Good morning, ladies and gentlemen. Welcome to our second quarter 2026 earnings conference call. This conference call is going to be recorded and the replay will be able to be accessed on the website of the company, ri.sereducacional.com. Presentation is also available for download. We would like to inform that all of the participants will be watching this during the presentation. Then we will start a question- and- answer session, and then further instructions will be given. Before we start, I would like to reinforce that these statements have bases and beliefs and assumptions of the administration of Ser Educacional and the pieces of information currently available to the company. These statements can involve uncertainties and risks taken into consideration because they talk about future events. Therefore, they depend on specific circumstances that may or may not occur. Investors, analysts, journalists should take into consideration that events connected to the macroeconomic event, to the segment and other factors can cause the results to be materially different than the ones that are being shared. Present in this video conference, we have Jânyo Diniz, President, João Aguiar, Financial Director, and Rodrigo Alves, Director of Relations with Investors. Now I'd like to please ask Jânyo Diniz, President of the company, to start this presentation. Jânyo, you can move forward. Good morning, everyone. Thank you for joining our second quarter 2026 earnings conference call. Let's please go directly to slide four. The figures released yesterday demonstrate Ser Educacional's consistent progress, reflecting the quality of our strategy execution and the company's ability to combine growth, profitability, and cash generation. Following a successful enrollment and re-enrollment cycle in which we achieved results aligned with our strategy of concentrating investments in programs with greater demand in the labor market and optimizing the use available capacity across our campuses. Our focus on programs in health and law continues to deliver relevant results, reinforcing our conviction that alignment between academic education and labor market needs is one of the key factors in creating sustainable value in the education sector. At the same time, we continue to advance our productivity and operational efficiency agenda. We improved classroom occupancy, increased student per class indicators, and strengthened our financial relationship management with students, increasingly using data and operational intelligence to improve the student experience throughout their academic journey. This combination of revenue growth, efficiency gains, and operational discipline allows us to continue expanding margins, strengthening operating cash regeneration, and reducing financial debt. These results reinforce our ability to deliver sustainable growth without compromising profitability or discipline in capital allocation. From an academic perspective, we continue to advance the evolution of our educational model. Starting in 2026 second semester, our curricula will incorporate micro-certifications, competency development pathways, and preparation programs for proficiency exams more broadly. We're also continuing to capture the benefits of our network expansion. The six new campuses recently opened are beginning their ramp-up process and represent important growth drivers for the coming years. As these operations increase their occupancy and generate results, they will expand our ability to open new campuses while maintaining the solid returns and efficiency that characterize our business model. All of these developments demonstrate that Ser Educacional is building an increasingly stronger, more efficient educational platform that is more closely connected to society's needs. We are combining academic excellence, a focus on employability, curricular innovation, operational efficiency, and financial discipline to deliver sustainable value to our students, employees, communities, and shareholders. On slide five, we highlight the consistent evolution of our operational and financial efficiency with two charts illustrating this progress. The first shows the students per campus indicator, which reached approximately 3,200 students per campus this year, while the net profit margin for the quarter exceeded 17%. These results demonstrate that we remain in a positive performance cycle with efficiency gains being achieved simultaneously with double-digit growth in operating results. This highlights not only the quality of our performance, but also the sustainability of our growth and profitability strategy. Let's now move on to our operational results on slide seven. We present our student enrollment figures for the first semester. Since most enrollment takes place in the first quarter, the figures presented on the slide simply complement what was already disclosed. It is worth reiterating that in 2026, we are directing our efforts toward increasing the perceived value of our programs. Prioritizing quality, positioning, and sustainable results. As a reflection of this strategy in on-campus education, excluding students enrolled through ProUni, we observe a virtually stable enrollment volume compared with the same period last year, while achieving a solid increase in average tuition, as we will discuss later in the presentation. It is worth noting that the reduction in the number of ProUni places offered in 2026 is due to the fact that we already have a beneficiary base that is consistent with our tax optimization needs. In distant learning and blended learning, which are the new names for what we previously referred to as digital education, the environment remained more challenging, in line with the dynamics observed across the sector. On slide eight, we analyze the evolution of our student base. The main highlight for the period was approximately 4% growth in on-campus undergraduate students, driven primarily by the maturation of the medicine places added over the past 12 months. This performance was offset by a reduction in the student base in distant learning and blended learning, which experienced a larger decline during the quarter due to student attrition on a student base that had already experienced lower enrollment. Consolidated average tuition increased 11% this quarter, driven mainly by two factors. The first was the increased share of on-campus undergraduate students in the company's total student base. The second was the evolution of average tuition within on-campus undergraduate education itself, reflecting both pricing strategy and the strengthening of our position in higher value programs. This improvement is relevant to our 2026 business plan. Since the beginning of the year, we have prioritized capturing opportunities to increase average tuition through the full passthrough of inflation, and in certain markets, through higher offering prices. In addition to contributing to revenue growth, this dynamic reinforces an important competitive advantage of Ser Educacional, combining high occupancy levels with a differentiated academic offering, maintaining attractiveness for students while increasing value creation for the company. As we mentioned in the first quarter of 2026, average tuition in medicine followed a different dynamic. In the previous year, there were non-recurring events that benefited the comparison, particularly entrance examinations for judicially disputed places in Rio de Janeiro and Belo Horizonte. Since the selections processes remain suspended, their effects did not occur in 2026. Additionally, we saw a higher share of students benefiting from the 10% on-time payment discount, as well as recurring impacts from enrolling campaigns conducted during the first semester in certain specific markets. In the digital segment, which includes distant learning and blended learning operations, average tuition declined 3% year-over-year, reflecting a more intense competitive environment in these formats. These were my initial comments, and now will hand the floor to our CFO, João Aguiar, to discuss the financial results. Thank you, Jânyo. Good morning, everyone, and welcome to our conference call. The second quarter is seasonally the strongest in terms of results as the average number of students and revenue recognition reach higher levels, also resulting in higher net income. Therefore, the comparison base is more challenging. Even so, we delivered very consistent results, particularly across our three main pillars: profit generation, cash generation, and debt reduction. Let's begin our analysis of these figures with slide 11, which presents the evolution of net revenue. We delivered another quarter of growth driven by the expansion of our student base and the increase in average tuition on campus undergrad education, as well as the continued maturation of our medicine places, which performed very well throughout the year. These factors were partially offset by the reduction in the distant learning and blended learning student base, segments that are going through a period of regulatory transition and strategic repositioning, as previously discussed by Jânyo. As a result, on-campus education now represents 83% of our total revenue, consolidating its position as our main operational strength this year. This performance is supported by strong demand for medicine and other health programs in law, which continue to deliver very solid results. On slide 12, we highlight the evolution of EBITDA and adjusted EBITDA, which recorded another quarter of double-digit growth accompanied by solid margin expansion. This performance primarily reflects another round of operational efficiency gains, in line with what we observed in the first quarter. However, I would like to highlight two factors that made a significant contribution to this result. The first was the reduction in marketing expenses. As we discussed last quarter, the earlier Carnival holiday this year affected the distribution of certain expenses throughout the semester, including commercial investments, which were more concentrated in the first quarter and therefore resulted in lower expenses in the second quarter. In addition to this seasonal effect, we advanced several efficiency initiatives. We reduced our exposure to offline media, streamlined digital campaigns, and brought a significant portion of these operations in-house, capturing structural productivity gains. As a result, marketing expenses declined from 6.3% of net revenue in the first half of last year to 5.8% this semester. The second highlight was the improvement in the provision for doubtful accounts, or PDD, which declined from 9.9% to 9% of net revenue this quarter. This improvement reflects both the evolution of our delinquency indicators and the reduced share of distant learning students in our base, a segment that historically has higher delinquency levels. As a result, we report a solid adjusted EBITDA margin expansion in the second quarter, reflecting progress in our strategy to improve revenue quality, combined with the consistency execution of initiatives focused on increasing operational productivity and capturing recurring efficiency gains. On slide 13, we present the evolution of reported net income and adjusted net income, which once again recorded solid growth, both at approximately 30% year-over-year. This performance reflects the combination of double-digit growth in adjusted EBITDA and the reduction in company's debt, factors that contributed to lower financial expenses and another quarter of profitability expansion. Moving to slide 14, we present our operating cash generation, net of taxes, rent, and interest paid during the period. As we reported in the first quarter, this also showed solid growth in the second quarter as a result of all the initiatives we have already detailed. We achieved 68% growth in the cash generation after CapEx and increased EBITDA to cash conversion from 34% - 45%. This is a solid improvement that demonstrate how our recognition of operating results is translating to cash generation. On Slide 15, we present the evolution of our average collection period, which does not have many new developments that remain practically stable compared with last year. It is worth highlighting that our receivables portfolio now has proportionally more receivables from Ser Solidário, a student assistance program than before, and even so, the impact on our collection period has been minimal. I see this as another positive development, which is also reflected in our improved cash generation. On Slide 16, we present the evolution of our financial debt, which includes several important milestones for the company. Our net debt ended the semester at its lowest level since December 2021. Even after paying BRL 61 million in dividends during the period, we maintained leverage stable compared with the first quarter of 2026, when measured by the net debt to EBITDA ratio, reflecting the business's strong cash generation capacity. Another important highlight of the quarter was the completion of the refinancing process of the debentures issued in previous years. We replaced a structure with an average cost of CDI +2% with a new issuance at an average cost of CDI +1.1%, significantly reducing the cost of our debt. This initiative reinforces our strategy of optimizing our capital structure and should contribute to a further reduction in financial expenses over the coming quarters, further strengthening our trajectory of profitability expansion and value creation for shareholders. On Slide 17, we present the evolution of our CapEx, which remained relatively stable last year, as we had not yet begun the planned operational expansion. This expansion is expected to begin in the second half of the year. These were my comments on the financial results, and now I'll hand the floor back to Jânyo to discuss our objectives for 2026. Thank you, João. Let's now move to Slide 19, our final slide before the Q&A session, where we summarize the main strategic objectives for 2026. As highlighted throughout the presentation, our priority remains increasing operating leverage and continuously improving business efficiency, supported by the gradual implementation of new technology tools. We're also continuing to advance our organic expansion plan and increase the number of medicine places. In this area, we continue to work on both administrative and legal fronts and expect to achieve significant progress later this year. Another fundamental pillar of our strategy is academic quality and differentiation. We continue to evolve our course portfolio and strengthen Ubíqua, ensuring an increasingly relevant value proposition for our students. From a financial perspective, the quarterly results reinforce the consistency of our strategy. We have resumed returning capital to shareholders through dividend payments while continuing to reduce debt and invest in organic growth in a disciplined manner. With that, we conclude our presentation. Now we open the floor for the Q&A session. Thank you very much. Now we will start the Q&A session for analysts and investors. If you want to ask a question, please press the button Reaction and then raise your hand. If your question is answered, you can click on Lower Hand. Marcelo Santos from JP Morgan, you have open mic. Good morning, everyone, Jânyo, João Aguiar, Rodrigo, thank you very much for opening for questions. My first questions, if you could comment a little bit the vestibular environment for second semester prices. The second question about the suspension of the ENADE sanctions is something we can use to enroll more medicine students. If you please could mention on this. Good morning, Marcelo. Thank you for your questions. As for the vestibular and capturing, it is still in the middle of this process. We are moving forward well. In person, it is almost flat compared to last year. Distant learning is the same difficulty we saw in the first semester. Now in terms of in-person learning, we felt a lower pressure with price, so it is going very well. Distant learning with the same pressures of price and lower capturing that we saw in the first semester. So not a lot of news. Now in terms of suspension of ENADE, this was done through an association. Suspension is in course, which means all of these editions can have this process back of that sanction that happened. We put once more the spots that had been suspended from the market. We are in the process of capturing, which is normally open. We will continue here if this is maintained, but in the future, it would be suspended. Now in terms of if the justice happens in that moment here, we would suspend the capturing process. But those students that were captured would be maintained. This is what is happening now. Amazing, thank you. Next question comes from Mirela Oliveira from Bank of America. Good morning, Jânyo, Rodrigo, João. I have two questions. First, connected with cash generation, we saw an increase throughout the year. If you could give a little bit more of color to what will be capital allocation from now on would be interesting. The second point in the tuition for medicine courses, we understand that the average tuition has the effects from Rio and BH courses. If you could please mention how this has been, the readjustments for those who are coming in and for those who are already seniors, how has this tuition changed? You see bigger discounts in this competitive environment of that ticket. Thank you. Thank you, Mirela. First question I will answer. In the process of cash generation, it is a combination of many movements that we have been doing. So the entire process of structure improvement of our We still have the PDCA here. This continues as having these different synergies. In this moment of PDCA, we are identifying new movements in order to make it easier, this operational improvement. Naturally has an impact on cash generation. We naturally do this. This is an improvement. For dividend payments, it has been much higher this year. In reality, we've been working with this, and this has been shown quite relevant from our operational perspective. But we understand that some investments that we have in terms of units and a few new units that were launched, we have some investments in older campuses that still are on the outlook for this year. The perspective is to go back to that profitability, going back to generate cash and this profitability that we're going to do this by distributing dividends. Initially, this capital allocation will be monitored for our investments and returning that profitability to the shareholders, because we want to have this financial leverage that will make us prepared for any movement in terms of investments. We want to have this higher rentability for our shareholders. Mirela, now in terms of Rio and BHAG, and this administrative process that are running the CNE, and in terms of capturing for medicine, this is a semester that we don't have a lot of spots. Pretty much are the ones that are left from the first semesters and just some specific markets that will have a higher volume of students that will be enrolled in that city. But just recapping the reduction of ticket, the second quarter, it was better observed than the first one because of seasonal things that we had last year that we had almost a long description on our results. Just like you mentioned, one of the impacts was the non-offer of Rio and Belo Horizonte. But in terms of impacts connected to some of them, these are cities that had several simultaneous approvals for different spots. Of these, we had a price offer that was a bit different, but this didn't change because the same spots in the first semester had pretty much been filled. Our expectation for the average ticket in the second semester is that this goes back to equalize and growing because the comparison base, that seasonal effect of first semester, it will disappear and the average ticket for medicine will go back to the BRL 9,500 or BRL 9,600, which is what we understand is the most normal amount for that average tuition fee. Thank you very much, everyone. Next question comes from Lucca Marquezini from Itaú BBA. Your microphone is open. Good morning, everyone. How are you? This is a question in contacted to evasion. We saw an increase of six points, evasion increase rate in blended or digital learning. This is a more restrictive thing, but what is the expectation for second semester? Should we still see this high evasion, or is this something that already have maturated these initiatives? Thank you, Lucca. We've been working this maturation, so to speak, this base of EAD in terms of delinquency, to have good quality for the institution for some time. I believe that these movements occurred. Maybe it's too early to talk about this, but because of a process that was continuous and it came a point that the value itself cannot continue dealing with all of the tuition that it's delinquent, and we hardened this game, so to speak, so that they can bring the quality that we need. A student that goes to these classes, that participate, that pays on time, that wants to participate. If they do not pay on time for a specific punctual problem, we still have a way that consists of paying whatever is behind schedule and maintaining that regular payment for the semester. This is work that we regularly do. I would not say that there is a particular time to finish. It was not a task force. This was just a movement that we are doing throughout time, and we are showing this. As we are naturally cleaning the base, I believe that in terms of evasion here, we do not expect that it is going to be higher than this, but we still depend on some movements that we need to continue to do, in which we understand that this space is coming to a point that, in my point of view, we can work in a different way and that has less impact in the perspective of evasion. This work that we do for both of them, okay? Not only for online learning, but also for the in-person learning. We have a different way of presenting results. This is an improvement of the payment. We still try to maintain the campaigns of maybe scholarships and everything else. We were able because this was something more stable, something we could work better on. We were able to establish this well, through in-person. Now we are going for digital one, for online learning. I think we are at the end of that cycle. There is still a little bit of work for us to do throughout this year. My vision, I think we will go something very similar to what we have to in person. Very clear. Thank you. Next question comes from Zane Feris from Terra Nova Capital. Could net income growth around 20% be achievable for the next 12 months? Thank you for your question. We had a growth in the first semester that was even higher than this because of the increase of operational leveraging and a good performance of our average ticket. The second semester is always a little bit more challenging because the result of the second semester is usually 40% of the result of the entire year. We cannot say if the rhythm will be kept or not. We cannot formally give guidance to the market in this sense, but what we can say is that we came into second semester with operational leveraging that is quite high. What we have of re-enrollment now and capturing for a second semester indicate that the company should not suffer many changes. If all of this works out, it is possible that we are able to maintain a positive rhythm in profit growth year-over-year because we are able to do this leveraging process that has been quite consistent. We are confident that these results will continue to be good, but the rhythm of growth of profit, we cannot confirm. Not only this of the operation leveraging, there is a change that we are doing financial. We are decreasing our debt, which increases the expectation for profitability, and there is also a better use of taxes here that will have positive impact not only for ProUni of the perspective tax-wise, but also the use that we can generate after that. We came through a process of this review of operational leveraging, and this brings a positive perspective of results change, which is taxes and financial. Both of them, this perspective with taxes and the financial change, I think gives this better visibility for the growth. In order to ask questions, you only need to raise your hand. Our next question comes from Igor Caliman. Good morning. Could you please mention about the CapEx dynamics for the next quarters? Will it be necessary to increase CapEx to reach a new regulatory milestone? Thank you, Igor. We have been talking about this for the past maybe four or six quarters in terms of CapEx. We have an expectation of a little bit of an elevated CapEx because of different expansion movements we have been doing. In new units or existing units that were recently constituted, or some retrofits that some of them that have this need, have been showing this need throughout 12 months. We have an expectation that the CapEx investment this year is going to be higher than last year, even though we have some delays in terms of approvals and how renovations are going. But this year and the beginning of next year, we have the expectation of generating a higher CapEx in the operation, especially in our in-person operation. But when we think about digital learning, the impact is minimal. It is much smaller than the planning that we had done for the in-person units. We started this adaptation at the end of last year, but we still have a little bit to go. This does not change much throughout the 12 months. Next question comes from Livia Mizubata from JP Morgan. Your mic is open. Hi. Hello, good morning. Thank you for the opportunity. We have some follow-ups. Can you please comment what is the dynamic of tuition for the second semester and some of the general expectation? I know it is small, but this is a point that the market has been carefully looking, especially displacement of demand between segments. If you could also mention, thinking about this dynamic of digital or in-person, what is the outlook for margin for the company in 2027 as well? Dynamic of tuition for senior, I think it is what Jânyo mentioned. The blended one and digital one, we kind of treated as the same product. We segment in the line that MEC mentioned in the new rule, but operationally speaking, it is the same structure. I think this market has been behaving similarly. 100% online, it is more pressured than blended because the blended one, starting next year, will have a general impact of these new rules and the cost structure will increase, but still a pressured market because this year, since they are still not working, there is not necessarily an adaptation timeframe from the market. There are still companies capturing like this of price dynamic. No, this margin did not change. Even though we had a reduction of revenue, there was an adjustment of structure in this period that made it, we are not suffering in terms of margin. For 2027, do you have some sort of direction in this sense? I think the sector have a huge adaptation phase if we compare to digital learning that tends to recover starting next year. Next year, we are going to have an adjustment in our view of offer. Many offers are happening while the rules are not 100% implemented. These offers are still happening, but starting next year, we understand that we need to balance better, and this should favor the dynamic of the market, and this should help the sector to recover ticket and also occupancy. A reorganized offer helps to reorganize the demand. My perception, at least here in Ser Educacional, this is the year that digital will have a fall, and the tendency is that it will recover next year. Perfect. Very clear. Our next question comes from Caio Moscardini: Can you comment in terms of capital allocation? Is there a perspective to increase the payout given the strong cash generation of this? Thank you for your question. We mentioned about the investments. We come with the expectation of investment of CapEx that is higher than last year to be able to reverse this in the structure and abilities of our units. We built this in the last quarters. The expectation here is that, yes, there is a dividend, but we will not predict this percentage. This will bring the idea of semester payments or payments every six months. Yes, while we are having this operational and financial leveraging, having this cash generation, we are going to be returning this to the shareholder in dividend payment. We are also going to be accelerating some dividend internal of CapEx to increase the quality and the experience and the profiles of our units. The Q&A session now is over. We would like to invite Jânyo Diniz so that he can make his final remarks. Thank you all for participating in our earnings release in a year that has been quite positive for Ser Educacional, given to consideration what happened in previous years. We have strong capturing. In-person has been doing well, even though the regulatory change for digital learning, it is not different than what we used to say in the past of things that would happen. This is a year that it is practically defined. We are capturing well the different dynamics. The tuition fees are doing well. If you have any questions, our investor relations team remains available to provide any additional clarification. Have a good day, everyone.