A Finance Officer and IR Officer. This event is being recorded and also streamed on the web. You can see the presentation on the company website at www.odontoprev.ri.com.br. This conference has simultaneous translation to view. You have to click on the interpretation icon on the bottom right part of your screen and pick your preferred language, Portuguese or English. Next, we will begin the Q&A session. To join the queue, include your name and company on the Q&A button on the bottom of the screen. The questions will be answered in the order they come in, and you will receive a pop-up message on the screen to unmute. We ask you to ask all the questions at the same time. Only the participants on the webcast platform may ask questions. The instructions are on the tool chat as well as the presentation of this webcast. Before we proceed, we'd like to clarify that any statements made during this video conference regarding the business perspectives of Odontoprev, forecasts, operational and financial goals are based on company beliefs and assumptions, as well as information currently available to the company. Future considerations are not guarantees of performance as they involve risks, uncertainties, and assumptions relating to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that conditions related to the industry and general conditions, as well as other operational aspects, may affect future results of Odontoprev, which may lead to results that differ materially from those expressed in such forward-looking statements. Now, I'll turn the conference over to Mr. José Roberto Pacheco to begin his presentation. Pacheco, you may begin. Hello. Good morning, everyone. Welcome to this video conference to comment on the results of the first quarter and also focusing on the second quarter of 2025. We have the main metrics that we will address today. Starting off top left, the evolution of net revenue, with highlight going to the average ticket, not only in the variation of the quarter, half-year, and LTM. We have a balanced portfolio different than the competition, considering all the business segments, and achieving BRL 2.4 billion in net revenues. We will see that in this presentation, this is much different than the rest of the market. On the top right of the slide, we can see the specific growth of the brand Bradesco Dental in the SME segment. You can see the word "record" that was used, which is the case in the growth of 170,000 new SME clients in 12 months and 90,000 new clients for the half-year, and for the quarter, 54,000 new clients, with a ticket that's higher than corporate, which is our main portfolio and more competitive DLR. On the bottom part of the slide, these two metrics starting off with the bidding up and cash growing at 15% in 12 months, BRL 171 million year- to- date, June. Specifically in the second quarter, we had a growth of 29% to 34% and a 27% growth in EBITDA. On the bottom right, net income that grew 24% in the quarter and 18% LTM, achieving BRL 569 million in the year- to- date of 12 months, considering June. Those are the metrics that we will go into details now in the presentation. This is the data of the National Health Agency, the ANS, and you can see 53 million beneficiaries or members in health in medical plans, similar to what we've seen in other months and quarters. Here you can see, based on the growth angle, a growing share in Brazilian population limited to 17% of citizens. There was a relevant growth in the decade of 14,000 members showing an expressive development that we can see in the dental segment in upcoming years. On this next slide, we're showing and selecting some of the main players in dental plans. The company is the leader, not only with one, but two portfolios that add to each other, starting off with corporate with BRL 1.3 billion net revenues in these past months. We've developed and have almost BRL 1 billion in revenues in SME and individual plans. Those are the two main portfolios in the Brazilian market that total BRL 2.3- BRL 2.4 billion, as you can see on this chart. I'd like to mention the average ticket of the SME and individual plans, which is far from the rest of the industry, as you can see on the chart. Now, moving on to our next slide. This is specific for the Bradesco Dental brand and specific for SME clients. It's worth noting that this is a very relevant, addressable market in our opinion, and even greater than corporate, given the formal jobs in Brazil that are very much connected to small businesses and SMEs, as you can see in Europe and the U.S. In Brazil, it is no different. You can see the share and relevant growth starting off with the quarter, 37% more ads compared to Q2 2024, and then we have 62% growth. The company is achieving traction in a very efficient channel that not only translates into a higher ticket, lower DLR, and even bad debt when we consider the credit filters in the bank channel, which is a clear differential in our P&L. On the next slide, we can see the evolution of net revenues, which is very much favored by the average ticket. A year ago, it was approximately at 1%, now a significant relevance of 5% given the discipline of substitution and sales mix with products that are higher value added. Those are the sponsors of the growth of 8% to the revenue in the variation of 2Q 2025 compared to 2Q 2024. On this slide, we can see the strategy that's being pursued by the company and actually delivered in the past 10 years. In the lighter color, we can see the numbers for LTM, starting off with the corporate segment, which, as we mentioned today, brings on revenues of BRL 1.3 billion, having grown 4% in each of the 10 years. This is the more mature segment and higher competition in the commercial segment. We can see the more recent portfolio on the top right and growing 12% per year in the past 10 years, achieving almost BRL 1 billion with an average ticket that is approximately double in the corporate market. This is a very important thesis. This is a foundation that the company has and very hard to be replicated by the competitors, given the technological platform and controls that we have with the smaller clients, especially the SMEs and individuals, in addition to exclusive distribution channels of the company that are providing all the support for this expansion and growth. Moving on, we have the details or an evolution of the segments quarter- after- quarter, starting with 2Q 2024. The average ticket of 2Q 2025 was greater in all segments year- over- year. On the bottom part in the columns, we can see each segment and the evolution per quarter of the cost of services. The cost of services has remained at competitive levels, lower than the IPCA, which reflects the technological tools that the company has, quality management, and understanding the technical behavior of the accredited network in over 2,500 cities across Brazil, enabling the company to deliver differentiated margins at the end of the day. You will see this during the presentation. On this next slide, we can see the evolution in 10 years, not a short period, but 10 years of our contribution margin. It is segmented between the corporate plans. On the right side of the slide, the growth of the contribution margin in SME and individual plans is very similar to the evolution of the revenue, as we mentioned, 4% per year. Here, the contribution margin of the corporate segment is identical, 4% per year. On the right, the more recent and newer segment, which has a clear differential for Odontoprev, is growing 15% per year. The contribution margin in the past 10 years has achieved 60%, which is much higher, as you can see here, than the contribution margin of 45% in the corporate segment. This cycle of value innovation is not easy to be replicated by the closer competitors and, once again, makes us very excited to continue to execute our strategy. On the next slide, we have the consequence of the positive tickets, maintaining costs and higher efficiency in managing customers with different risk profiles. You can see the annual rate of growth, which is practically 12% of the EBITDA of the company's 2022. In the first quarter, growing 18%, and for the quarter, 27%, as you can see that the margin went from 29% to 34%. Our next slide talks about the net income, which is growing since 2022 at a two-digit rate, going from BRL 470 million to BRL 570 million. First quarter, the increase was approximately 13%. In the quarter, we have approximate 20% growth in the annual variation. The investments in technology, we'd like to highlight that they reach a peak in 2023. In 2024, you can see a level that's slightly lower. As we've been signaling, we expect a rate that's a bit lower in the upcoming periods. The investments in technology are a clear priority at Odontoprev. We've invested a lot in the past years in digital processes and a number of risk management tools and behavior tools with admin behavior, and we should collect the benefits across the upcoming quarters. Now, about the distribution of the quarterly net income and capital allocation, you can see that in LTM, ending in June, a profit of BRL 569 million, the payout of 97%, broken down into dividends, interest on capital, and also share buyback programs. Specifically in the second quarter, net income of BRL 146 million, we are fully distributing 100%, prioritizing dividends, maximizing interest on capital, and also slowly executing the share buyback program. Our next slide is about the company shares that have doubled the daily liquidity from the first quarter to the second quarter, now in 2025. We're very happy to observe an achievement of 12,000 new shareholders. A year ago, we had 42,000 individuals, and now we have over 52,000 retail investors. The ADTV of the financial volume of the company was BRL 24 million. On the last slide, we can see the geographic distribution of the free float. The company has shareholders in approximately 30 countries, highlight in the U.S., with over half of our free float. Before I end this introduction, I have to say that we are very happy with the successful conclusion of the company accreditation, where we recently became the first certified and accredited company by the ANS as a publicly traded company. That's our highlight for 2025. I'd like to end the initial comments and move on to the Q&A session. Thank you very much, everyone. Now, to begin the Q&A session, I'd like to remind you to ask a question. Include your name and company in the Q&A button at the bottom of the screen. First question is from Gustavo Miele from Goldman Sachs. Gustavo, go ahead. Hi, everyone. Good morning. Thank you for the presentation. I have two questions. Two about DLR. First of all, when we look in details to DLR in Q2, there's a highlight in cost per member in all segments. I'd like to hear from you, how much of this is coming from a higher share of new, more efficient products, and how much of that could be a frequency when we look at the outside of that, which is a bit better compared to other second quarters? We had less business days in the second quarter. Was that relevant to your performance? That's the first question. The second question, we've heard from the company that 2024, now thinking of a full year, could be a challenging base for comparison when we consider DLR for 2025. Considering that, I'd like to hear from you if you believe that there could be any relevant challenges for DLR in the second half because the second quarter had strong performance. I'd like to know if that would be offset in the third and fourth quarter. Those are the two questions. Thank you, everyone. Gustavo, good morning. Thank you for your question. I'll start with the second part, the comparison to 2024 that had a lower DLR of our entire journey into 2025. In the first half, we have some highlights, especially in the cost of services year- over- year, as we've just seen. It's important to give a little bit more depth so you can understand the dynamics. There are three businesses in the Odontoprev portfolio, and they have very different DLRs. In corporate, close to 50%. SME, half of that. Individual plans, a bit lower than SMEs. What actually happened in the first half is that the corporate portfolio shrunk. That 50% DLR was less observed. We have the excitement of the dynamics, and we'll definitely talk during this presentation about the second half. We'll probably see new corporate contracts. Therefore, during the second half, we'll have a classic DLR of 50% in the bigger corporate contracts. That's what we observed. Specifically in other plans, in the non-corporate, meaning SME and individual plans, the level of DLR is lower because of a conservative pricing. We also must remember that the company is increasingly more efficient in the electronic tools that manage risk and manage the quality of the services that are provided. The company has been more efficient year- after- year in investigating fraud and maximizing the quality. That's a continuous learning experience and development, even of the investments that we mentioned recently. That said, there's a possibility of, once again, in 2025, having costs that are similar to 2024. That game isn't easy. The first half was victorious in that. We had a very positive performance. Given that profile of recovering the corporate portfolio across the second half, we expect that 2025 would be similar. Once again, it's not such an obvious game. It's not a given that we would have that margin increase sponsored by lower DLR across the second half of the year. Very clear, Pacheco. Thank you very much. Good morning to you. Next question is from Raphael Elage from XP. Rafael, you can ask your question. Good morning, Pacheco. Good morning, everyone.Thank you for taking our questions. Actually, we also have two. The first one is about G&A expenses and focusing on SME specifically. Given the growth profile of the company and the focus that you have for upcoming years, should we expect a participation of those expenses in revenue similar to the levels that we've recently seen? That's the first one. The second one is bad debt. Two first quarters of the year, we saw lower levels of bad debt compared to company history. How does the company see that level of bad debt that's lower looking moving forward? What should we expect? Great. Good morning, Rafael. I'll take part of that question, and then Pacheco can talk about bad debt. What we expect, according to the company growth profile, is that the corporate profile is very big. We've been able to grow that even though it's already very big. In that, the sales cost is lower, and it's more stable. When you go into the non-corporate segments, first of all, the baseline of commissioning is higher, but overall, there are channels that have to be constantly encouraged or incentivized. You have the market broker, and you have distribution channels such as banks or partnerships. Those are segments that you always have to incentivize that channel. In the broker's channel, you have the challenge of the competition. When you don't have competition and you're distributing, you're competing to other products. You need to have incentives, campaigns, and to heat up the sales. The level of sales in corporate is higher. Excuse me, in non-corporate is higher than corporate. When you have a bias towards non-corporate, we've been seeing an increase in the past quarters, and we've reached the current level that we believe is a level that's a good reference of what we can observe moving forward. We don't expect that to grow, but the current level is already higher than the recent levels. Given the change in the growth or sales profile and growth, we have a strategy with a bias towards non-corporate, and that's led by SME with a strategy that's highly focused on bank distribution, as it's a possibility that we have and our competition does not have. Different than corporate that's already mature, we continue to lead corporate. That's our biggest portfolio in members, and it alone is bigger than all our competition. The future of the company goes through the growth of non-corporate, especially SME focusing on distribution in bank channels. Rafael, about bad debt. Everybody probably remembers we had bad debt of 4%, 4.5% of revenues, and that's been increasing. 3%, 3.5%, 2%, 2.5%. Now we have a quarter that's a bit higher than 1%. What's happening is the growing bankarization of the portfolio with credit portfolios that are more efficient than the portfolios of previous years. That's a factor that does increase the margin. It has a very solid foundation, which is the bankarization process, especially with SMEs. That's very solid. We believe that that annualized level of approximately 2%, a little bit more or a little bit less, is here to stay. It is one of the sponsors of that level of return that the company has that's been higher in recent years. We believe that it will stay for a while. Very clear, Elsen and Pacheco. Thank you very much. Next question is from Ricardo Boiati from Safra Bank. Ricardo, you may ask your question. Hi. Good morning, Catarina. Thank you. Good morning, Elsen, Pacheco, and other participants. My question is about portfolio. We've seen solid growth here. The question is, can you break that down, how the growth has been divided? We're talking about the corporate segment and SME. How is that growth broken down with new companies, new company, new clients, and how about the growth in the existing companies? We can map out the vectors of growth of the portfolio, which is still very solid. Is it like 50/50, 2/3, 1/3? Any kind of comment on that in that sense would help us to understand the dynamic of growth in corporate and especially SME. The second question about ticket, specifically about corporate that has a good level there. The ticket's been growing in line with the IPCA, even though there's the cost per beneficiary, a lower cost per beneficiary, per member, excuse me. Is it the current scenario that favors that continuous growth of the ticket in line with the IPCA, or should that slow down in the growth of the ticket, given that the costs are very well-behaved? Those are the two questions we have. Thank you. Great. Ricardo, I'll start off by talking about the portfolio. In general terms, you want us to differentiate the corporate and SME portfolios. Let's start off with SME. Essentially, growth with new contracts, new sales. The portfolio grew in a very robust manner in the quarter and year- to- date, especially when you compare that to 2024. We don't provide guidance, but when you look at all the windows, this 6-month window year- to- date compared to 6 months year- to- date last year or the 12-month year- to- date compared to last year's year- to- date, we're increasing the speed of growth. That's what we're doing. My expectation is that when we talk about this in the next call, it'll be even faster. In closing the year, even faster. We have a clear strategy of growth in SME, and we almost always comment that during the calls. That growth is essentially the increase of sales and increase of new clients in the portfolio. I always like to repeat that the main point of the company's growth strategy is where we're going to explore a market segment that's underserved, reaching new clients with a possibility of share and distribution that our competition does not have because we have access to the bank channel. Usually, our competition only works with brokers, and they don't have capillarity to achieve all the SMEs in the country as a bank does. In SME, it's volume, new members, and new contracts. In corporate, you have both. The performance of the economy this year in terms of jobs so far has been beneficial. It's positive. We don't have the issue in getting registering new people when the economy is poor that we usually see. We had a poor first quarter, and the performance of the corporate portfolio, when you look at it in shorter periods such as quarters, you see some contracts moving in or out, and that strongly interferes in the performance for the period. When we look at longer periods, like 12 months, we're always positive. The last negative bar in member growth in corporate was in 2016. Since then, we've been growing every single year, even if you only look at organic. Just consider M&As. The first quarter was negative. The second quarter was positive. We have a negative balance of corporate for the year. We don't give guidance, but the second half is already contracted and will be very strong. It will become positive in the second half, and year- to- date will be positive as well. All of that is essentially based on new contracts, retention, and getting new contracts. The economy is not affecting us, but the biggest driver in growing the portfolio is our commercial strength, our ability to retain and bring in new contracts. Pacheco, could you talk about the ticket? Revenue is well-based, what Elsen mentioned about the members highlighting SMEs. Why is that so important? Because it gives us a much higher premium to the ticket than corporate. An SME average ticket of 26 compared to an average ticket of 18 in corporate. Ricardo brought in the question about the price changes. It was more significant in individuals, which is 46. It used to be 42. The pricing power that the company has in different channels, not only with brokers, but also in bank channels and different business segments, is very different than the industry. In many different companies, even publicly traded companies, we see lower tickets in dental in the past 2 years, and Odontoprev has been highlighting itself and standing out with growing tickets and much higher than the others. That reflects the discipline in underwriting and bringing in a new risk profile, new customer profile to the company. Once again, small SMEs, up to 200 members per taxpayer number, is a very relevant, addressable market. The company has been a pioneer in that and opening up those doors through a relevant bank channel that acts in the entire country. That dynamic, in essence, and to conclude, for average ticket that's higher and disciplined is a characteristic of our model. We're very disciplined in the top line because of that balance of new contracts, meaning new members, and pricing in the three business segments. That's great. Thank you very much, Pacheco and Elsen. If I may, I have a follow-up question about SMEs. In the previous quarter, we talked about the potential of the SME portfolio and strong growth, and I asked if it wasn't worth stepping on the gas and investing more to grow faster that portfolio specifically, given the market and competitive edge of the distribution channel that the company has. If we combine the discourse that Elsen mentioned of a growing portfolio and that's moving faster and can move even faster for upcoming quarters, and the previous question about sales expenses that are a bit higher and the comments you made, would it make sense to consider that the company is deliberately taking the initiative of stepping on the gas and making this portfolio grow even faster? Because if we consider shareholder value, that may make sense. Disregard a higher margin to build a portfolio faster, a healthier portfolio with faster growth. Does it make sense to think that, or am I mistaken? Yes, we can do that, and it has been the strategy of the company, but without giving up on margin. Quite on the contrary, the differential of pricing and distribution channels and the technology to control quality and the credit filters in the behavioral risk of these clients is new in the market. We trust the margin and the return of this type of new client in the dental market. It brings on risks of default, non-payment, cancelling contracts. Once again, the quality of the sales channel and the strength of the brand, especially Bradesco Dental, and the risk management tools make us really excited with the return that the company is building. We're very careful. We use a lot of discipline and focus on value. That's the major focus of the company. Ricardo, about focus and expediting that, considering Pacheco's comments, as we grow, we improve profitability. As we have a higher average ticket and similar cost of service, this client is more profitable, and we can be aggressive growing with good profitability. We have interesting consistency in growth. In the past 32 quarters, 25 were positive. When we look at the annual figures, except for 2020, which was the pandemic, we grew every year. The interesting aspect is changing the growth level. When you look back 10 years, we grew 50,000 members a year. When we adopted the strategy of the different ranges, where we segmented SME in three different sizes, and we're selling to bigger SMEs over 30 members, for instance, that grew over 100,000 members. Now, in 6 months alone, we've grown 100,000 members. We can have a linear projection to see how we can grow up to December. We're expediting that. Any comparison that you'll have, you'll see that the current growth is greater than the past growth, and we are expediting that. We'll see that every single call moving forward, we'll see that topic increasingly more present. Thank you. Very clear. Next question is from Eduardo Resende, UBS. Go ahead, Eduardo. Good morning, Pacheco, Elsen, and Catarina. I have two questions on my side. The first one, going back to the corporate portfolio, we've seen a dynamic in the quarter and in LTM with a growth that's mainly coming from the Bradesco channel. It was very clear to me about SME, but I'd like to understand the growth in corporate in Bradesco, how that dynamic is coming, if it's increasing in share in the Bradesco channel. Flavor on that. The second one is competition. We see ANS data, some other players reporting net ads that are very solid. I'd like to know if you have seen any players that are more aggressive in price. About that dynamic in the industry recently, how's that been? Eduardo, I'll start off with corporate and Bradesco. Actually, here at Odontoprev, we have the privilege of being a multi-brand company. That's a strength. At certain points and situations, business situations, the Odontoprev brand that is very strong with HR departments is the best brand. Many times, because it's connected to medical, that would be Bradesco. With the bank relationship, Bradesco is stronger. We work with what makes more sense in each situation because different than non-corporate, in corporate, it's per contract. Each business is a specific business. It's customized and priced for that client and has specific circumstances for them. Many things are considered. If there's a very strong bank relationship, that would probably help us to sell a Bradesco product. If they already have Bradesco Medical, then we can do some cross-selling to include Bradesco Dental. Sometimes it is a package. They're buying medical, and they get dental with that. There are different circumstances, and can't really say that there's a trend that one will grow more than the other or vice versa. Each quarter, each year is different, but our sales with the Bradesco brand in corporate is very robust, always. It's a case-by-case basis. Every year is different. Like this fourth quarter was difficult where we have negative performance. Second quarter was very good. For corporate, it's still negative. As I mentioned, we'll have a very strong second quarter that will make corporate go positive. In the contracts that we know that are coming in, the second quarter will be very strong. We'll turn things around. We have Bradesco, we have Odontoprev, we have Odonto System, and many other things happening. In corporate, I think that the game is a mix. It's different in non-corporate, where in that case, Bradesco plays a star role because of the bank channel. In corporate, Bradesco is a very strong, important brand. Always have big numbers, but there's no specific trend because each period that we analyze will have a story, an important contract. Especially because in corporate, one single deal that's very big interferes on the results in the period. I wouldn't say that there's a trend. Just highlight the privilege that we are a multi-brand company. Sometimes it's Bradesco, sometimes it's Odontoprev, sometimes it's Odonto System or Banco do Brasil. We can take advantage of that, of the portfolio of brands and products that we have, as well as the channels. In terms of competition, in SME, we sell with brokers, market brokers, and then we have the competition that we already know. We already know how to play that game. The main strategy of the company isn't about competition. It's execution and its share in a customer base that we are the only ones that have access to, a very big customer base. We have channels to reach them and the brand to achieve them, and a bank relationship that takes us to that client, and we know their credit. Sometimes we do the payroll for them and offer other services for them. That's a possibility that our competition does not have. It's an exclusive strategy. It's not about competition. It's about execution and share and increasing our share in that customer base. The essence in SME is about getting more share in the customer base and distributing with capillarity. In the corporate segment, we always have a competitor. Every time you have that question, you have one that there's a competitor that on average has an established rationality, even though the competition is tough. There's always someone that, for some reason, is being more aggressive at that point. This year, we've seen a small competitor, well, not really small, order of magnitude 1.2 billion members, that's been more aggressive in corporate pricing. Even some of the customers that we lost in the first half were to this competitor. That goes through the 12/24 months, DLR that has to be adjusted, and then a need to balance out those contracts. That happens. They come back to the market, and eventually, they come back to us, which have happened many times to us that that's more sustainable, but more sustainable prices. It's still different than what we already know and what we already play. It was always tough, but we know how to play the game, and we have scale for that. Our corporate portfolio alone, 6.3 billion members, bigger than all the competitors together. There's a lot of scale to play the game of a more competitive ticket. In SME, it's not a strategy of competition. It's share in a number of specific customers that only we can reach. Perfect, Elsen. Thank you. Very clear. Good morning, everyone. Next question is from Vinicius Figueiredo from Itaú BBA. Vinicius, go ahead. Moving on to the next question. Samuel Alves from BTG Pactual. Samuel, go ahead. Thank you, Catarina. Good morning, Elsen, Pacheco, and everyone. I have two questions on our side. The first one is a follow-up based on the previous comments about SMEs. I'd like to hear from Elsen. What's the company ambition? If you were to consider the market size and the size of the opportunity, how many taxpayer or corporate taxpayer numbers do you service today or are in Bradesco or the bank channel? Just so I understand how far you can go, thinking of the long-term scenario. The second question is about provision reversal that we saw in the second half, to understand if it's connected to the provisions about the free choice plan that were back in the pandemic, and if there's a remaining balance there that we should consider moving forward. Thank you for your questions, Samuel. I'll start off talking about the provision reversal. Yes, it has to do with the 2019-2020 free choice plans. They brought in many aspects that made us create provisions. Those provisions, after years of observing and testing in a very conservative position, we felt comfortable now in 2025 to reverse that pretty much in full. There's nothing more to reverse in future periods. They have to do with the free choice plans from the past. I'll start off elaborating about the SME plans. In fact, it's an important market, and it's the foundation of the more advanced economies. There's more workers, according to IBGE data and public data disclosed by Bradesco. Talk about 1,700 corporate taxpayer numbers. If you consider the number of members per corporate taxpayer number, it's very significant. Another metric of 50 million informal jobs in Brazil. Most of them are probably connected to small businesses and not the big employers. It's a new market. It's a market to win. It's difficult to have efficient distribution because the supplementary health market in Brazil is connected to brokers. In small clients with less members, it wouldn't be that interesting. It's a difficult market, higher risk, especially credit and behavior of those smaller clients and don't have a pattern of use that's similar to corporate that really know the benefit and know how to use it. They have a different type of employee profile. That's what we're talking about. It's a blue ocean. It's relevant. Year- after- year, we're learning and understanding this specific segment even more. To add to Pacheco's comments, there's a huge potential, as he mentioned, because there are many members, small companies. The access is harder in terms of channel, and our competitor doesn't have access to the bank channel as we do. There are many companies that we can still approach. Many companies that don't have a plan, they get one. There's important data because it's about the nature of our benefit. It's a benefit that has a low ticket, and the sale is low complexity, and it delivers many services based on the ticket that we charge. When a small company that has a very different economic reality compared to a large company, and you consider the benefits that it can give their employees, they would love to give health insurance to them, but it has a higher ticket. When you're going to sell a health plan or health insurance to an SME, they don't have the financial economic capability of giving that plan to all employees. They'll probably give it to higher managers and others. It's for not many members. When you sell dental plans to these companies, as it's a lower ticket, the company could give it to all employees. That's why we can have expressive sales in SMEs over 100 members. For BRL 26 and BRL 25, it makes more sense for that company manager or owner who wants to recognize their employees. Instead of giving them a salary increase of BRL 25, they can give them the dental plan. Now, you can go to the dentist because it's going to be free. It's a bigger impact. We're delivering a lot for a low ticket, and it's affordable for a small company. When you see that blue ocean of new clients that you can achieve, we have the capillarity to reach them. A product with that kind of characteristic, we have a perspective of growth, which is very high. The growth in that, in terms of members, we don't stop growing the corporate portfolio. We grow SME, but corporate also grows. In terms of members across time, I'm not sure if we could really differentiate that number of members from SME and corporate, but corporate brings in less revenue. In terms of revenues and contribution margin, they should detach of the participation of non-corporate compared to corporate. That fits with everything that we've talked about in terms of growing the company through non-corporate. Okay. Thank you, everyone. Good morning to you all. Next question is from Gustavo Tiseo from Bank of America. Go ahead, Gustavo. Good morning, everyone. Pacheco and Elsen, good morning. We have two on our side. First of all, we'd like to hear about DLR. It's been positive in the past years, and we always have in mind that when you grow a lot, you have one or two years to mature some products that have strong initial volume, and then it gets lower. In our heads, you've been growing a lot, and every year you were reducing that maturation, and then DLR gets better. I'd like to understand that at the level that we are today, since 2021, is that a level that would get lower and even flatten out, or do you see any risks, or is it another situation that's not the maturity that's bringing in DLR at a lower level? The other point is growth. You mentioned that the first half was a bit lower than the others, especially the first quarter. Competition was more aggressive. In the second half of the year, do you see any relief in competition? That's why you're betting more on that or not? Maybe it's just SME that grows a lot, and corporate should remain in a competitive scenario that's a bit tougher. Those are our questions. Thank you. Good morning, Gustavo. That's a good point about DLR. The central aspect of that is the customer mix is changing. The company portfolio is different year- after- year. The marginal DLR, meaning the portfolio that the company has built in the past 5 years, has lower DLR than the portfolio we had 10 years ago. What you're saying is true. For instance, the corporate client, after 4 or 5 years, will have lower DLR than the first 2 years. What we're seeing now in the dynamic of company growth in the past years is that the faster growth, especially the SME portfolio, that the DLR, as a general rule, is half than the corporate portfolio. DLR has been more efficient and lower. Last year was the most efficient in company history, and it runs the risk, but it's not an easy game of having lower DLRs in upcoming years because the sales mix is changing with higher tickets and cost of services more stable. The marginal DLR is lower. In addition, the tools, and we've mentioned this in previous questions, the control tools that we have for quality, for technical performance of the dentist network, are also improving. They're becoming more sophisticated. Last, the management of the accredited network of the company across Brazil has been more efficient, bringing on partnerships and added value for those who work with us. All of that gives us a positive view of building unique margins compared to the market. The DLR won't be a surprise if it becomes more efficient across time, given the dynamic that we mentioned. That's the point that we wanted to explain. Gustavo, about your second question about the behavior of the growth of members in the second half of the year, starting off with SME, we'll grow strong. We have data that shows that in the first half alone, we've grown 100,000 members. Last year, 66,000. Bradesco is 100 compared to 56. That's a portfolio with all brands. In the 12-month period for Bradesco, 172 compared to 121. We're expediting growth, and we'll have robust growth in the second half. In 12-month year- to- date, and for 2025, we'll be very strong based on the strategy that we already mentioned. In corporate, we'll have a very, very strong second half compared to the first one. Competitive scenario is the same, but it's tough. It's a game we know how to play. In fact, the first quarter was very poor. It brought us down, and then we recovered. In the upcoming quarters and half year, that will turn around the balance of the corporate portfolio. Competitive scenario is something we already know, nothing really new. The prices you already know. I mentioned there's one specifically that was more competitive, one competitor that was more competitive at the beginning of the year. Sometimes when you win or lose a very big contract, when you look at the quarterly period, the results are volatile. In a 12-month window, we're always growing. We've been constantly growing, and this year we will grow as well. Thank you, everyone. Next question is from Caio Moscargini from Santander. Caio, go ahead. Hi, everyone. Thank you for taking my question. I have two on my side. The first one is for Elsen. Elsen, you're very optimistic with the second half. I'd like to understand why is the first half weaker in the commercial point of view, and what's changing? Are there any specific drivers for you to be that excited about the second half in terms of sales? The second question is about G&A. There was an important movement in the second quarter. What should we expect moving forward based on these two things? Thank you. Caio? Actually, when you say that the first half was weaker and why we're excited about the second half, in SME, the first half was strong, and the second half will be strong. The detractor that we had in the first half was corporate, which we were very slow in Q1 because we lost some big clients in a short period of time. The contracts that we won in that period weren't that big. In terms of contract numbers, we won more than we lost, but the ones that came in, even though they're big, 9,000 or 10,000 members, were smaller than the ones that we lost. The balance of members became negative. In the second, things changed quarter- over- quarter, but in the 6-month year- to- date, it was negative. Partially contracted for the third quarter is the opposite. We don't have any expectation of relevant losses because we can know that in advance because they give us prior notice when they're going to cancel a contract. We have a risk map of contracts. On our risk radar, we don't have big contracts as the ones that we saw in the first quarter in terms of a loss risk and the number of members. In corporate, we have comparable wins and losses, but the contracts that we lost were bigger than the ones that we won. In the second half, it would be the opposite. We'll have wins and losses, no expectation of big ones, but some of them that we will win are going to be bigger, and that's why we'll reverse that. That's why the second half will be better than the first. SME was strong in the first and will continue strong in the second half. That's the reason for us to have the optimistic view for that. Caio, what you're talking about, SG&A, is really good for us to approach here to mention or to address. There's an opposite dynamic here in SG&A. The non-corporate acquisition cost is higher. That's why we see growing sales expenses, and that's here to stay. SME, an individual with the same level of commissioning at the end of the day. About G&A, which is your question. In G&A, the dynamic is different. That doesn't happen every quarter. The dilution of admin expenses is a company focus, and that's why we've been investing a lot in the past years. You can see that they've more than tripled in the past year. We're going to start reaping the benefits step- by- step as of this year, 2025, 2026. Digital processes, the number of robots in the company, there are many different initiatives that once again, in a step-by-step basis, they will give us a more efficient G&A. We're clearly more constructive in G&A in 1 or 2 years than the current levels. That's why we want to share that with you and accompany that path with us. That's what we wanted to mention. Thank you. Thank you. Our last question is from Evandro Medeiros from Suno. Go ahead, Evandro. Good morning, Catarina, Elsen, and Pacheco. Looking at the average ticket data when you adjust it to inflation since 2007, the average ticket decreased 30% on average. Is that more because you're being more aggressive? What explains that evolution of the average ticket? Thank you. Hi, Evandro. You always have to look at the perspectives. It's interesting that you mentioned the comparison to 2007. If I well remember, having the privilege of being here at the company before that, the EBITDA margin that we had back then was 24%, 25%. We just talked about EBITDA margin of 31%, 32%. The ticket has to be efficient, commercially efficient, so we can win new clients. The company back then, once again, like you mentioned, 2007, was 100% focused on the corporate market. Now we have two Odontoprevs, the corporate with over 6 million clients and non-corporate. That does almost half of the contribution margin of the company. The data that you're giving us is a fact. It's statistics. 30% lower in 2007. We're commenting on a higher margin and much higher than the competition in the almost 20 years of being a listed company. Thank you for your question again. Thank you. Q&A session is now over. I'd like to hand over to Pacheco for his final remarks. I'd like to thank everyone for their participation and invite you to visit our IR website that has very detailed information of the work we carry out.