million opening balance in Q1 2025, we registered BRL 55 million in new provisions net of reversals, including BRL 16 million legal fees, BRL 77 million in contingency payments, and BRL 33 million in monetary adjustment standardized since Q4 2024. As a result, our provision balance at quarter end was BRL 859 million. That is 104% deposit coverage, relatively stable against 106% in Q1 2025. In the upper right chart, we see our contingency expense composition. BRL 56 million refer to labor, tax, and ANS fines, up BRL 50 million quarter- on- quarter. BRL 110 million civil judicial disbursements and BRL 55 million in new civil provisions, adding up to BRL 165 million impacting results, down BRL 23 million against Q1 2025. The aforementioned contingencies plus disbursements add up to BRL 220 million, 2.9% of net revenue, stable quarter on quarter, as you can see in the lower right chart. Now the third topic, the completion of our cost/expense reclassification project. During the first half of 2025, post-system integration and accounting plan consolidation, we conducted a comprehensive cost/expense review. Throughout the process, we identified certain admin expenses directly tied to care delivery, like Jorge mentioned, that are now reclassified as healthcare costs or claims. Starting this quarter, these are classified as healthcare costs with pro forma adjustments since early 2024 for proper comparison. This change brings positive effects through optimized indirect tax allocation and helps in annual rate negotiations by better capturing actual costs by individual and family plans for AMS authorized adjustments, all while remaining fully compliant with accounting standards, which was the project's primary driver. For our next charts for MLR, admin expenses show you the comparisons. Additions and with a dotted block highlights account group additions and reductions, and great dashed lines showing pre-adjustment percentages and as previously reported. We've strived for clarity, but our IR team stands ready to address any questions that you might have. Now moving on to the company's results, starting on slide five. Net revenue reached BRL 7.7 billion in Q2 2025, up 7.3% year-over-year, driven by health plan revenue coming from our pricing adjustments. Medical hospital services revenue was pretty much flat quarter on quarter due to reduced third-party bed allocation, prioritizing service to our members amid higher seasonal utilization. On slide six, you can see how excited we are by this organic growth resumption and how we expect this trend to continue. We added 58,000 health members led by corporate plans, the strongest segment in the first half of the year, with individual and group plans also growing. The SME segment, up to 99 lives, remains a bit more pressured by regional two competition. The lower slide section shows average ticket growth of 8.2% year-over-year, boosted by a 7.2% net price increase coming from readjustments mainly and significant mixed effects. For 2025, we expect more moderate average readjustments than those of 2024, up to two percentage points lower consolidated, varying by portfolio and market, with MLR under control near our annualized targets. Moving on to slide seven, considering the cost and expense reclassification effect, Q2 2025 cash MLR was 73.9%, or in July, up 2.1 percentage points quarter on quarter, better than the typical seasonal increase, as Jorge explained. We think this is a strong result for the following reasons. First, from a historical and industry perspective, Q2 always sees higher utilization versus Q1. This is just typical seasonality. In addition to typical seasonality, this quarter utilization was impacted by a later onset and longer duration of the viral season in the north and northeast of the country. Additionally, early cold weather happened in the south and southeast, which led to higher incidence of weather-related respiratory and chronic disease cases. Also, over a dozen new units were opened throughout the quarter, including hospitals, which in the early phases of operations add pressure on margins. Last but not least, since January, we've incurred costs from out-of-court settlements that aimed to reduce disbursements. Considering all of these additional pressure factors, we are quite happy with the year-over-year reduction we can see. On the chart at the bottom, you can see ANS complaints, which fell 40% since January 2024. This comes from investments in technology, management, training, and people investments, expanding our service capacity, which you can see on the next slide charts. Our members are more and more on the center of everything, as Jorge mentioned. This is in our executive discussions driven by Dr. Conte do Pinheiro and Jorge. We want to see bear the fruits of this in the near future. In the first chart, you can see our per capita appointments and admissions, which is up 8% versus Q1 2024, while maintaining high verticalization levels and improving MLR, as you can see in the lower chart. On slide nine, you can see our cash admin expenses. The dotted areas show G&A reductions resulting from cost expense reclassification and judicial claim reallocation into costs. This accounted for BRL 75 million in the first quarter and BRL 85 million in the second quarter of 2025. In addition, for comparison purposes, we're showing 2024 data, including extraordinary items like the year-end ANS agreement. With those adjustments, Q2 G&A was BRL 426 million, down BRL 20 million against the first quarter, progressing toward our year-over-year nominal stabilization goal, excluding provisions, and we're on the right track. Now I'd like to highlight the following positives this quarter. We had BRL 37 million in other revenues and expenses, mainly due to the revision of BRL 26 million from an early settlement of one of our acquisitions and gains of BRL 22 million in arbitration recovery post-M&A team successes. This is a one-off effect that has been recognized almost in a recurring manner in recent quarters. In the personnel line, BRL 22 million, mainly due to variable compensation reversals and the streamlining of specific departments after the integration carried out at the end of 2024. On the other hand, we also had a few negatives, BRL 23 million in contingencies and taxes impacted by ANS fines, including a BRL 20 million prepayment with 40% discount for admin defense strategy. Most of these fines were not part of the agreement reached late last year because we had not yet received those cases. The contingency variations I mentioned earlier also impact these BRL 23 million. Also, we had BRL 18 million of third-party services, mainly legal fees, up BRL 8.1 million because of case wins and injunction recovery, and expenses with consultancy firms for back office restructuring projects aiming to gain efficiency and review processes for digitalization, automation, and the like. Moving on to slide 10, let's look at sales expenses. Considering the cost expense reclassification, let me highlight three points. First, an BRL 18 million reduction in commissions due to the clawback policy recoveries. A reduction of BRL 13 million in PTD, improved overdue collections better than in the first quarter of 2025. We usually get questions about PTD coverage. I want to highlight that the company is fully compliant to IFRS 9, which relates to PTD regulation, and we analyze the profile of our customer portfolio in each one of the segments. This methodology was enhanced at the end of 2024 after studies conducted with our auditors, and it replaced the new model, which was not fully compliant to IFRS 9. Looking at aging coverage loss then. Finally, we have an addition of BRL 28 million in advertising concentrated on Q2 brand campaigns, which are focusing on to increase companies' organic growth. Now on slide 11, adjusted EBITDA excluding the BRL 202 million of resource impact was BRL 905 million, BRL 703 million reported. Similarly, adjusted net income was BRL 300 million excluding resources. We also had another two one-offs impacting our financial results. One of them, BRL 46 million coming from tax deposits of two cases involving ISS and FAP in São Paulo. The monetary adjustment impacted our financial results. The ATM to December 2024 actually impacted our numbers now. The other one-off was BRL 26 million in fines that came with the retroactive resource charges. Historically, Notre Dame would block 100% of their ABIs, but this practice changed in 2024. They now focus only on what should be discussed. We expect this number to decrease from now on. Moving on to slide 12, free cash flow. From the BRL 703 million of adjusted EBITDA, we had BRL 6.9 million in tax payments, significantly lower than that of the period of BRL 44 million. Payments made in the first quarter covered all the taxes in the second quarter of 2025. In the first half of 2025, the difference between the current tax and the paid taxes adds up to BRL 11 million to be used in coming quarters. We also have other levers available internally. BRL 47 million are net judicial items, BRL 165 million provisions and disbursements, which has an EBITDA impact but no cash effect, less BRL 135 million in new deposits and BRL 77 million in payments, BRL 87 million in non-cash resource and IBNR, and BRL 103 million in working capital, mainly receivables, commissions, and medical provisions. Our total operating cash generated was BRL 507 million, so 72% EBITDA conversion into operating cash. Now moving on to our last slide, slide 13, we close the quarter with our net debt down BRL 150 million quarter on quarter to one-time adjusted EBITDA, continuing our gradual organic deleveraging. In spite of the expenses mentioned above, which are part of this journey of transformation, our company's operating indicators show how consistent our business is. Right levels of MLR, complaint improvements, higher quality of care, organic growth, and strong cash generation prove that we are on the right track. Thank you once again for your attention, and now we can open for questions. Thank you very much. We'll now begin the Q&A session for investors and analysts. When called upon, a microphone activation request will appear on your screen. Please enable your microphone to ask questions. Kindly limit yourself to a maximum of two questions per analyst asked consecutively. Let's proceed with our first question from Vinicius Figueiredo with Itaú BBA. Vinicius, we'll open your audio so you may proceed with your question. Please go ahead. Good morning, Jorge, Lucas, and team. Thank you for taking my questions. I want to talk about growth. The company has been saying it is resuming growth, starting in the second quarter, but with an even stronger second half of the year. When we look at Q2 results, we see that gross sales and churn have improved sequentially. Considering churn and gross ads, what would be the main driver of this improvement in Q2? Can you talk about gross sales? Is there anything in your radar, any contracts that you are already expecting for the second half of the year, or can churn improve even further? We see in the NIPS chart and utilization chart that the level of service quality has been improving quite a lot, so maybe this hasn't yet been fully reflected in your churn rates. My second question is about the competitive landscape. Looking at the results of the other healthcare plan listed companies, we see that the ticket has slowed down not only because of lower readjustment rates, but also as a part of a competitiveness effort. How much can this affect your growth dynamics or ticket dynamics? In a PPO product, do you think that this is one of the drivers that is holding growth in this specific segment? Thank you very much. Hi, Vinicius. Thank you for your great questions. About growth, yes, we're very excited about the growth resumption. It was actually part of our plan. Our teams now can stop focusing on the integration agenda and start focusing on growth and service quality improvement. Our governance is now focusing on these agendas. We're excited about gross ads and churn reduction. In both of them, we see space for improvement. We have several initiatives to reduce churn, not only care improvement actions, but also working closer to customers, finding them options whenever they have financial difficulties or things like that. We also have teams focusing on this, and we think this will lead to improvement in churn. When it comes to sales, yes, we do have some relevant contracts, large contracts, not only for HMO, but also PPO that have already been signed and that will be deployed in Q3 and Q4. The corporate pipeline is quite robust. We're excited also with the retail growth that has been happening all across the country. In the South, Rio de Janeiro, São Paulo, things are also heating up. We see improvement with churn. In addition to a robust corporate pipeline and a heated retail segment, this can lead to an interesting growth in the second half of the year. Now about the competitive landscape, the company has a national footprint. In some specific cities, like in São Paulo, we see more competition than in other Brazilian regions. Many companies are more aggressive in São Paulo, and our main concern is to keep a cost structure and care quality that enable us to be sustainably competitive. We've been reviewing our prices, our network, our product all around the country, particularly in São Paulo, and the sales have been responding well. We're quite excited, and yes, there is more competition in some specific locations, but we have the right cost structure to be very competitive. Excellent. Thank you so much for your answer, Doctor. Moving on to our next question by Leandro Bastos with Citi. Leandro, please go ahead and ask your question. We have enabled your microphone. Good morning, everyone. Thank you for taking my questions. I also have two questions on my side. First, about the commercial front. In his opening remarks, Jorge talked about a new product grid and review in the commission policy. Can you give us further details about that? Have these drivers already contributed to Q2 results, or are you expecting the results or the effects to be seen only in the second half of the year? Now, about judicial claims, we saw the number of new deposits stable. If we adjust for the duplicates, there's been a slight drop, actually. How do you see the flow of new cases? Have you been controlling this line with your new working group? What can we expect in terms of deposits and contingencies for judicial claims? Thank you very much. Hi, Leandro. Thank you for your questions. I'll talk about the commercial question, and then Lucas will talk about the judicial claims. We've been implementing different measures in the commercial department. The first one is related to governance. We have many new management rituals for organic growth, covering de-bureaucratization of sales with the use of new technologies and process streamlining for this to happen easily so that our sales team can sell quickly. We are working closely with brokers to understand the dynamics of the market, which require us to act fast. In order to respond to that, we implemented many changes, including not only bonuses in the commercial area, but also process improvement. As a result of this, we now have rituals that enable us to customize price and products almost on a daily basis so that we can meet the demand from our commercial team all over the country. We launched many new products, but we still have other new products to be implemented in August and September. This has been a trend. The company has been able to listen to the local demand and then design new products to meet them. Most new products were launched in August, and we still have some new products to be launched in September, which will help us boost sales. These are the main initiatives. Now, Lucas will talk about the judicial claims. Great. Leandro, there are three things related to your question on judicial claims. First, the flow. The flow is stable. When we look at the number of demands week after week throughout the quarter, it has been relatively stable. It's not dropping or going up. The flow of new demands continues stable. Our perspective view is that we need to adjust a few things in these negotiations. We are adopting different approaches for settlements, especially for autism and home care, which represent more than half of our cases. We've been investing in improving the quality of our network in certain locations to have these cases seen in our own network. We also have support network in certain locations to provide support to autism, home care, and also cancer surgery. We're talking about settlements, regionalization, and other ways to approach these topics that impact the judicial claims. This is actually a living organism. It's very dynamic. There are always new situations arising, and we deal with them in a customized manner. This can lead to an expectation. This is not a promise. It's only an expectation because this is a very dynamic and complex issue with different impacts. We do have expectations to be able to reduce this in the coming quarters. We've been able to stabilize the numbers quarter on quarter, and we expect to reduce this from now on. We are investing a lot of efforts and talents in order to get the best results on this. Great. Thank you very much. Our next question comes from Samuel Alves with BTG Pactual. Samuel, we have enabled your audio. Please proceed with your question. Good morning, Dr. Jorge, Lucas, and everyone. We have two questions here on our side. The first question is about SME. You talked about organic growth for the second half of the year, and you also talked about the price and product review. Can you talk about SME and these expectations, changing the relationship with brokers and new product grid? Is that concentrated on the SME segment since this is a more competitive segment according to your earnings release? Can you give us further color on the SME segment so that we can understand the organic growth that you expect in the second half of the year? Is that concentrated mainly in large accounts or not? Another question. I understand the recurring resource level that you shared in your presentation, but can we talk about another topic, which is ANS cases? I feel like there is a certain backlog of ANS fines with an impact of over BRL 30 million in the second quarter. Do you have a recurring run rate of this line? Has it actually been much higher because the backlog has been addressed? Can you talk about ANS's violation notices? Thank you. Hi, Samuel. Thank you for your questions. I'll start by talking about the SME segment. In the corporate channel, we've been very competitive, and we've been doing really well. In the retail segment, if we look at the overall numbers, we're also doing really well considering individual affinity and small companies. I'd say we're getting closer and closer to our targets and exceeding historical numbers, which is great. In the retail channel, and specifically SME, this is where we see the fiercest competition in Brazil. This channel depends on readjustments. Many operators are more aggressive, but then they apply high adjustments the following year. We have the best pricing with the lowest readjustment rates, historically speaking, always considering our whole portfolio. This is like 30%- 40% below the rest of the market. Even in SME, where we see more aggressiveness in some locations in Brazil, we launched yesterday, actually, a series of improvements with technology and better pricing. Many brokers can now do real-time pricing without having to resort to company quotes. We also reviewed price products and networks so that we can be competitive while remaining sustainability and predictability for customers. That's the most important point: predictability for customers and high service quality. We've been investing in SME, and we'll wait to see what the response will be in the coming days. Now I turn the floor over to Lucas to answer your second question. Hi, Samuel. I broke this down into three parts. ANS increased productivity and accelerated the issuance of new violation notices. We do not expect additional volumes in the coming quarters, no more than what we recognized in Q2. Another point, which is quite important, which clarifies our future view on these notices. When you look at the number of NIPS we had two years ago and the number of NIPS we have now, you'll see that this line will be reduced even further. That's mainly due to the fact that we are on a strong trend of NIP reduction. We have been obsessed in reducing NIPS. This can be seen in our numbers, and therefore, the fines should be much lower looking ahead. This is a logical consequence to see the amount going down because we do not have as many NIPS today as we had in the past. Okay, that's very clear. Thank you all very much. Our next question comes from Joseph Giordano with JP Morgan. Joseph, we have enabled your mic. Please proceed with your question. Hi, good morning, everyone. Jorge, Lucas, and everyone else. I'd like to explore two points. I understand now all the provisions that have been made, and I understand resource and ANS. Let's talk about your sales pipeline. We understand that you have some PPO contracts in this pipeline. Can you share your view on this product? Do you have news or a new area being created at the company to have a more consistent operation and more aggressive sales of this product? My second question is about your commercial agenda that is coming back as a priority, apparently. Do you see any need to adjust the channels or to strengthen sales somehow? Also, the strongest presence of SME will require a greater participation of the broker channel. Thank you. These are great questions, Joseph. Yes. We've been aiming at implementing several actions related to the PPO product. Among them, the investments in our own network. In August, we will open our first diagnostic unit, an outpatient unit with premium service focused on PPO products on Brigadeiro Luís Antônio Avenue. Over 6,000 square meters with all diagnostics, several specialties focused on this audience. We're also opening the Advent Hospital network. In Recife, we opened Ariano Suassuna Hospital with 20% of the beds dedicated to this audience. In São Paulo, the two new hospitals that are under construction on Brigadeiro and on 23 de Maio also have the same characteristics. In Rio de Janeiro, about 10 days ago, we announced our master plan, and our main hospital will also have exclusive areas focused on this audience. We have a different concept of PPO. They can choose their providers. We have five different levels of products on PPO, but we are also going to have steerage with a higher level of hotel services and all of that. We want to be geographically closer to our customers with services that are of the same level or of a better level than those offered and with commercial attractiveness. Yes, we've been focusing to resume growth in the PPO channels, but in a sustainable and predictable way so that users can have predictability also in the PPO channel, which is usually quite unstable. The whole country complains about higher readjustments in the PPO product. We want to correct that to provide them with predictability and high quality of service. About adjustments in the different channels, we've been working a lot in the retail channels, we've been embedding a lot of technology, a lot of AI. We've been working with major Brazilian companies and databases. We have agreements with five top Brazilian companies that have large databases and will be able to offer our services through them. We have news in the retail channel that will be shared in the coming days. We are very active. The company's governance is prepared. Our retail team is strong. We have a lot of technology, and we are going to be pioneers in a lot related to artificial intelligence to support the commercial processes. We do have many robust actions that can lead to sustainable growth. Great. Thank you so much. Our next question comes from Andr´e S alles from UBS. Andr´e, we have enabled your mic. Please proceed with your question. Good morning, Jorge, Lucas. Thank you for taking my question. I would like to talk about new products a bit more. Do you expect any changes to the service protocol and this flagship verticalized network that you've been launching in São Paulo and Rio? Can you talk about pricing of these new products? My second question is about the master plan in Rio that you have recently shared with the market. We see different competitive dynamics in the state of Rio de Janeiro. Has the company been focusing on organic expansion only, which is something that takes longer, or does the company believe that this is the right time to accelerate expansion in Rio also in an inorganic manner? Thank you. Hi, André. Thank you for your questions. When it comes to PPO products, we have the 600, the Advance, the 700, the 800, the 900, and the 1000. Pricing varies depending on the network offer. The most basic products, like the 600, have more of our own network. On the 700 product, our own network is more limited. This continues all the way up to the 1000. This leads to 14% utilization on average for the whole PPO of our own network. We believe that with the new units, we will increase our own network share. There won't be any lines. The appointments will be scheduled beforehand. Reports of tests will be issued right away. There will be a concierge service. We have been implementing actions to attract users to the whole PPO range of products. We start with the outpatient units, and then the new Advance hospitals will be ready, and we'll be able to offer them. I'm feeling very confident because now we have 14% utilization of our own network in PPO products. Now, with these dedicated units, with concierge service, guidance, steerage, fast track of service, I'm sure that the share of utilization in our own units will increase significantly. Now we have a new network and a new price list in the market. It started being offered in August, and we don't expect many news in the short term. About Rio de Janeiro, we announced the master plan that will prioritize the network with very high complexity hospitals, average complexity, and low complexity hospitals. This will cover the whole of the Rio de Janeiro metropolitan area. We'll always have a Hapvida unit close to our customers' home to provide service with different levels. We see the response already happening. Rio de Janeiro has been growing, and it's doing really well. About M&A or inorganic growth, we're always open to opportunities. Of course, our initial option would be organic growth, but this can be complemented here and there with the acquisition of a hospital or a unit, which can be more efficient than building a new one. We always take that into account. Sometimes we might build a new hospital, but we're always very careful, and we have a strong commitment to deleveraging. That's very clear. Thank you so much, Dr. Jorge. This concludes the Q&A session and Hapvida's second quarter 2025 earnings conference call. The IR team remains at your disposal should you have any further questions. Thank you all for joining, and have a great day.