Morning, everybody. Welcome to our video conference from Ser Educacional to talk about the results referring to the first two months, quarter of 2025. This web conference is being recorded, and you can re-watch it on the website of the company, ai-sereducacional.com. This presentation is also available for download. Thank you for all the participants who are going to be only watching the presentation. After, we are going to start a Q&A session when more instructions we are going to be giving. Before we start, I would like to reinforce the declarations here as the base, the beliefs of Ser Educacional, taking consideration about information about the market. These may include uncertainties and macroeconomic tendencies, which may occur or not. Investors, analysts, and journalists should take into consideration that events connected to macroeconomic, the segment, and other factors may influence results in different ways, taking the prospective considerations into consideration. We're going to have today Jânyo Diniz, CEO; João Aguiar, CFO; and Rodrigo Alves, IRO. To give the floor to Jânyo Diniz, CEO of the company, who is going to start the presentation. Please, Mr. Jânyo, you can start. Good morning, everybody, and thank you for joining us at the event to announce the results for the first quarter of 2025. Considering, as you may have noticed, the material we published last night, the results in the last quarter were very positive, with the highlight being the growth of more than 16% in students' intake in higher education, marking our consecutive years of uninterrupted growth. Likewise, the students' base in the category also grew by 15% compared to the first quarter of 2024, surpassing the historic mark of 185,000 students. This operational growth was reflecting the important financial results achieved during this period. We record the highest Adjusted EBITDA and the highest net operating cash generation post-CapEx since our IPO. This quarter Adjusted EBITDA margin is the highest since the first quarter of 2017, when we had a significant base of FIES students, a program that today represents less than 4% of our total undergraduate students' base. These record results are significant not only because of the numbers, but because, in our view, they change the company's level of value in the market. The results demonstrate that we have managed to create our operating leverage such that the additional revenues generated this year are largely converting into increased nominal EBITDA and profit, which is the main conclusion we draw from these quarter results. This phenomenon is most clearly illustrated in the two graphs shown in slide five. The first graph shows our success in consistently increasing the number of undergraduate students per on-campus unit, reaching a level of almost 3,000 students per campus. Given that we have had five new campuses in operation for less than 24 months, at the same time, we have managed to significantly reduce our financial leverage to 1.35x net debt Adjusted EBITDA, bringing us ever closer to our goal of achieving adequate financial leveraging, especially in a scenario of high interest rates. As a result, valid profit generation, our main revenue streaming, classroom teaching, which has recovered the operational efficiency promised to the market with high occupancy rate for buildings and classrooms. In addition, we maintain a robust cash generation in digital education business. Since last year, we have gained a significant portfolio of places on courses, positioning us as one of the main players in the market with a large number of places available in this area of classrooms. As shown on slide six, in our new slide position over the last 12 months, this has included an additional 480 new medical places, 360 of which came from ordinance issued by the Ministry of Education, MEC, and 120 from court injunctions, which have not yet become final. They highlight two relevant access points. Firstly, the accreditation of the course in Maracanã, authorized at the end of March, which began class in April, is a full class. Secondly, we saw solid demand for our vacancies in the recruitment process, resulting not only in the vacancies offered being filled, but also a robust average ticket for the cohort here, realizing more late. We currently offer 1,100 places, a 92% increase compared to the first quarter of 2024, contributing significantly to the quarter's results and allowing us to continue revenue growth as places mature over the next five years. We emphasize that we are still waiting for the approval of our further 106 places this year through requests for increases in places and injunctions, as well as expecting new accreditations among the 21 proposals via the Mais Médicos three public notices, which are waiting to release results by the MEC. Ser Educacional, therefore, reinforces its relevance as a trainer of doctors in a country that lacks professionals in this area, especially in the North and Northeast Regions where we operate. Our course received 100% satisfactory evaluations with the ads for established courses in grades four or five in the accreditation visits for new courses in the last 12 months. Speaking of quality, in slide seven, we present an important update on the subject based on the data released last month by by INEP on the 2023 INEP, which mainly assessed courses in the health area. It was a cycle of significant achievements for us. With the expansion of our range of courses in this area, we saw a 53% increase in the number of courses assessed. We managed to maintain a high rate of courses with successful evaluations compared to the previous periods, also remembering that the 2023 harvest was one of the most impacted by COVID and achieved an IDD student development indicator of 2.2 for hybrid teaching, which probably represents the best indicator for effective learning among the companies listed. We believe that we are moving in the right direction, and we believe that we are high tracked with the unique value proposition. This proposal combines strongly organized brands and modern high-quality academic models with privileged locations and excellent infrastructure in our education institutions, as well as offering courses in high-demand competitions. With these results, we will continue to improve our academic model, looking for innovative ways to increase our students' ability to learn, thus perpetuating a value generation of our education institutions and reinforcing our value proposition for students. Moving on the part of results, let's go to slide nine, where we present the students' intake data for the first quarter of the year. As you can see from the figures on the slide, we had a solid increase in the intake of hybrid education students, which resulted in a significant increase in the overall intake of undergraduate students for the fourth consecutive year, as I mentioned in my initial comments. This growth was partially offset by reduction in digital teaching, which was to be expected, considering that the quite moderate face intense competition in the market with prices below those we are currently practicing. However, in hybrid education, we not only saw solid demand, but also more favorable pricing behavior in the market. This allowed us to successfully implement the Ser Solidário program throughout the funding cycle, as well as applying an interesting price adjustment for both new students and veterans. Let's go to slide 10, where we detail the growth of our student base. Thanks to solid growth, hybrid undergraduate students' intake combined with an excellent re-enrollment season, we were able to expand our total undergraduate students' base by 10%. We would highlight the 15% growth in the hybrid student base excluding the medical course compared to the two periods, as well as a 26% increase in the medical course student base due to the addition of the new places mentioned above. This significant result has allowed us to resume occupancy of our buildings and classrooms, demonstrating our ability to recover operating leverage. This translated into more expressive margin increases as seen in the quarter results. On slide 15, we show the present evolution of students' base by area of knowledge, which continues to reflect our strategy for focusing on offering courses in the areas of health and law, which are courses with greater demand in the market and provide a higher average ticket. This year, we reached the mark of 64% of hybrid education students enrolled in health courses and 45% of the total students' base. This movement, which began a few years ago, is now generating the expected results, reinforcing our operational resilience. These resiliences are due not only to the area in which we operate, but also to the fact that we have a significant proportion of students in the first two years of the course, the result of consistent growth in students' intake and student base over the last four years. In slide 12, we present the evolution of the average ticket, which, as mentioned earlier, benefited from the focus on health courses, the expansion of places on the medical course, and the favorable economic environment. We would highlight a 20% increase in the average ticket for the medicine course. This is mainly due to the fact that courses accredited in the last 12 months have a higher average ticket than legacy courses due to the higher prices in markets in which they were accredited. In hybrid education, the growth in the average ticket was mainly driven by the Ser Solidário program, which I will detail later, along with the price adjustment for inflation. This growth was partially offset by punctuality discounts as more students are paying by the fifth, as well as an increase in PROUNI students. These factors, together with the reduction in the distance learning students' base, contribute to an increase in our overall average ticket during the period. This result has provided very positive as long as our CFO will now present. [Foreign language] Thank you, Jânyo. Hello, everyone. And once again, thank you for attending our results conference. In slide 14, we present net revenue for the quarter. The growth in the students' base and the average ticket, as stated by Jânyo, enabled us to achieve substantial revenue growth of 20%. This is a significant result for the period. Without considering the effect of the Ser Solidário program, we still have had a growth of around 15%. This shows that even on a like basis, the organic growth of the student base, especially in the medical course, was the main driver of the increase in net revenue. In slide 15, we present our Adjusted EBITDA, as well as Adjusted EBITDA including non-recurring effects such as interest income from teaching fees and minimum rent paid, which the transition report has highlighted by January. These were records for the first quarter since our IPO. As you can see from the graphs, the results were very positive for the period. These results were achieved not only by the positive intake on the re-enrollment cycle in the quarter and the expansion of medical places, but also by the success of real operation turnaround carried out over the last few years. This has included solid cost control, difficulty in decisions such as the return of the capture of the summer. This allowed us this year with a rate control cost expenditure, enabling us to expand our margins in these two quarters. In addition, this quality of results, not only with the cycle of the capitation of students, but the success of this turnaround operation enabled us to expand our margin. This includes solid cost control, like the giving back of real estate, optimization of portfolio of costs, repositioning of brands, and many other programs we implemented in these last three years. In this, implemented as a solid quarter with a cost structure of very controlled, possibly the expansion of brands. On slide 16, we show the present exact details of the Ser Solidário program. As you can see, it was being made available to all hybrid graduate students, the exception of government programs, PROUNI and FIES, and the medicine course. We show in this table Ser Solidário replacing tuition discount we offered the last year, introducing the installment payment of the tuition fee and the actual tuition fee at the end of the course. In implementing, it was successful. In economic terms, we recognized BRL 23 million in additional net revenue and BRL 14 million of Adjusted EBITDA for the quarter after AVB and PDD adjustments. This was crucial to increase our operating cash generation in the medium term, as well as make our results healthier and more consistent following the successful implementation. Now, moving on to slide 17, we present our net profit and adjusted net profit, excluding non-recurring items. As you can see from the graphs, not only did we reverse the accounting loss into profit, but we also had a quarter with a low impact from non-recurring effects. This reflects what we said at the conference in March about the fourth quarter results. In addition to demonstrating the effects of the operational optimization process we completed last year, we were able to present results with a lower incidence of non-recurring adjustments and increase our operating cash generation. Another important point in relation to accounting and adjusted net income is the net margins, which were quite significant. This is all the more relevant, considering that despite the improvement, we still have not fully achieved our goals of reducing financial leverage. On slide 18, we present our net operating cash generation and post-CapEx, which, as we can see, showed significant growth this quarter. This set another record for the period in nominal terms since our IPO, while materializing a solid improvement in the year converting of EBITDA in cash compared to the previous year. This improvement in results reflects not only the turnaround process that we have discussed extensively on this call, but also an important improvement in the punctuality of students' payments that we have observed since 2023. This improvement in our students' ability to pay is linked to the favorable economic dynamics in the markets in which we operate, as well as a series of measures we implement to improve the collection of re-negotiation processes with students. This has contributed considerably to improve our cash generation, while at the same time, we have reduced the discounts granted to defaulting students without any major impact on the enrollment re-enrollment process. This is an important result that we have achieved and which is helping us decisively to achieve our goals of reducing debt and financial leverage. The improvement in our management of credit operations is reflecting our PMR, which, even with the implementation of the solidarity program in the quarter, which in theory would increase the relative size of our accounts receivable on the balance sheet, had the opposite effect. This is mainly due to the improvement of the punctuality of tuition payments. As a result, both our PMR and our PMRX and FIES showed another quarter of decline. A part observed since the first quarter of 2022, as shown in the graph, even with the introduction of the Ser Solidário, which being an installment program, would naturally increase our PMR. This shows that the company is on the right track, increasing its operational efficiency, generating cash, and maintaining adequate provision for losses. With that, we move to slide 21, which highlights the substantial reduction in our debt and financial leverage this quarter. We are getting closer and closer to achieving our deleveraging goal. After reaching these targets, it will be possible to increase the payment of dividends to our shareholders. This payment was already being resumed this year with the amount of BRL 90 million scheduled for May 16. We are very confident in the execution of our plan and are consistently managing to reduce our financial liabilities this quarter-on-quarter, consolidating our position as one of the least leveraged companies in the sector at this moment. Before concluding our comments, we have the results where we show our evolution of CapEx, which fell this year compared to last year. This reduction was due to what I believe to be a one-off effect. Since we had a gap between the works carried out last year and the start of work, especially the expansion of the Boa Viagem unit in Recife, with the implementation of health laboratories to the metering of new courses in the area of knowledge, which are scheduled for 2025. Those were my comments, and now I give the floor back to Mr. Jânyo to make his final remarks before the question and answer session, the Q&A session. Thank you, Mr. Joao. We now move on to slide 23, which is the last slide in this presentation. After having updated you on our new mission, vision, and values in the March conference call, these slides summarize our strategic objectives, which also have been updated in line with the achievements of recent years, such as the successful implementation of our operational optimization plan and the expansion of our medical school places base. We are entering a new growth cycle where it will be crucial to maintain our operational financial discipline. At the same time, we have resumed organic growth achievements, especially in hybrid education, with the opening of five new units between last year and this year. We will continue to focus on markets. Our goal is to maintain a lean course portfolio with emphasis on health courses, presenting our unique value proposition for students. We will invest in the best experience for our students, developing our continuing education ecosystem in courses that are high demand in the market. Finally, we will continue to expand our base of places of medical courses, with injection still being processed for approval and the expectation of receiving more places through the Mais Médicos program. This will maintain a solid strategy focused on a gradual and well-controlled expansion of our offer in new markets without losing focus on generating cash and reducing financial indebtedness. In this way, we aim to make our company increasingly profitable, offering quality education in a sustainable way and generating value for Brazilian society, stakeholders, and society. Thank you very much. Now, available for a Q&A session. If you want to make any questions, please click and raise hand. If your question is answered, please again click and again on lowering hand. Our first question comes from Mrs. Mirela Oliveira from Bank of America. Please, you can proceed. João, good morning. João, I have two questions. First, about the medical medicine courses, we saw a growth in this quarter. Could you comment on the strategy on the courses we have already? It is a strategy of repositioning in the market, repositioning of the brands, or you are focusing on a specific brand. I would like to understand more of this movement. The second question is about the competitive landscape. Could you comment on what you can see on long-distance teaching and on-site students? If you see this strong demand after this first quarter, what do you think is helping you on the enrollment of new students? Thank you very much. Thank you, Mirela. I'm going to talk about the medicine ticket, and João is going to talk about the competitive landscape. What happened with us is that when we started with the courses on the new market, these markets had already an average ticket that was higher than the markets we are already present. So the biggest part of the increase of a ticket was offering new markets with a higher ticket. When we go to tickets that we operate, there are two movements that we consider important. First, the movement of maturation of the basis. More students are going to the sixth period of the year with an increase of more practical classes. We have to increase the price of the courses in 20%. With more practical lessons. There is the reposition of pricing in some markets we operate, especially big markets like Recife. With that, we generated this increase of the average ticket, but the most part of that was we starting new markets where we had a higher ticket, and we had already two harvests on those markets. Comparing that, they have a big impact on the average ticket. About the competitive landscape, Mirela, on-site is already very competitive. More controlled on price, and we were able to cover the inflation in all those courses, and we still have a great demand, as with the new courses. Long-distance internet studies, it's very competitive, and we believe it's going to stay like that. When people do not know how the guidelines for long-distance students, we think we are going to stay like that. The market is more centered on the hybrid courses and on-site, but long-distance courses, they still have this effect Thank you very much [Foreign language]. Next question comes from Mr. Maurício Cepeda from Morgan Stanley. Please, you can start. Good morning. I have two questions from our side. The first is related to cost. We saw that the division of the line was the. Courses, you see there was the biggest leverage on the margin increase. We would like to understand if this benefit was only the operational leverage or the mix that is coming from medicine courses. And talking about medicine, on the course of medicine courses, how do you see the leveraging medicine courses? There is the increase of revenue, but we're going to have an increase of courses. What do you see can happen there with the metering of medicine courses and this relation revenue and courses? The second question is about the intake of students. We saw an increase in the intake of students. We would like to understand if it was homogeneous around Brazil. If this has to do with you opening new campuses, how much it would be the organic growth comparing the old campus and the effect of the new campuses. Thank you, Maurício, for your questions. Let's talk about the margin and revenue and cost margin. There is a long-term work. We are focusing on that, and we started to make this process in 2023. This comes from three main items. The main points are giving back real estate, where you use more the real estate we have, the recapped, so we lower costs, giving back those real estate. We're not using totality impacting a lot our costs in renting and costs that come with the real estate, cleaning, finance, taxes, and so on. The second point is the insertion of Ubiqua on those parts of all levels of our teaching. Ubiqua brings the reduction of costs with teachers, the interaction of digital learning, distance learning, and on-site learning. This reformulation of our systems brings about lots of increase in revenue. More and more, we look at the structure of back office, understanding which would be the best structure for process, routines, automatization, people to provide the rentability of our courses, delivering the quality studies for our students. We're focused on these three pillars. The other point on medicine courses, every new medicine course has a lower cost. In the beginning, you have more theoretical lessons, lectures, and at the end, with the progression of the course, you start using more labs, you have more costs on structure. Averaging these costs in 50 years, you have a change of 50% on the cost. On this cost, the new courses, the process of the increasing of medicine courses, there is a component, which is the 10% of the revenue you have to give back for the municipalities, which lowers this final margin we have on the medicine course. In practice, there's a very strong margin, and we're not going to have an increment of the costs looking on the new structure that we're able to install on new student places. I believe that we're going to keep a very good margin of revenue costs that we have already. Related to your question. We had a very uniform growth. Only a few points on this management. We were more conservative on price. We are following the market to see this development. The market and those units we opened, they're not relevant yet on new enrollment. This growth, Marcelo, was done on the units we had already. The new units, they have a very low impact on our revenue increase. A new unit we opened, we went really well. The other ones, they have a conservative growth, so they are not impacting our results. Thank you very much. Thank you, João de Aguiar. A next question comes from Mr. Lucca Marquezini from Itaú. Please proceed. Thank you for this presentation. I have two questions. First, about Ser Solidário. There was a first quarter where you had this program as a full. I would like to understand what's the size of this program. Looking ahead, do you think there's still possibility to increase this program on the student base? I would like to have a follow-up on the last question on the cost aspects. One of the main drivers of reducing costs was giving back real estate. Looking at, can you still give back more real estate, reducing costs on rent? Or how? Those will be our questions. Thank you very much. [Foreign language] Lucca, I'm going to answer the first question, and João Aguiar is going to answer the second. Ser Solidário, 80% we impact 80% of our enrollment base. There's a maximum result because students from PROUNI and FIES, they don't have Ser Solidário, and they are more or less this 20% of students on medicine courses. From now on and ahead, Ser Solidário is going to have the same size. We talk about real estate, we still have a less round, but it's not going to be very relevant. To be observing new possibilities to restructure our real estate and occupation of space, new negotiations on our rents we have. We pay attention to that, to our real estate, but what we still have to do, we still have a few things to do, but they're not going to impact in a great way our results. We are about the other course that we are talking about. We go through steps. We do the first adjustment, then we trickle down until we have this panorama where we're going to improve parameters. On our view, we're going to be always looking at this perspective on efficiency and cost on every unit, also on back office. This contest on new improvements on course will be always part of our management. It's going to be always part of the result. We already advanced a lot in this aspect. Thank you very much. Next questions com Marcelo Santos, do JP Morgan. From Marcelo Santos, from JP Morgan. Please proceed. Good morning, everybody. Answer my questions. First question is, I'd like to go deeper in this question about rents, on costs, looking at gross margin. And the restructuring of back office, Ubiqua and real estate. I would like to understand more when you look at the revenue. You had a great increase and the costs increased very little. This, due to time or the level of cost, I think this would be we'd stop there reducing costs, but I would like to understand how do you improve the costs and what could be the effects there. [Foreign language] no level of leverage, the dividends could be improved, how is that going to work? I'm going to answer the first question- and- answer the second. A part of the increase of gross margin that's permanent, that there's increase of courses, a part is about time. A big part of this quarter, when you don't have lectures, so a big part of the costs now, we don't pay that on the first quarter. It's the effect of expansion of margin that you have the revenue of Ser Solidário, and the other side, the maintenance of our cost structure because that's a period of less rents. This has an impact on that. This change,. w e have to think that in the second quarter and third quarter, fourth quarter, we don't have this expansion, this increase of margin on the complementing within a quarter. Comparing all of that, we can have this clearly. We have seasonal aspects on the other quarters, and the other quarters, it's permanent because you have to consider the semester perspective on the cycle of teaching. Complementing this point, when you have a growth of the enrollment of students, you keep this growth.. The whole course. This is also a very positive aspect, and having a healthy student base on the first and second year of the course is a result that we said on our enrollment, we are increasing our rate of enrollment. Since the worst moment we have in the pandemic. This increase year after year, you have better revenue, and this accumulates with time. This is also a very positive point on our student base when you carry this out through the whole course. Thank you very much. About leverage, w hen we are still more leveraging, financial leveraging. 2019, 2022, we commented that the health leverage is this financial leverage 1 and 1.2, maybe 3%. We are going to be passive there. We want to be in balance with EBITDA. When we talk about health leveraging, financial leveraging, we have to look at where is this leverage: short, medium, or long term. Our financial leverage is very healthy because it is only 0.3% our EBITDA, but this is also long term, and our goal is that. Thank you very much. Our next question comes from Mr. Renan Prata, from Citi. Please proceed. Good morning, everybody. Thank you for this space today. I have a quick question. Cash generation. Yeah, cash generation, operational cash generation. The generation of operational cash for the year on this quarter, we had a big step on deleveraging on net debt. Renan, CapEx, as AGR said, we have a reduction on this quarter. I would like to understand what do you expect for the year on the CapEx. When we talk about operational cash generation, what do we do?. Is improving, even with promotes cash generation on medium and long term, but you have the incidence of the students that pay our courses. We have an improvement of our payment process and default process in. Students with process, and these changes have a very positive impact on the operational cash. Today, we can bring students that in the past, they were not able to pay on time. T hey are going to be back to do only to do negotiations on the next. Today, we have students that come earlier, and we have the opportunity for them to pay. [Foreign language] These are better ways for the students and for us. This is one of the reasons where our average ticket does not show elasticity. This brings average results. It's very good impact. Generates impact on everything we do on payment models. Buying, our process of buying. Procurement process, and this brings. Strongly on our operational cash generation. And the value of our gross debt. And with less real estate occupational, we reduce costs impacting our operational cash generation. For the year, we hope for, we have to look at many macroeconomic aspects. Debentures and we did two or three years ago. They're going to impact at the end of this year, next year, but I think this seasonality and those macroeconomic aspects, I think we have this operational cash generation strong impact on the reduction of financial leverage. Our CapEx, every year we have the review, even with the initial planning, you have our building sites that you're going to consider. The review when to start those building sites and how they impact the enrollment possibilities. We got this beginning of building sites in the beginning of 2025. We have to understand how this is going to impact our enrollment, how we would redirect these building sites. We would start in January, and we're going to start this later. As I commented on the results, I understand that for the year we're going to keep our CapEx on a very good level, as we were able to demonstrate. The report we had last year on the medicine course, we're going to keep our CapEx Very good historic results. Take in consideration the improvements we have done on our real estate and the structure we have to deliver for our students through the journey they have in our institutions. Aguiar. Thank you very much, Aguiar. Next question. Comes from Mr. Samuel Alves from BTG Pactual. Please proceed. Good morning, everybody. Two questions, we have a follow-up on the medicine ticket. Tell us what's the range ticket on medicine courses? Do you have from the lower to the highest ticket? That's the first question. The second question is about the allocation of capital in M&A, João commented that you have the goal on financial leverage. The company reaching this level, paralevel on financial leveraging, how do you see the appetite on M&A in medicine? How do you see the space for merging acquisitions in this sense? Thanks for your questions. About the medicine tickets, we have three points that are very important to be talked about. First of all, we have the Harvest, we have new Harvest on this medicine course. When we start these new harvest. And you give it back on the inflation on the medicine course, you start having a value that gets to the average ticket on the less Harvest. The second point is Harvest that are more ripe. Have the income of new on these students on the working market. You have to build them. On the new harvest of students, the most recent harvest, the last year and this year, we have the highest average ticket. Looking ahead, this average ticket is going to be close to what we are working to the new students on these last two years. The new students, the lowest prices are BRL 9,000 f or all the students, the highest tickets are BRL 13,000. There is the difference on the markets, and they are made according to the practice in each market, every geography. We do not put prices above the geographies. We work on the average ticket by each geography. Generation of capital, as João commented, our main focus is on reducing our financial bridge. Reducing our debt, getting to one time our EBITDA, and this came from 2.8x. Starting there, our idea is to concentrate on organic growth. We have five new units operating since 2024 till now, three new this year. The idea is to evaluate the performance of each unit, having our ceiling of costs of new units next year. With that, we have the space for organic growth in our view. Can be very interesting on capital acquisition. On M&A, we are more reactive. The idea is that we analyze good opportunities, but the main focus is reducing our debt, payment of dividends. This year we did the first movement after four years not paying dividends. Last Friday, we had the first payment of dividends, and then I have the organic growth after that. If you can list our priorities on capital generation. Thank you. Have a good day. Make questions, just raise your hand. Let's wait. Do you make questions, please click on the button raise hand. The Q&A session is concluded. I would like to give the floor to Mr. Jânyo Diniz for making the final considerations. I would like to thank you all for participating in our results release. If you have our investor relations department, it will be available to provide further clarifications. Have a good day. The videoconference from Ser Educacional is closed. Thank you for your participation and have a good day.