Calls to discuss the results regarding 3Q25. I am Katarina Brunner, IR and Treasury Supervisor, and I have with me Elson Carvalho, CEO, and José Roberto Pacheco, Financial and Investor Relations Officer for Odontoprev. This video conference is being recorded and streamed on the web, and you can see the link on the company's IR website at www.ri.odontoprev.com.br, where you can also see the presentation. This conference has simultaneous translation. To use it, you must click on the Interpretation button on the bottom left icon on the screen. Pick the language of your preference: Portuguese or English. Next, we will begin the Q&A session. To join the queue, include your name and company by clicking on the Q&A icon on the bottom of the screen. The questions will be answered in the order they're posted, and you will see a pop-up to unmute. Please ask your questions all at once. It's important to mention that you may only submit questions by the participants on the webcast. The instructions are available in the Zoom chat and in the webcast. Before proceeding, we would like to mention that any statements made during this conference regarding the business perspectives, projections, or financial goals are based on company management assumptions, as well as the information that's currently available to Odontoprev. Future events are not a guarantee of performance and depend on circumstances that may or may not occur as they relate to future events. Investors and analysts should understand that the general conditions, industry conditions, and other factors could affect materially Odontoprev's results and also differ materially from those expressed in such future-looking statements. Now I'll turn over to Mr. José Roberto Pacheco. You may begin. Hello, good morning, everyone. Once again, welcome. To our call so we can talk about the third quarter and first nine months of 2025. Let's move on to our first slide. Here you can see the main metrics. Specifically on the top left corner, you can see net revenue and average ticket achieving 7% in 12 months. On the top right, a very important highlight, something that we've been mentioning in the past quarters, and this was no exception. We usually do not use the word record, but it's inevitable. We have to mention the positive movement in the quarter, in nine months, and 12 months of the growth in the SME segment, especially through the Bradesco Dental brand. Finally, here on the bottom, we have the return, the profitability measured by the EBITDA margin. With no other in supplemental health in Brazil, we have levels greater than 30%, not only in nine months but also 12 months, and our net income growing two digits in the annual comparison, achieving BRL 556 million. Once again, welcome to our conference call for the third quarter of 2025. On the next slide, we can see data that was published today by the Agência Nacional de Saúde Suplementar. So we have 35 million members. Now, according to the data that was published today, that means a 17% share in the Brazilian population, so much lower than what we have seen years ago. In private health insurance. We are very optimistic for the growth potential, as it is still in its beginning here in our country. On the next slide, we can see the main players, the main participants in the market. The dental market specifically. Odontoprev has the two main portfolios that are part of dental plans, as we know. Corporate with BRL 1.3 billion and SME and individuals getting close to the first BRL 1 billion. These are the biggest portfolios in the Brazilian market, and other companies are trying to get close to BRL 900 million. We also show the average ticket of the SME and individuals portfolio, which is practically double of what we can see in the market average, which is close to BRL 20. On the next slide, as we have highlighted before. We expect to have this slide as a constant slide. We have a strategic evolution through the bank channel, through the Bradesco Bank brand, bringing in small and medium-sized companies to the company portfolio, 64,000 net ads in this quarter, 150,000 in nine months, 180,000 in 12 months. That's a strategic movement that we are very proud of, and it's very difficult to be replicated by the market and the competition. Lastly, a very relevant potential of increase in the upcoming years. On the next slide, we can see the breakdown of revenues per segment. Here we can see what we had in 3Q2024 for the portfolio and now the evolution of this portfolio in 3Q2025. Clear highlight goes to SME, where we have 23% compared to 21% in 3Q2024. Individual and corporate, you see a little drop given the higher exposure of SMEs. Now about our dental care ratio. This is a very important slide to show the success of the strategy of the implementation of new products, which are increasingly more important in the company. We'd like to highlight the dental care ratio of 40% in 2022. In 2023 and 2024, we can see a continuous improvement. In twelve months, here, September 2025, we're down to 33%. Pretty much in 1Q24, just to remind you, we had the lowest dental care ratio for a third quarter in the company. Naturally, this number is higher now, a bit higher than 40%, and a little bit lower than 3Q23. On the next slide, this is probably one of the most important slides in our conversation. This ratifies our strategy of the last decade. We're comparing the figures in 2014 to the twelve-month year to date. Once again, the SME plans and individual plans have had a two-digit growth in its contribution margin. You can see that for the first time, the non-corporate segments have exceeded the contribution margin compared to the corporate plans. Contribution margin is at the level of 60%, which is much higher to the 44% of the contribution margin that we can see in the corporate segment. Once again, this movement is very hard to be replicated by the competition. This makes our long-term strategy very evident, as well as the potential for the company to generate value. Moving on. Here we have the breakdown as a percentage of revenues for admin expenses, or SG&A, and bad debt, and selling expenses. Here's the highlight. We have a margin gain with less expenses and lower bad debt because of the bankalization of the portfolio. You see bad debt of 2% in the first quarter, and in the first nine months of 2025, we see 1.5%. Finally, in 12 months, bad debt has become stable at 1.7% of revenues. That's another very relevant differential for this strategy of reaching new frontiers, new geographies with different products. With the non-corporate products, increasing the differentials of the company's portfolio. On the next slide, we address EBITDA. We had a very important margin last year. Now we're at the third year of a 30% cycle, or greater than 30% of EBITDA margin that starts in 2023, increases in 2024. In the last 12 months ending September, we have 32% EBITDA margin. I would say it's extremely likely that this year we would have a margin increase year- over- year because the dynamic that we have just observed in the dental care ratio. Stable expenses, SG&A, and selling. When we add the two, we have balanced results and therefore a more efficient period. That's a strategy guided towards value that we've been executing. In nine months, the two-digit growth of EBITDA, as you can see. We are very constructive in what we have been seeing in the potential and return for the company's portfolio. Now on to net income. In 12-month year to date, it achieves BRL 556 million, the 5% variation with no recurring results. Recurring results in the past 12 months, and that was the same in the nine months. We have a decrease in net income in the third quarter. On the next slide, as we have been calling everyone's attention, is the evolution of Capex. We are at its peak in 2023. In 2024, you can see a slight nominal drop, and that continues in 2025. That is how we interpret the upcoming years. The major investments of the company are focused on technology, process improvement, implementation of digital processes, robotization, and so on and so forth. We also have a magnitude of depreciation that is greater than previous years. It is certainly the main reason for us to expect a G&A dilution in admin expenses in the long term. Now, moving on to very important data of today's conversation. It is the cash remuneration to shareholders. We have our history since 2022. In that year, BRL 340 million among dividends, interest on capital, and share buyback. Then we had BRL 183 million. Since last year, we go into more significant cash events. BRL 612 million last year. Here, we already include the dividends and interest on capital that will be disbursed on December 10, which was already announced. Practically, BRL 1.3 billion disbursed in 2024 and 2025 so far. It is important to mention as well that, as we traditionally do, the quarterly dividends, we do not have the figure for that yet. We will inform that in the next month, together with IOC. We do that at the end of the quarter. We will do that to maximize the flow of dividends before the new calendar year. In the next month, in December, we will have the announcement of interest on own capital for the fourth quarter and the regular dividends for the third quarter. On the next slide, we have the global shareholder base for minority shareholders of the company. North America is an important highlight with almost 47% of the free float. It's also worth noting that we've been seeing a higher flow of the negotiation of company shares and more investors, not only individuals but also institutional investors of approximately 30 countries. To conclude the initial remarks, we have to mention the significant recognition for the 12th consecutive year Odontoprev was voted as the top-of-mind plan. By human resources executives across Brazil. That makes us very proud. We're very happy to share this recognition with everyone, which is a recognition and acknowledgment from our customers. We do believe in the company's business model and business proposal. Now we are available for the Q&A session. Thank you very much, everyone. Thank you, Pacheco. Now let's begin our Q&A session. Our first question is from Andre Salas from UBS. Andre, you may begin. Good morning, Catarina, Elson, and Pacheco. Thank you for taking my question. Actually, I have two on my side. We can see as the average cost of services per member has increased 10% in this quarter. Could you share with us if that increase was the higher frequency of use or medical inflation that's higher in this quarter? Are there any other specific factors? Just so we can have a breakdown of what actually led to that increase. Another important point that I'd like some more flavor on is the drop of the individual plan. I'd like to know if it's a one-off or a company strategy. If it's a company strategy, how should we look at the volume and profitability of that specific product? Thank you. Hi, Andre. Great points. Let's start off with dental care ratio. It's important to observe what happened in the past. In 3Q last year, we had the lowest dental care ratio, as we mentioned, in company history for a third quarter. It's natural to have an increase, as you well mentioned, a two-digit increase. There was a small high in individual plans, and that is desired. It's important for us to have products that are fully used with a regular frequency given. The dental benefit. It's positive to have our members using it. At the same time, healthy price increases of the tickets. That happened in corporate. That happened in SME. Now, about what you mentioned about the individual plans, specifically in this quarter, we have the beginning of a new cycle. About your point, that's very timely. It's important for us to mention what already happened and will happen again in the next quarter, which is a cycle for individual plans where the company is increasing its product portfolio, developing new partner channels. Large-sized national company and other regional companies. That's a very important movement in order to balance out the individual plans portfolio again. If you remember, it had very shy behavior in ads in the recent years, but with very robust margins. It's a higher-risk product, and it has adverse selection and contract cancellation by consumers. And potential behavior of non-payment, bad debt. We can also talk about that. The individual plan, as a definition, has a risk component that's much different than the corporate plans, be them for small or large companies. That's an effort that the company has been developing, even in a pioneer movement, testing channels, brands, distribution, new sales tickets in order to expand and benefit from a portfolio that's the biggest in Brazil. We have all the risk management tools that's adequate for that product. That's a movement that should bring in more volume as of mid-2026. We're talking about a year of transition. Once again, we would have a different individual plan portfolio, multi-brand, with products that so far haven't existed before. We're the pioneers in bringing that to the market. That's our interpretation of the individual plans. Perfect, Pacheco. Thank you very much. Next question is from Gustavo Mieli from Goldman Sachs. Gustavo, go ahead. Oi, pessoal, tudo bem? Bom dia. Hi everyone, good morning. Thank you for your presentation. I also have two questions on my side. The first one is that I'd like to explore the topic of selling expenses. When we get that under a consolidated basis, we've seen a stable level in the past quarters. There's something in between the lines that calls our attention. In the increase in selling in SME that are merged by a more efficient individual plan. I'd like to zoom into that in the selling expenses for SME. Why do we have that slight increase that calls to my attention when Bradesco channel is getting more traction in company portfolio? I would like to understand if, in fact, that is a change in payment, commissioning, and sales force, or is there any other one-off factor that would justify that increase in SME for selling expenses? The second point, even as a follow-up to Pacheco's last comments about dividends, I would like to understand. With the strong cash delivery, do you see any return to shareholders greater than the regular payout of the year? I know that there is a restriction of regulatory capital, but I would like to know if there are any options of exceeding the net income of the year to return capital to shareholders. How do you see that? Those two points. Thank you very much. Oi, Gustavo. I would like to mention the cost of acquisition, the commissions. They changed levels in SME. SME is more robust. As you have seen, in the bank channel, we have an important brand. Today, it is greater than 80% of what we had already represented by Bradesco Dental. What is happening to SME is that it is getting closer to the commissioning levels that already exist in individual plans. Numerically speaking, we were talking about 12%-13% of commissioning in historical commissioning in SME. By increasing sales, a strong rate of getting new customers, it is natural to have campaigns, promotions, and incentives. Now we estimate something like 17%-18%, which is a new level of selling expenses at SMEs. Two-digit growth in the first line, followed by commissioning that is closer to individual plans. That is the new dynamic of SMEs. About dividends, Gustavo, another relevant point that you mentioned, we do not have any concerns with cash flow. Cash flow was never really a concern. The company has zero debt. The details that we study are the regulatory, so the solvency leftover, and that's regulated by the ANS. Now, in the transition of the tax regimen as of 2026, next month, month 12, after having the results for October and November, we'll have a better understanding specifically about the margin and the solvency leftover that's expected for month 12, and then we would deliberate. Gustavo, it's very hard to leave the 100% because the mathematical model from the ANS hinders us from that. We'll look into that closely to see what we can do. The objective, like mathematically, that model really doesn't give us much flexibility, but we'll put in our maximum efforts into that distribution, not only for interest on own capital. That's a formula we can't really change, but the. Deliberation of the dividends for the quarter. Thank you, Gustavo. Thank you, Pacheco. Very clear. Good day. Next question is from Luca Marchesini. It's our BBA. Luca, go ahead. Bom dia, pessoal. Tudo bem? Good morning, everyone. Thank you for taking our questions. We have two direct questions on our side. The first one is about G&A. We see it a little higher, and we'd like to understand if that should be a recurring level moving forward. The second one is about CapEx. We've seen lower CapEx in this earnings, and we'd like to know your mindset for CapEx. If we're going to see lower levels or if that was just a one-off effect for the quarter. Thank you. Hi, Luca. Let's start off with CapEx. There is a downward trend, as we have been pointing out in the past years. There was a higher point. Approximately. Two years ago. We implemented a major system for the company, and also all the different technology initiatives are a great priority. That financial amount, we believe it should decrease in nominal terms in the upcoming years. It was not a one-off. It is part of that pluriannual explanation that we have. Once again, we have an understanding that CapEx is lower year- over- year, slightly lower moving forward, as it has been in the past two years. Specifically about G&A, I believe G&A is going to be a consequence of the return of those investments and digital and technological initiatives that the company has. We do expect a potential of dilution of G&A, but that is midterm, not short-term, because these investments have to become more mature. That is our interpretation. Perfect, Luca. Excuse me. Perfect, Pacheco. Thank you. Next question is from Gustavo. Just from Bank of America. Go ahead, Gustavo. Good morning, everyone. Thank you for taking our questions. We have two on our side. First of all, I would like to explore the ticket part they asked in the first question. So you consider SME and corporate, they go down. They were very close to inflation. Now we see a slowdown. Is that already part of a more aggressive competition? You have a growth strategy, so you start lowering prices. Is there anything about adjusting the price because of the past? We'd like to understand that and see if it's going to get closer to inflation. The second point, about GLR. DLR was higher in the third quarter. First months equal to last year, but when you imagine for the fourth quarter, should it go back to a normalized. Seasonality instead of the peaks that we've seen because of business days? Or do you see any other impacts where the growth is stronger in 3Q? Those two questions. Thank you. Obrigado, Gustavo. Bom dia a todos. Obrigado, Gustavo. Bom dia a todos. Obrigado, Gustavo. Bom dia a todos. Thank you, Gustavo. Good morning, everyone. Let me answer one. Pacheco can have some water. About selling in tickets, in our structural vision, we're going to have a ticket in corporate because we have a challenge of a segment that has higher shares, and that's why it's more competitive. We always grow. If you look at 2017, moving forward, we grow every year. This year, there was a dynamic in the beginning of the year that was more complicated. We had a first quarter that was very negative in members, but we already turned things around. That was positive. We already know that October is very strong. It's a year that we recovered. For the ticket in that segment, it's connected to the inflation and the capability of adjusting the portfolio. It's huge, over 6 million members, 6.3 million members. While for new businesses, the ticket dynamic is lower because of the competition. There is a ticket challenge, yes. About the half-year information, when we talk about the corporate segment in the quarterly analysis, it always captures volatility because of the movements of any big contracts that come in or leave. It's better to look at a 12-month window, and then you see us with the capability of transferring. When you have balanced DLR, you don't need technical adjustments, so we just pass on the inflation. In fighting over contracts, you may have to decrease the price of the average portfolio to be more competitive and gain new accounts. That's the corporate dynamic. In SMEs, based on the legacy, we have a portfolio with a balanced DLR, no technical adjustments. It's about inflation, and I don't see that we have to lower prices to be competitive. Pacheco already mentioned that. Our competitive strategy in SME is actually that it's really related to competition. There's a part of the market that is overcome by market brokers, and that, yes, the brands do compete, but the differential in terms of strategy is that we have a bank channel and we can get to a customer base that is still a blue ocean. Actually, we don't really need to go into a price war. Penetrating this area that's still being developed, capillarity that we have, the competition doesn't. It's not really a game of competition. It's about share. We see stable or growing tickets. In individuals, that's a wholly different game. I don't believe that the drop in the quarter reflects what will happen to price across time, but the pricing of the individuals varies from one channel to the other. What Pacheco mentioned is that we've done antwork, building brick by brick of a new portfolio with new partners. Each partner has a specific action and customer profile that requires specific pricing. In fact, we have some channels that we have lower prices. Across time, we have to see how these portfolios will grow and behave. I believe that we will have different channels with different prices. When we look at the average portfolio overall, I don't think it will refract in such an expressive drop as we saw in the third quarter. I see stability that's very much in line with inflation in SMEs and corporate and in individuals, more like stable, where we will have new stories happening, new learnings happening, given the new partnerships that we're creating. Not with an impact this year, but impacting the individuals' results for the company in members and other metrics as of next year. Just to add to that. Gustavo, about DLR. You also brought in that point. Actually, in the past years, in the past decade, for instance, our cost of services per member had a growth under the IPCA inflation index, actually half of it. So the company doesn't necessarily have the need to charge for the IPCA in most of its contracts. That's a game that you can gain, that you can win in terms of efficiency and not a price increase. In the slide that we showed. That slide is very important. After having the most efficient DLR in 2024, in the nine first months of 2025, are identical in DLR as 2024. I would say that we're on the right path. Once again, in 2025, we will have DLR very much in line and similar to the level of excellence that was delivered last year. Said that, we have management tools for DLR that are unique in the market. The behavioral risk of our members is analyzed on a daily basis in detail by the company. The competition business model isn't even close to that. That makes us really trust the metrics of DLR, as it's extremely important in private dental plans in Brazil. Thank you, Elson. Thank you, Pacheco. Very clear. Nossa próxima pergunta vem de Samuel Alves, do BTG. Next question is from Samuel Alves from BTG. Go ahead. Bom dia, Elson Pacheco. Bom dia a todos. Good morning, Elson Pacheco. There are two questions on our side. First one is if you could talk about how you assess what was delivered so far versus company budget. Pacheco was mentioning that the first nine months you had DLR in line year- over- year. I would like to hear from you what are the segments that have the highest deviations, be it upwards or downwards, versus the expectations that the company had in the beginning of the year. That is the first one. About SMEs, since Elson came in, he has been talking a lot about the opportunity of more growth in that segment. How do you assess the performance so far? Is it on budget? Can you expedite that growth? I would like to explore SME a little more. Thank you. Hi, Samuel. Good morning. Na realidade, é tema que a gente não conversa com o mercado. I'm going to talk about budget. That's usually something that we don't talk about, but I'll give you some flavor. Em dois momentos, em dois pontos. O que aconteceu no primeiro semestre? Let's split that up into two points. What happened in 3Q and what we expect. For the next one. What happened in Q1 was atypical. Usually, in the past five years, we've had over 100,000 members net. And we always talk about net ads, but you saw a timid number, right? Half of that. So the seasonality of growth this year will be different than what we budgeted, different than our historical numbers for the past years. That's an interesting point. We're already in line with what we expected in net ads in that third quarter. And once again, we're very constructive. Regarding. Up to the end of the year. That is in the volume dynamic. For ads. Obviously, the highlight is about SMEs. In the next line, we should share about DLR. That is exactly, once again, in line with what was delivered last year. That reflects the company portfolio as it becomes more robust in the SME and individual segment, especially SME. In this case of higher heads, we have a higher return. DLR from 20%-30% has been seen in SME, and it should be the reference in individual plans. Once again, products with a higher risk where we demand a higher return. I think we are in line for an interesting budget about what we expect for 2025. For the first half of the year, it was good, and we are starting to reap the fruits in this second half of the year. That is our best opinion. Speaking of SME. Good morning, Samuel. Elson speaking. About SMEs, before the pandemic, we had an ability to grow that portfolio for 45,000 members a year. After the pandemic, when we redesigned our strategy, we changed that. It would be 130,000-135,000 new members on average. Some years better, some years a little lower. This year, in the nine-month year to date, we're growing at 170,000, so greater than the previous average. In nine-month year to date, it is already greater than any previous year. If we did not grow anything else in the last quarter, we would already be breaking records, and we will continue to grow in the third quarter or fourth quarter. We will have a stronger year, and you can clearly see that is growing. In 2026, we are going to be talking about growth of 200,000 members would be the basics, moving forward from 2026 on. That already has an impact, as Pacheco mentioned in his initial presentation, about the revenue breakdown. The share of SME will be higher in revenues. The revenue where the cost of servicing is the same, but the ticket is higher, so that helps in DLR. That will redesign the company's result. It is a topic that we have here that is to make the company more corporate. We have individuals, you have SME, individuals are a challenge still under construction. In this case, SME is a strategy that is already showing to be successful and growing. We will see more growth moving forward in that area. Thank you, Elson. Thank you, Pacheco. Good morning to all of you. Lembrando que para fazer perguntas. To Lembrando que para fazer perguntas. To ask a question, please include your name on the list with the Q&A button. Next question is from Arthur Alves from Morgan Stanley. Go ahead. Bom dia, Elson, Pacheco. Good morning, Elson, Pacheco, and other participants. Thank you for taking our question. This is a quick one. A ticket question as well, but a little more structural. In our opinion, the cost per member increase, especially driven by use, although it puts pressure on the short term, it could bring in more appealingness to the product in the long term, and it will be more sustainable. If the increase in the cost per member will continue to be greater than inflation, and not necessarily at the levels that we saw in Q3, but higher, how do you think that you can convey that to customers and show them that the product is more appealing and especially get a higher price increase, trying to maintain behaved DLR? Thank you. Eu vou começar aqui. I'll start. Só para comentar, Arthur, esse é ótimo. Just a comment, Arthur. That's a great point that you brought in. I think we have to divide that into two different analyses: a mature market, and the corporate market, the SME segment, where we have an exclusive path of the company, and finally, a new customer that just came in that isn't representative in the market overall, but it's the consumer, the individual plan. The dynamics are very different. In the corporate ticket, it does reflect a competitive market, a competition per scale, a competition per technology. Arthur, we've been very efficient in the past 25-10 years, having an EBITDA margin double from the competition. That's because of rational pricing and premium pricing and customers recognizing all of that and setting up an accredited network and guaranteeing services that no other company does. That's a dynamic of a traditional game in corporate that in NSYS has a stable 50% DLR with no perspectives of change. That's a characteristic of the DLR in corporate. In SMEs, elasticity in price is well-balanced, so you see stability in cost, which reflects into a ticket that's close to the inflation levels. That's a segment that really interests us. It really highlighted its strategic side. We have that DLR of 25-30%. That's the objective. That's what we're looking to price specifically in the SME channel, be it through brokers or bank channels. Finally, the individual plan deserves our attention. That's exactly the point. As it's a product of greater risk, we demand higher return, and that many times doesn't lead to a retention of that customer. They're short price. The churn is higher. What's starting now. is an effort of diversification, new equations, and individual plans in a way to maintain the inefficient acquisition costs. We have not gotten there yet. Having the right level of bad debt, we are in the right direction. We already mentioned that. Finally, starting to have more hope in volume net ads. That does not come from the short term. We have a one-off number there, but we are more optimistic in some quarters ahead, given the movement that has been happening now, so we have more predictability of the net ads for individual plans. That is coming from a DLR that cannot stick to the 20-21%. It should get closer to the SME levels at 27-28%. That is the transition. We see that. In a good way, the higher DLR that should be happening in individual plans in the midterm, so that once again, we can deliver value and have customer recognition, therefore a portfolio with a higher net present value. That's the vision that we have, Arthur. Very clear, Pacheco. Thank you very much. Não havendo mais perguntas, gostaríamos. As we have no more questions, we'd like to end the Q&A session. Over to Pacheco. Bom, a gente queria agradecer a todos aqui, convidar. Thank you very much, everyone. We'd like to invite you to visit our new IR website. You can see all the material available there and also all the information that we have as a publicly traded company. Thank you. Have a good day.