Good morning, ladies and gentlemen, and welcome to the Hypera Pharma Conference about the 2025 Earnings Conference Call. We have Breno Oliveira, the Director and Mr. Ramon, who is the Director of Investor Relations. This is gonna be recorded, and the recording can be accessed on www.ri.hypera.com.br. All participants will only be watching the video conference during the call. We will start the Q&A session where further instructions will be given. The information contained in this conference call may contain forecasts or statements about future expectations, which is subject to known and unknown risks and uncertainties, which may lead these expectations to not become a reality or to become substantially different from the expectations. Now I'll give the floor to Mr. Breno Oliveira, who will begin the presentation. Please, Mr. Breno, you may proceed. Good morning. Thank you for joining our 2025 earnings conference call. The past year was marked by important operational and financial advances, which we'll talk about throughout the presentation. I will begin by discussing our growth on slide number three. Our sellout grew 6.8% in 2025, with an increase in market share across the categories in which we operate. The launches in 2025 contributed 1.1 percentage point to our sellout growth during the year. We were able to accelerate growth after the successful completion of our working capital optimization process in April 2025. We grew 8.3% in the third quarter of 2025 and 7.4% in the fourth quarter of 2025, outperforming the growth of our addressable market in both periods. The acceleration of our sellout growth is also the result of improved inventory management at our customers, driven by initiatives implemented during the working capital optimization process, which allowed us to focus even more on sellout performance. Moving to slide four, as mentioned in previous conference calls, we successfully completed ahead of schedule the working capital optimization process at the beginning of the second quarter of 2025. To achieve this, we changed our commercial policy with our customers, which resulted in a better distribution of order receipts, invoicing, and product deliveries throughout the months. We also strengthened our supply chain team, which now monitors inventory levels at our customers and on a daily and more detailed basis by region, distribution center, and SKU, helping ensure that we did not experience product shortages at points of sales and consequently avoided negative impacts on our sellout performance. We also made adjustments to our sales structure to achieve greater alignment with the new commercial model implemented during the working capital optimization process. These adjustments generated important gains in commercial efficiency, contributing to the recovery of our profitability after the conclusion of the process. As a result, beginning in the second quarter of 2025, we reduced our average collection period to approximately 60 days, almost to half of what it had been previously and in line with our initial objective. Our investment in working capital now represents 30% of our annualized net revenue, a reduction of approximately 20 percentage points compared to the second quarter of 2024. Our expectation is that going forward, working capital investments will not exceed this level. The combination of sellout growth and reduced working capital investment contributed to a record operating cash generation of BRL 2.6 billion in the year and allowed us to maintain shareholder remuneration and our planned investments. In addition to the important operational and financial advances of 2025, we strengthened our corporate governance and the sustainability of our business, which I'll discuss in more detail on slide number five. We celebrated a shareholders' agreement and Rettam joined the control block, further strengthening our corporate governance and strategic decision-making process, contributing to value creation for our shareholders. We also updated the composition of the people audit and governance and sustainability committees with the objective of strengthening the independence, technical expertise, and governance of the committees that support the board of directors. We also completed the migration of our management system to SAP S/4HANA without any significant impact on our operations. This is a robust platform that will enable great efficiency and agility, delivering gains in performance, process simplification, information quality, and integration between the applications used by the company, increasing our operational productivity. With this migration, we are creating a solid foundation for new technology investments aimed at supporting our long-term growth. I will now hand the floor over to Ramon, who will provide more details about our results. Thank you, Breno. Good morning, everyone. Starting with slide number six, in 2025, we delivered revenue growth and consistent sellout expansion with a net revenue of BRL 7.7 billion, representing a 3.4% increase compared to the previous year. This growth was below the advance in sell-out, mainly due to two factors. The temporary impact on sales resulting from the working capital optimization process initiated in the third quarter of 2024 and completed in the second quarter of 2025, and the reduction in net revenue in the institutional market impacted by a lower level of sales to the public sector. Our gross margin was 59%, a level similar to that recorded in 2024. It's worth remembering that the gross margin in both 2024 and 2025 was impacted by changes in the mix of products sold and by lower operating leverage resulting from the working capital optimization process. In the fourth quarter of 2025, gross margin reached 61.6%, an increase of 0.4 percentage points compared to the third quarter of 2025 and 0.7 percentage points above the level recorded in the second quarter of 2024, the period prior to the working capital optimization process. This result confirms the normalization of gross margin following the completion of the working capital adjustment. Marketing expenses increased 11.3% in 2025, a level above the sell-out growth. This increase mainly reflects higher investments to drive the growth of our brand portfolio, particularly through digital media. Selling expenses increased 2.7% in the year and 6.8% in the quarter compared with 2024 and the fourth quarter of 2024. The growth below sellout both for the year and the quarter reflects operational synergies obtained from the reorganization of our sales structure carried out in the first quarter of 2025, as previously mentioned by Breno. General and administrative expenses declined both in the year and in the quarter compared with the same periods of the previous year, mainly due to a reduction in administrative structures and expenses reflecting our discipline in cost management. As a result, EBITDA from continuing operations reached BRL 2.1 billion in 2025. In the fourth quarter of 2025, the EBITDA from continuing operations was approximately BRL 750 million with a margin of 33.5%, a level similar to that observed in the previous quarter. Net income from continuing operations decreased by 11% in the year, mainly due to two factors, lower operating results as a consequence of the working capital adjustment and higher financial expenses. Moving now to slide seven on cash flow and leverage. We recorded operating cash flow of BRL 2.6 billion in 2025, the highest annual level in the company's history, reinforcing the strong cash generation capacity of our business. This performance mainly reflects the reduction in working capital investments, which fell to approximately 30% of annualized net revenue starting in the second quarter of 2025 after the completion of the working capital adjustment process. We invested approximately BRL 840 million in property, plant, and equipment and intangible assets, with the highlights including scopolamine extraction site, expansion of production capacity at Itapecerica da Serra plant, and investments in innovation, research and development, reinforcing our long-term growth strategy. Finally, our net debt ended 2025 at BRL 7.7 billion, equivalent to 2.6x the annualized EBITDA from continuing operations of the fourth quarter of 2025. With that, I'll give the floor back to Breno for the closing remarks. Thank you, Ramon. In 2025, we accelerated the growth of our sell- out, recovered our profitability levels, and delivered strong operating cash generation following the successful completion of the working capital optimization process. 2025 was a year of adjustments and of preparing the ground for the company's sustainable and profitable long-term growth. We started 2026 better prepared to capture the main opportunities in the Brazilian pharmaceutical market with a lighter and more profitable operation and the expectation of strong conversion of our results into operating cash flow. We should highlight that for 2026, we see opportunities to further reduce our investment in the working capital through reduction in internal inventories of raw materials and finished products. We remain the only company with a leading position across all segments of the pharmaceutical market. With the strength of our leading brands and our innovation pipeline, we are very well positioned to capture medium and long-term growth opportunities. For 2026, we already have important line extensions planned for our leading brands, and we are seeking to explore new markets, including large markets that have recently lost or are about to lose exclusivity in the short term, such as the semaglutide market. Thank you. Now we'll open the floor for the Q&A session. Thank you. We'll now start the Q&A session for investors and analysts. If you wish to ask a question, please click on Raise Hand. If your question is answered, you can leave the line by clicking on Lower Hand. The first question comes from Mr. Joseph Giordano from JP Morgan. Please, Joseph, your mic is on. Hello, good morning, everyone. Good morning, Breno and Ramon. Thanks for taking my question. I'd like to explore three main aspects. The first one about the non-retail market. The expectation is to try to understand how much that affected the inventories and working capital throughout the year. You have to maintain a buffer to cater to the requests of the government, even if it's through distributors, and that has an impact on the inventory line. The second point, which is twofold, we see a contribution of more or less 1% of the growth coming from new releases. So semaglutide, you said at the end, that's the point number two. I'd like to understand how we should look at semaglutide, how it will contribute throughout 2026 and 2027. Lastly, I'd like to understand at which stage you are when it comes to the license for semaglutide and how you see the market potentiality, especially for the second half of the year. Thank you. Good morning. Thank you for the question. I'll take the first question, and then Breno can take the rest of the question. Well, the institutional market maintained a lower pace, which we've been seeing in the previous quarters, especially due to sales to the public sector. We don't expect any big changes for next year, so it tends to grow closer to the current retail portfolio. The dynamics shouldn't change too much from last year to 2026. What we do have for 2027 are new releases, especially in oncology, that start to help us with the future growth, which is part of the business case of the institutional market. It's an important part, and we see a greater contribution to growth starting from there. Breno will take the two questions. Good morning. Well, concerning the pipeline, except for semaglutide, we believe that we have the possibility of maintaining the same levels. We still have the recent and future releases. We now are starting in the market of muscle pain with Neosaldina and other brands. We've also recently entered the market of expectorants with a costly molecule that's still becoming more mature in the next few months and years. We still see room for the growth of the recent releases and also in terms of what we're doing moving forward. Concerning semaglutide, I believe that that's our main bet for 2026. As you know, the patent will expire next week, but so far, no authorization's been issued by the health authority, ANVISA. I believe that they are working on analyzing the registers, and we believe that we'll be among the first to have our registrations assessed, and that will be followed by the release. After the registration, we need to start the drug production, and it should take some months between approval and the release of the medicine. We are very excited. It's a market of BRL 5 billion, approximately the current semaglutide market. We believe that with the new players, this market tends to increase significantly. BRL 5 billion is restricted to the registered products market. There is a parallel non-audited market of compounded medicines and also unregistered imports from Paraguay mainly. The market is actually already bigger than that and tends to get even bigger with a greater availability of high-quality products at more affordable prices for end consumers. We're quite excited, but we're depending on ANVISA's approval. Thank you, Breno and Ramon. You're welcome. Our next question is from Mr. Artur Alves from Morgan Stanley. Please, Artur, your microphone is on. Good morning, Breno, Ramon. My first question is about the bill that's trying to eliminate the patent of tirzepatide. I'd like to understand if that's a risk or a potential. I'd like to understand how you see the potential impact to the product that will be the generic of semaglutide, and if there is space to enter this market if the patent really expires, and if there are any initial conversations related to that. Also about your growth. We saw that it exceeds your market, but it's more or less in line with the unpatented market. I'd like to understand the portfolio bias. Why is your market growing since you're growing a bit less than the unpatented segment? Is it a lack of OTCs or lack of generics? Do you intend to become more in line with the unpatented market in the future? After the explanation of generics. Well, concerning your first question, Artur, about tirzepatide and the anticipation of the patent elimination, we don't believe that that will actually happen. There were some news a few weeks ago, but now it's lost traction. We also don't believe it's good for the Brazilian pharmaceutical industry as a whole, in that it brings about a lack of predictability and breach of contracts, which is not good for the industry as a whole. All of the entities and associations of domestic and international companies have issued unfavorable statements against this type of change. Concerning your second question about the growth, there are some products whose patent expired recently, and they're contributing a bit to this accelerated growth. Large portion of the growth comes from patented drugs, especially from the pens, which as I answered in the previous question, we will soon enter these markets. Consequently, our operating market will go through an increased acceleration over the course of the next months as we initiate our operations with semaglutide, but also other products that went through a recent patent expiry and that will soon start producing. We see a high potential for accelerating both our sales, which is the most important thing for us, and also our operating market, which will become our new market in the next few months. Thank you. That's clear. The next question comes from Mr. Bob Ford from Bank of America. Please, Bob, you have the floor. Thank you. Good morning, Breno, Ramon, and participants. Breno, can you talk about the new dynamics of the generics market? Can you also translate the update of the SAP into the impact on sales? Lastly, how should we think about the return on investment in publicity as you migrate towards a more digital operation? Thank you. Hi, Bob. Good morning. Well, concerning your first question, we don't believe there'll be a significant change in the market of generics with the acquisition of Medley by EMS. To us, it has an even lesser impact given that generics account for only approximately 15% of our portfolio. EMS, we see them as a rational player, and they already have an even stronger presence than that of Medley, almost 3 x as big as that of Medley. I think that, well, this deal is an interesting one. As the media said, it's an 18x multiple. As a reference, Hypera, which has a portfolio that's much more focused on brand medicines, and abroad, the brand portfolio has greater multiples than the segment of generics, and we're negotiating approximately 8x. That more or less shows the importance and the growth potential of this market and also how some players appreciate that as this deal shows in terms of the multiplication factor. Thank you. I'm gonna take your second question, Bob. Well, throughout 2025, we've been investing in improving the efficiency of our processes. We captured lots of things throughout 2025. The SAP was an important investment, and it's a relevant stage for us. We are migrating the entire system. It was successful, and we're very happy with the conclusion and the results of this migration. After the migration of the current processes, we'll now go through a phase of assessing new opportunities of operating efficiencies as we implement solutions in the SAP S/4HANA. Yes, there is some room, but we keep on considering that most of this improvement will follow along the lines of last year. I'll give the floor to Breno to talk about the marketing investments. Well, Bob, we've been measuring that from up close. We're increasingly trying to understand the fine details of the return on investments. We see that in 2025, we've had returns in terms of views and concerning the reach and the frequency is much greater than what we had with the same investments in the traditional channel. Having said that, we also see a lot of opportunity. 2025 was a year of learnings. There is room to improve even more. The plan for this year is to have media investments similar to what we had last year, but with even greater efficiency for this year. In the past, these investments, due to the type of product that we used to buy, thinking about soccer, for instance, there was a bigger concentration due to the number of games in the second and third quarter. Now we can have a much bigger distribution throughout the year now. We're quite optimistic about the inefficiency improvements. Also now with digital, we can have a presence and investment across more brands in the portfolio. Whereas in the past, we would privilege the bigger brands at the expense of smaller brands. Now there's more than 50 brands that we've been investing in in terms of media with very positive returns. Our next question comes from Mr. Vinicius Figueiredo from Itaú BBA. Please, Vinicius, you have the floor. Good morning, and thanks for taking my question. I'd like to start with a more straightforward question concerning the expectations for the sell-out. When we look at the beginning of the year, we're halfway through March, so we can have a very good visibility of what the first quarter trends are. Of course, there's Carnival that makes it a bit harder to make a comparison, but I think it would be very important to do that. The other thing I'd like to ask you is about cash generation. We've had a few investments that ended in 2025, especially if you look at the research and investment. You've been talking about testosterone, B12, et cetera, in addition to GLP-1. I'd like to understand the balance between the fixed assets and the R&D. What are your prospects? Good morning, Vinicius. I'll take the first one, and Ramon can answer the second question. Concerning the sell-out of the first quarter, as you mentioned, there's a bit of variation because of Carnival. For the quarter as a whole, we see a growth pace close to what we saw in the first quarter. Nothing very different, and it remains similar to that. As I said in the previous question, as we have more of our releases, including semaglutide, we'll also see an acceleration of our sell-out growth. Vinicius, concerning your second question, you're correct. 2025 was a year with important investments for the company, especially the scopolamine factory, which I mentioned in the beginning of my speech. For 2026, we still expect a year with somewhat higher investments, especially focusing in the institutional market. The pilot plant is being built, the R&D exclusive lab and the oncologics plant. Investments are gonna be a bit higher, and the R&D levels will probably go up in relation to 2025. Thank you. That's great. Thank you. Our next question is from Mr. Gustavo Miele from Goldman Sachs. Hello, Breno, Ramon. Good morning. Thank you for the presentation. First, I'd like to understand your perspective for the EBITDA margin looking at 2026. It's hard to look at the reference of 2025 due to the first quarter, where you were still advancing in the adjustments to the working capital. If we try to look at the margin for the last nine months, you're running close to 33.6%, if I'm not mistaken. I'd like to looking at the last 12 months for a baseline that's more in line with the maturity level of the company or if you're looking at any expansions for this year. What are the levers for that? You talked about digital media. I'd like to try to understand where we can think about more profitability gains for the companies for this year. That's my first question. The second question. We've been discussing sell-outs. There's this binomial between sell-out and promotional discounts. That's something that during the latest quarters, last year, there's been certain volatility. It seems to be a bit easy. The numbers of 2024 were quite high. Quarter against quarter, these promotional discounts are going up. I'd like to understand how you're looking at the promotions for 2026. That'll be helpful. Thank you. Hi, Gustavo. This is Ramon. I'm gonna take both of your questions. Concerning the EBITDA margin, we have no specific guidance, of course, and the exact numbers depend on a few factors such as the yearly sales mix and the number of transfers. But these numbers that you mentioned sound reasonable. Concerning the promotions, the dynamics of the fourth quarter won't change much. We may see a little bit of reduction in these discounts as a percentage of the revenue. Of course, as the revenue goes up, these discounts also grow. Yes, as a percentage of the revenue, we'll be probably reducing it by a bit, at levels not so different from the fourth quarter of 2025. As a percentage of the revenue, it will probably go down a little bit moving forward. Thank you. The next question is from Miss Maria Eduarda Resende from BTG Pactual. You may proceed. Hello. Good morning. Thanks for taking my question. Well, I'd like to follow up on our colleague's question about the CapEx for 2026, if I may. Maybe you could talk about the perspectives for 2027 and onwards, and the latest internationalizations in the last few years. The second question, I think that in your final remarks, you said that there is space for reducing the working capital, especially when it comes to the inventory lines. Maybe you could give us an idea of what we can expect for these lines for 2026, please. Thank you. Hi, Maria Eduarda. This is Ramon. Thank you for your questions. Concerning the CapEx, we don't give any guidance for long-term investments, but it will probably drop considerably as of 2027. These investments that we've been mentioning represent 56% of the CapEx expected for 2026. We can expect an important reduction as of 2027 with this information. Concerning the working capital, yes, we do expect some improvement, especially for the second half. The first half will probably still show similar levels to what we've been seeing with inventory. As of the second half, as the sales occur and as we reduce the number of purchases of inventory and raw materials, we'll see an improvement, maybe a bit below or in line with historical levels. I can't give you any specific numbers, but it will be something very close to what we've seen in the past. Thank you. The next question is from Mr. Leandro Bastos from Citi. You have the floor. Good morning, Breno and Ramon. Thank you. I have two questions. First, I'd like to talk about the capital structure. The company will naturally improve its financial flexibility, and I'd like to understand what's the optimal level for leveraging. Also, if you can come back to thinking about M&A activities with a little bit more of centrality in this strategy. I'd like to understand your perspective on that. That's number one. My second question, we discussed about investments in media. If we look at 2025, marketing as a whole, the expenses grew reasonably above the sell-out, and the fourth quarter was a bit more difficult. But my question is, if moving forward, if you're gonna have a more a marketing expense that's more in line with the sell-out. Thank you. Hi, Leandro. I'm gonna take your first question, and Ramon will take the second question. Concerning the capital structure, our main goal was to prepare for this, macro political and macroeconomic scenario. When it was announced, we had no idea that a war would occur, but we wanted to have a bit more flexibility in case the most likely scenario of the interest rates dropping if that didn't occur. We see that keeping the interest rates higher for longer. This has been stressing out the sectors across the entire industry. Our goal was to provide a bit more flexibility in the short term. The company's goals are to keep on de-leveraging. Pre-capital increase, we were with an annualized base, disregarding the effects of the working capital. That was a little over 2.5x. With the increase of capital, we'll move to something closer to 2x. Our goal before we assess more seriously the M&A opportunities is to get closer to 1.5x. Given that the company generates a lot of cash flow, especially if we disconsider the short-term interest rates with increased capitals and also in the medium term with the expectation of reduction in the interest rates, this will probably not take too long before it reaches these levels. Something around two years is probably what it's gonna take us to reach 1.5x. The short-term focus is really to deleverage and in case this interest rate reduction scenario does not occur. Concerning the marketing expenses, they did go up during 2025, but this growth was mostly funded by the efficiency gains that we got from other expenses throughout the year. Moving forward, we believe that the growth will be closer to the sellout levels, of course, excluding the possible effects of semaglutide, because depending on the release timing, we might see a little bit more of investment. As a reminder, medical visits are under this marketing line. If you look at the ex-semaglutide portfolios as it were, marketing will, yes, grow closer to sell-out moving forward. Thank you. That sounds great. To ask questions, you just need to click on Raise Hand. Please wait while we collect questions. The Q&A session is now over. With that, this Hypera Pharma video conference call is over. Thank you for your participation, and have a great day.