Good morning, everyone, and thank you for waiting. Welcome to the video conference for the release of Vitru Brazil second quarter and six months 2025 results. I would like to highlight, for those who require simultaneous translation, that this tool is available on the platform. To access, simply click on the Interpretation button via the globe icon at the bottom of your screen and select your preferred language: Portuguese or English. For those listening in English, there is an option to mute the original Portuguese audio by clicking on Mute Original Audio. Please note that this video conference is being recorded and will be made available on the company's Investor Relations website at investors.vitru.com.br, where the full result release material is also available. The presentation can be downloaded on the chat icon, including in English. During the company's presentation, all participants' microphones will be muted. Afterward, we will begin the Q&A session. To ask questions, click on the Q&A icon at the bottom of your screen and type your question and enter the queue. When your turn is announced, a prompt to activate your microphone will appear on your screen, and then you can unmute and ask your question. We recommend that questions be asked all at once. We emphasize the information that in this presentation and any statements made during the video conference regarding business prospects, projections, and operational and financial targets of Vitru Brazil reflect the company's management beliefs and assumptions, as well as currently available information. Forward-looking statements are not guaranteed of performance. They involve risk, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operational factors may affect Vitru Brazil's future performance and lead to results that differ materially from those expressed in such forward-looking statements. Today, we have the presence of the company's executives: William Matos, CEO of Vitru; Gabriel Lobo, CFO and IRO of Vitru. We will now pass the floor to Mr. William Matos. Good morning, everyone. It is a pleasure to have you with us for Vitru's earnings call, and I would like to begin by thanking each one of you for your presence and by presenting an overview of the highlights for the first half of 2025. The main point which fills us with pride and which I want to highlight right away is that Vitru has surpassed the incredible milestone of 1 million students. We now have one million students trusting in our proposal, recognizing the excellence of what we deliver, and believing in our ability to transform lives through quality education. This is a gigantic achievement which validates all our commitment and effectiveness of our strategy. This indicator is driven by our distance learning undergraduate programs that the first intake of the first half of 2025 recorded an increase of 13.4% compared to the first half of 2024. This massive trust is linked to our dedication to academic excellence. A compelling example of this is the recent celebration of the SAEME-CFM accreditation for UniCesumar Medicine Program. This internationally recognized seal of quality not only rigorously attests to the quality of the education we offer, but also reinforces the credibility of the entire institution. Moving on to the financial highlights of the first half of 2025. Consolidated net revenue reached BRL 1.2 billion, representing a growth of 6.6% compared to the first half of 2024. Adjusted EBITDA totaled BRL 457.1 million, an increase of 7.9% in relation to the first half of 2025, and the EBITDA margin was 39.7%, showing an increase of 0.5 percentage points. Adjusted net income totaled BRL 245.2 million, with an increase of 75.6% in relation to the first half of 2024. Net margin showed an increase of 8.4 percentage points. Free cash flow totaled BRL 248.1 million, recording a growth of 12.9% compared to the first half of 2024. Vitru's financial results, together with progress in the strategic fronts such as expansion in the student base and academic quality, are in line with the consistent implementation of our strategy day after day. Moving on to slide five, I reaffirm that the achievement of surpassing the milestone of one million students in our total base reinforces our scale and our breadth of reach in the educational market. In the chart on the left, we observe the performance of our distance learning undergraduate student base, which in the second quarter of 2025 recorded an increase of 12% over the same period of previous year, which is a 9% increase since the first half of 2022. Regarding the average ticket for the distance learning, it is important to emphasize that our goal is to balance the accessibility of our programs with the financial sustainability, ensuring conditions to continue expanding and investing in the quality of our educational offering. That is, the average ticket amount of BRL 283.1 recorded in the first half of 2025 already positions us competitively in relation to peers, showing a careful and well-aligned calibration to our market strategy. The slight variation observed is part of a natural cycle of adjustments inherent to our operation. Therefore, we project that this dynamic will persist over the coming quarters, as it has a crop mix component with a stabilization projected within a horizon of 12-24 months. After addressing our total student base and the overall growth performance in distance learning, I move to slide six, where I show the enrollment data and our territorial expansion strategy. The first point to highlight is the evolution of enrollment in distance learning. As shown, we recorded an increase of 13.4% in the first half of 2025 compared to the first half of 2024, reaching 480.7 thousand students in this last period. This growth reflects the demand for our educational offering and how effective our enrollment initiatives that have been implemented, combined with the expansion of student base that has already been discussed in the former slide. Next, in the enrollment composition, this enrollment composition analysis details the distribution by the program type. In the first half of 2025, technology programs represented the largest shares, with 36.6% of enrollment. Areas such as health and physical education, with 23.4%, and pedagogy and related courses, with 18%, also represent relevant shares. This whole diversification in program offering allows us to serve different market segments and to effectively manage this admission mix. Finally, the center of these centers by region illustrates the distribution and growth of our network. In the first half of 2025, this network expanded to 2,660 centers, an increase of 5.8% compared to the 2,515 centers in the first half of 2025. Therefore, you can observe this growth in the Southeast and Northeast region. Now, for a detailed analysis of the financial results in this second quarter, I am pleased to hand the floor over to our CFO, Gabriel Lobo, and after his presentation, I will come back to make some comments on the strategies and actions that Vitru is implementing in order to guarantee all of our adaptation and conformity with the new regulatory decree that is extremely important for our future. Right after, we will have a moment dedicated to Q&A where we will be able to interact and clarify a little bit more of the questions that you have. Thank you, William, and good morning, everyone. Now, moving to slide seven, we will detail our consolidated net revenue and performance of our segments. In the second quarter of 2025, the company delivered a consolidated net revenue of BRL 606.1 million, representing a growth of 5.1% versus the second quarter of 2024. In the accumulated total for the first half, it came to BRL 1,152.1 million, an increase of 6.6% compared to the same period of last year. It is important to point out that this growth, although moderate, was very broad across all of our segments. In distance learning, which is the core segment of our business and represents 70.3% of our total revenue, we had a moderate growth, as I mentioned before, reaching 3.4% versus the first quarter of 2024, a revenue of BRL 430 million, although below our original expectations. We managed to deliver this revenue expansion even in a scenario of greater competition and a bigger pressure for the average tickets. Our medicine and on-campus segments had positive quarters. Medicine grew 7.2%, reaching BRL 76.1 million, reflecting the differentiators of our structure in SAEME, in the Maringá structure, as well as the maturation of Corumbá that has been evolving quarter after quarter. On-campus, excluding medicine, represents a growth of 4.7% compared to the same quarter last year. Finally, continuing education, which encompasses technical, vocational, and graduate programs, delivered yet another excellent quarter, growing almost 20%, 19.3%, and reaching BRL 46 million, and continues to be an important growth avenue for the company. We are doing a lot in continuing education and reflects our future figures. As you can see the revenue chart, the current predominance of the distance learning, as I mentioned before, was over 70.3% of revenue, is in line with the new regulatory framework, which is in place that William will detail later on. We are promoting several rebalancing to our portfolio, and our goal is to be a company more focused on distance learning and much more robust to 56% of blended learning. It will become a company more hybrid that is very relevant in a context like this due to our strength. So we have this conformity thinking of the regulatory framework and also strengthens our differential, our competitive differential. We have centers with infrastructures that are very robust besides the very flexible and productive with a lot of quality. These are our strongest strengths that we can highlight for the presentation. That is something that we will discuss further on. Moving on to slide eight, we will provide a breakdown of our gross profit and gross margin. Our gross margin remains at a very healthy level, very stable compared to 2024. We had a high number that confirms the resilience of our results. It's worth remembering that all of this, with a very pressured revenue. So given the strong fixed cost nature of our structure, connected to most of them to the payroll, it was expected that some margin pressure would be expected with a lower operating leverage. However, we were extremely skillful in managing costs, making decisions that are very wise, where to invest, where not to invest, considering a more restrictive scenario. In the second quarter, the adjusted gross profit grew 5.3%, reaching BRL 429 million, and gross margin saw a slight increase of 0.1 percentage points, reaching 70.9%. So a very high margin thinking considering other players in the sectors. For the first half of the year, adjusted gross profit expanded 6.2%, totaling for BRL 824.7 million. Gross margin recorded a small variation of two basis points, closing at 71.6 points, reinforcing what has already mentioned, a very strong first half. This comes from the first quarter and the second quarter with 71% of gross margin in the company. Moving to slide nine, here we provide more details regarding SG&A and PCLD lines. It is important to contextualize that our comparable to last year in the second, it was a strong quarter last year that has a high level for a comparison base where we had to tighten the expenses last year, especially talking about the market and also holding back to hiring, and also we had a revenue that was very strong last year, so we had a good operational leverage in the quarter. In this context, the second quarter of 2025, we saw a total increase of 9.2% in absolute values. For a more precise and consolidated reading, we could see that the first semesters we had this for us not to have a pollution of the figures. It's better to look at the half of the year and dilute this impact in these allocated comparisons, and here we have a more clear behavior of how they do. And so if you do by expense category, so we have adjusted sales and marketing expenses total BRL 76 million and increase of 8.4% above the consolidated revenue growth of the quarter last year. So in a way, we had to think of marketing. However, it's worth remembering that in 2024, we had a shift between quarters with a higher allocation in the first quarter of 2024, and we held back to expenses in a way to, if you compare these two quarters, we're not comparing apples to apples. So when you see this semester view, we have BRL 193.9 million and up 6.3%, much more in line with the semester revenue and a reduction of 0.1 percentage points of the net revenue. So we were able to control the marketing and efficiency of campaigns that was extremely good. Due to strategic changes in the mix, we have contributed to have a better CAC, especially in the digital channel where it has been performing very well. Moving on, the adjusted G&A expenses in second quarter 2025 totaled BRL 31.7 million, up 12%. They represented 5.2%, an increase of only 0.3 basis points compared to the second quarter of 2024. This reflects on decisions that were taken in the second half of 2024. In the second semester, we had annualization of benefits, and these benefits, they annualized, and we have impacts that are non-comparable to the second quarter. Also, the strengthening adjustment of some strategic areas of the companies that were necessary for us to build and reinforce our pillars for future growth. Now it's worth remembering that Vitru had a corporate structure that was very tight, very lean. Thinking of other challenges that we have for the next years, it was necessary this movement. William made a lot of comments in calls before that we would see more investments, especially in corporate structures starting this period. Next, the item that deserves most attention, which is PCLD. It is worth mentioning that without a doubt, after changing our revenue stream, we expected to fall along the time. The expectation was to quarter after quarter to have an evolution of this indicator. In the second quarter of 2025, we had a specific point that I will detail. In nominal terms, we had BRL 70.9 million in provisions in PCLD, an increase of BRL 12.8 million compared to the same period of 2024, when we see a 1.6 percentage points rise, of course, due to compare to last year, 11.7% ending in the quarter in operational revenue. It is crucial to understand that this has been to seasonal changes and challenges that we face in the second quarter, especially in the collection process. This process is already in a stabilization phase, and the expectation is to have full normalization throughout the third quarter of 2025, minimizing any future effect. Despite the temporary impact, transitory impact in the second quarter, our heavy view gives us a more realistic picture aligned with our expectations for the year. In the first call, I mentioned that we would have something near to 100 days in the PCLD, and now we see 70 days of less compared year to year, which ended at a percentage of this that ended at 10% compared to 10.7% in the first half of 2024. In other words, even with this one-off event in the second quarter of 2025, this healthy behavior reaffirms the positive trend in the PCLD management. We maintain our expectation that we are in line, and we continue to generate our gain in revenue versus 2024, and this nature reflects a better quality recovery for the coming quarters. This internal collection process, which was temporarily impacted by the systemic issue, so I think it's an important point. I would like to provide some assurance that this was something systemic and very specific related to internal process due to some changes in the system that are already 100% normalized and regular thinking in terms of our performance. In the month of July, we had a collection 100% normal, providing much better results. Slide 10 represents here the adjusted EBITDA for Vitru, which totaled BRL 254.4 million in this quarter, remaining practically stable in nominal terms with a slight growth of 0.6% compared to the second quarter of 2024. The adjusted EBITDA margin for the quarter was 42%, a reduction of 1.9 percentage points. It's natural due to the revenue contention and also G&A pressured, and also the PCLD expense. We had an EBITDA in terms of margin much more pressured in this quarter, and then in a way, this carries on. However, in the accumulative view in the first half, it's important to highlight the company maintains a healthy profitability level. First quarter very good, the second quarter a little bit more difficult, and then operational revenue happening, and a growth of 0.5 percentage points, so the numbers are extremely positive. The figures is not the second quarter that we expected when you think of revenue and PCLD, which left a more pressured EBITDA, but we are super on track with our regional strategy and our regional budget. Moving on to slide 11, as we can see the adjusted net income for the period, which reached BRL 154.8 million, expressive growth of 48.4% compared to the second quarter of 2024. I believe this growth comes with an adjusted net margin that expanded significantly, reaching over 25%, which is solid, representing an advance of 7.4 percentage points compared to this first quarter of 2024. For the accumulated, the adjusted net income totaled BRL 245.2 million, reflecting a remarkable growth of 75.6% compared to the first half of 2024. The adjusted net margin for the first half was 21.3%, an expansion of 8.4 percentage points. This stronger performance and margin expansion are direct results of efforts into a better management below EBITDA, financial result, and income tax, not just with the accounting impact, but also with a greater focus on improving this future cash generation at the bottom line. So all of these efforts, all of this connects for us to having in the future, having more profit in cash. Net financial revenue was negative by BRL 79 million, a reduction of 11.3% compared to the reported second quarter 2024. This good performance mainly reflects the reduction of the banking spread and a lower appropriation of charges on the debentures and even the fifth issuance of the debentures, and this led to a scenario of a higher interest rate, even in a scenario of a higher interest rate, of course. It's worth remembering that in the last year, we had in the fourth debenture issuance, we had non-recurring effects due to this partial prepayment of the first and the second issues, which was the model that we used for first and second issuances. So we had an effect that is non-recurring, which means that we have a better gain compared to here. Regarding the income tax and social contribution line, it's worth highlighting an important effect on the recognition of deferred income tax. That began in the fourth quarter of 2024. This recognition derives from the project already widely commented. That is in the implementation phase related to our reorganization and simplification of the company's corporate structure. This project will allow us to use the tax shield in the financial expenses allocated in Vitru Brazil with immediate cash effect after the completion. We had an expectation for this to happen in the third quarter. So we are super on track in the execution and expected to conclude this stage now in the fourth quarter of 2025. On the next slide, number 12, we show on the left side our cash flow. It's one of our greatest focus by Vitru company in this period, considering the macro situation that we have been through. Considering here, CapEx was 42.3% with a gain of 7.9 percentage points compared to the conversion of the second quarter of 2024. This good performance in cash generation reflects the recurring improvement in working capital with emphasis on the evolution of our receivables, which have been benefited, right? I mean, especially in the middle of the second quarter. So when we look at the aging, it's extremely healthy and reducing compared to the second quarter of 2024. It totaled the CapEx for the second quarter of 2025 totaled BRL 40.1 million. It's worth noting that we already expected a higher volume, as mentioned in the fourth quarter call, right? Due to the acquisition of new laboratories and in line with our strategy of strengthened blended and hybrid courses when we talk about the new regulatory framework. The CapEx was totally aligned with our expectations. We are on track with what we planned in the beginning of the year. Moving on to slide 13, we show the company's leverage ratio and a debt profile, which continues a downward journey as planned that we aim, thinking of future scenarios. It ended the first quarter under IFRS is of BRL 1.8 billion, but it closed the period 2.3 times. It's a reduction of 0.3 times versus the second quarter of 2024 with a fall of 0.1. So, quarter after quarter, our greatest aim is to keep this downward trend. Future strong cash flow has been that I already mentioned has been contributing to consistently leveraging and remaining one of our key strategic goals for the year, for this and next year, creating room for new initiatives of value generation, thinking in the medium term. And the amortization schedule, nothing new here. But in the bottom, we see of the slide that the profile was totally longer. So I will now end my presentation and hand the floor back to William to talk about the regulatory framework, and we come back in the Q&A. Thank you very much, Gabriel. And now in slide 14, we have on screen is the heart of our discussion today. It details Vitru's integrated strategy to optimize operations, mitigate risks, and mainly accelerate value generation in the light of the new regulatory framework. I want to make it clear: Vitru is not just responding to the market changes. It is positioning itself to lead this transformation. The publication of the new regulatory guidelines in May 2025 marked a turning point for the entire distance and blended learning sector. As an undisputed leader and the largest blended learning group in Brazil, Vitru Education welcomes this new phase with the confidence and the serenity that always defined us. And more than that, embrace our certainty that we are ready. Our robust structure and an agile organizational culture surely enables us not only to adapt with calm, but also to anticipate and shape market transformation. But maybe your question is, how is Vitru executing this proactive vision? The timeline at the top of the slide illustrates our approach that is phased and agile. Since this disclosure of the regulatory framework on May 19, our response was immediate, culminating in our initial communication on May 29. Phase one, what we call alignment and adjustment, that's been happening between July and August, is crucial for solidifying our foundations. In September, we will be fully engaged in phase two, focused on the optimization of the pedagogical and operational segments. Phase three, the process goes forward, ensuring an ongoing consolidation and rigorous monitoring of this entire process we are going through. This strategy is based on four interconnected pillars designed to ensure not only compliance with the regulatory framework, but mainly to strengthen our competitive advantage. In the first pillar, we have the academic and portfolio front. We are redefining and optimizing our blended learning portfolio and all process of enrollment. All of this means that the academic excellence that defines us will not only be maintained, but reinforced, ensuring that our programs remain relevant and of high-quality delivery. Then, moving on to the second pillar, we have the operational systemic front. Here, the focus is maximum efficiency. From data management to cost assessment and pricing, we are refining every process to ensure all of our operation is robust and always identifying new opportunities and optimizing our resources. In the third pillar, the relation to governance and all communication, and this front is fundamental. This is why we are reviewing rules, contracts, improving with transparency, and special attention to the regularization that the MEC requires from us. Our communication with all stakeholders will be even clearer and more effective, reinforcing the trust in our challenges. At last, the fourth pillar is all of our structure and all of our centers network. These centers are a vital link to the students. We are adapting our infrastructure and optimizing our vast network, ensuring that Vitru's quality reaches even more effectively and comprehensively across Brazil. It is precisely in this pillar, structure, and center network that lies one of our greatest differentials and the answer to a concern that has generated much discussion in the market. Recently, a news came out that over 67% of distance learning centers operate with less than 99 students, a volume that is, in fact, considered a challenge for sustainability. However, allow me to clarify. This is not the reality of Vitru. Our scenario is completely different. Our center structure follows a strategic and distinctive model. When we analyze Vitru's center network, the proportion, for you to have an idea of units with up to 99 students, is much lower. Only 24% of our centers fall into this range. This represents, yes, a huge difference. We are talking about the proportion of small centers, almost three times smaller than this 67% of market study. A 43% gap, 43% gap that already demonstrates the strength and how solid is our strategy. But here, the real strength of our network lies somewhere else. At Vitru, the largest volume of centers, 55%, is concentrated in the range of 499 students. These are consolidated centers, robust, that have already reached a scale, and crucially, aligned with the new requirements of quality and presence from MEC. It's more than double of what the market presents. This means that while the general market may be dealing with the fragmentation, smaller, less efficient units, Vitru has a network of centers that is made up of medium and large units, which are the engine of our operation. This strategic distribution is not just a number. It is the proof of our operational resilience, our ability to meet the demands of these new regulatory expectations with excellence and our long-term sustainability. We are building and operating at a scale that ensures efficiency and, above all, a high quality of education we deliver. And to conclude, I want to emphasize that Vitru is prepared to adapt to the changes in the sector and to lead them. Our results, our scale, and our robustness of operation prove that we have the right assets, the right strategy, and the right team to turn challenges into opportunities. So our brands, with decades of beautiful history of success, are fighting since day one for a democratized, transformative quality education. And this will no longer be different now. And I can say I've been working in this market for over 20 years, and I can say that these changes are part of the journey. I have experienced many times ever since taking over distance learning and UniCesumar in 2006. We always found ways to come out even stronger. Again, I thank all of our investors, partners, and employees for the lasting trust in what we've been doing. And now we'll move on to the Q&A session, where we will be available to clarify any point and go deeper into the topics presented. Now we will start the Q&A session. Remember, in order for you to make a question, you should click on the Q&A icon at the bottom of your screen and write your question in order to enter the queue. Once called, we will request to activate your microphone, and this will appear on your screen. Then you can activate your microphone in order to make the question. We request that the questions are all made at once. Let's move on to the first question. It comes from Maria Eduarda Rezende, sell-side analyst from BTG Pactual. So we will open your audio so that you can ask your question. Please proceed. Hello, everyone. Thank you for taking my question, Gabriel, William. I have two, in fact, that the first is, I don't know if you can detail further, between July and August, that you talk about the alignment, the adaptation, the pedagogical optimization. What exactly are the initiatives in this process expected in the short term? And the second is about the adjusted EBITDA. We had appeared much better compared to the last quarters or last year. I would like to understand what is the perspective going forward if we should keep in this level or something a little bit lower. Thank you. Hello, Maria Eduarda. Thank you for your question. Thank you for the participation. I will start with the first one with the legal framework, and then Gabriel will move on. About the legal framework, all of us, we have it very clear that we had a deadline that defined by August 18, that there would be a deadline for changes that would happen of the courses effectively, that were in distance learning, that no longer could be offered this modality. Obviously, all of us here, we knew that these deadlines, they were changed. The Ministry of Education is talking about something in the first quarter of September. And this gave us some time for us to deep dive into this first phase where we worked on the adaptation and the adjustments of a specific process in order to meet this new modality demands that it is being created, talking about the hybrid modality, thinking that there's a great challenge of systems, of websites, of operations behind an organization so that in this date that was forecast and then was postponed, we could, on day one, be completely ready to meet these new modalities demands forecasted by and in the Ministry of Education. In the days that we, these extra days that we got, we were in the Ministry talking about the challenge, talking about the needs, because that's very good because it enables us to go even deeper into this challenge and the constructions that will be the actions in the middle to long term that are related mainly to the definition of this new pedagogical model, the new curriculums that will be conceived, this new portfolio of courses that need to be defined in order to be offered to our future students, and mainly, the challenges that I see that the segment has in which Vitru makes it very clear in my speech that we believe that we have a much less challenge in the structure of our centers. There's a strong effort to make us prepared for this change. We got these 30 days actions allowing us to go deeper in what we believe, which is the construction of this pedagogical model that is a differential, this new curriculum matrix that this hybrid system brings to the day-to-day of this new market in this new moment that we are living related to the legal framework. Gabriel. Good morning, Maria. How are you? So I think your question is great because this movement in reduction in the line of recurring is something that we were already talking about since last year, which is something that in a certain way we needed to do. That means that we cleaned this line and treated what is operational, what is not recurring. This was important. We had a very strong line, but it was the way that the company preferred to look at the figure. But now we have thrown into our expenses, which is operational. And now this figure in the second quarter, which is 9 million reais, is even over the levels that we believe the scenario will usually run in the quarters, thinking in the next three quarters. And in the year, man, it's very clear to understand and explain these 33 million reais that have been recurring, refers to the movement that we've been doing of doing this restructuring of the academic structure that has already paid because we see this in our gross margin. They have very, very high levels even with a revenue pressure scenario. And this refers to a relevant part of this comes from this academic model changes. So the trend is for the next years that this line is even smaller, which is really our objective for the medium and long term. Thank you. Thank you. The next question comes from Luca Marchesini, sell-side analyst from Itaú. We will open your audio so that you may ask your question. Please go on. Good morning, everyone. Thank you for taking my question. There are two questions here related to enrollment. If you can make an update for this quarter, thinking in this transition period and how much this has impacted the volumes of enrollment, if the company has engaged in more promotional campaigns in order to seize this transition and competitive market, then how has this happened in the places where you work as a company? And also bad debt, when you talk about a higher number of bad debts related to systemic process of collection, what were these challenges? And And what should be the levels that we should follow moving on into this when we analyze this quarter, second quarter? I will talk about enrollment. How can we define? I think the market has been initially shocked in a way, frightened. Many of those companies, the local companies, the smaller companies that don't have competitive advantages, don't have any accreditation or quality from this decision of the legal framework and a final decision from enrollment, and we have seen these institutions in a way that were heavily impacted because they were not prepared and structured, speeding up the enrollment, not in a way that we would do because it's not through average ticket or pressuring, but this ended up happening and it's real because they maybe will not be able to adapt and they wanted to seize the moment that we are leaving this transition moment, so in our case, we see a second semester with mixed signals related even to our brands. We see something very positive in the sense that speaking about the distance learning and this new learning model of hybrid learning in a way brings to the surface the importance to study, the importance of knowledge. That is, we have seen a second semester in line with what has been happening in the first half. We are aiming in something of a high digit of enrollment for the second half because of portfolio mainly in a different way compared to the result of each brand. Moving on to your second question related to the bad debt, we translated in a deep way into the call the part that's more structural. Our reading is that something is very specific. We don't expect to navigate from now on with an increase of percentage points related to previous year. We are in a scenario much more in line with what we imagine, 50-60 basis point gain in the year. Now we're in a moment in looking in a half a year, we are within this level. The first quarter was very good in this way. The second quarter with this specific point. What we see forward, the trend is a PCLD that should go down. The gap probably will be smaller compared to last year. But certainly, we have value leverage in order to recover and normalize this operation because we had this quarter that had the worst collecting period. But the annual view will be within what we imagine, a 50 basis point gain year to year. Then we have to follow up, of course, and execute. We cannot just promise. But that should be the target for the second half. Speaking with the performance we've been having in the year. Very clear. Thank you so much. The next question comes from Mirela Oliveira, sell-side analyst from Bank of America. Mirela, please move on. Good morning. Thank you for taking my question. I have one here that is a follow-up related to the legal framework changes, especially in the first moment of transition that happens now in September. What are you expecting in terms of pricing in the first moment? Do you expect to have all the curriculums already defined to help in this process of pricing the new product, or should we expect a dynamic not so different of ticket for freshmen in this period? And then also the integration of Vitru, you mentioned at some moment that you expect these impacts in the fourth quarter. But could you say more in a quantitative way what kind of impact you expect? Mirela, thank you for your question. When this minor change in the deadline happened, this took us to make some decisions in a very assertive way because we cannot forget that we have this period of transition important for the Ministry of Education that ended up allowing the institutions, the serious institutions, to use them in the best way. I say this because I know not all institutions will use this transition period in the best way. We are in a selection process that is ongoing. The students have already started their classes. And most of these students that will join in this first, the second half, they will go into this model that already exists without this huge change. That's why we don't expect a big change in the ticket scenario. We believe that the new pedagogical model is something that, as I said, that it is being very much discussed internally in the company, but should be implemented in the first half of 2026 effectively. And then we will understand how this dynamic will be and maybe the necessity of the institution to add to its other costs and pass this on to the students that will join this new curriculum and pedagogical models. Well, good morning. In your second question related to, you talk about the integration, but you're talking about the incorporation, right? So everything that we are working on and reporting to you since last year. So we're talking about simplification of our societal structure. We should have a lean structure. And of course, more efficient by simplifying. We're aiming efficiency. We're talking about accounting movement. By the end of this story, it should improve the cash generation in the company, so we have some value leverage that are very important. The first of them is to use the tax shield of our expenses that is allocated 100% in Vitru Brazil with operational profit very low, so basically, we don't utilize the benefits to have debts in our balance, and then we would do so in the incorporation phase, and also other movements happening like spread and other opportunities that we should use, debts that are accumulated, value chain that this defer that we are building on when we're looking year to year contributes to our profit, a net profit that has grown 76% in the half. This has to convert into cash, and this will be converted to cash when we incorporate. We're talking about big figures. Of course, we can detail this to you later. BRL 700 million reais, which is value to be used over 8 to 10 years. Our metric of converting this into cash is 8 to 10 years. What we're saying here in practice, BRL 500 million present value today to be utilized at a company level. So this is maybe the main message, and I explained in the call, we are super on track from a process perspective. Our decision to postpone is more related to a regulatory decision. We needed to understand in a broader way the speed, and now we are very certain, especially from a legal perspective, the execution of this process, and we should roll out in the fourth quarter, so we even should bring in a general assembly, and then we are preparing from a bureaucratic operational perspective, so developing for it to happen. But it will happen within this year. This is our real expectation. Thank you. This was very clear. The next question is from Lucas Nagano from Morgan Stanley, sell-side analyst. Lucas, you may proceed with your question, please. Thank you for the space. Two questions. The first related to what you expect from a margin dynamic for the rest of the year. The PDD was well addressed. What calls the attention now is this change in relation to cost and expense. With this expense going up, even though relocating that legal stance that you took. And so should this trend continue for the third quarter? And also the second question related to the legal framework, but speaking about faculty, you had done a requalification of mediators, and you were very advanced. But moving on, moving ahead, how much more adaptation do you need to hire moderators or facilitators to meet that need of students per teacher in this new legal framework model? From a margin perspective, in a general way, without excluding the specific points, the move should be what should be very clear to what's been happening. Gross margin should be flatter year to year. From sales and marketing, we have been very stable year to year. And we're trying to see some reflection of this, positive reflection of this, slightly positive. We're not talking about drastic reductions. We should have some reductions in PDD and bad debt, but this EBITDA should be at least flat for the second semester. That's our expectation. That goes with what we were saying with this EBITDA margin in line with last year without great movements of growth this year. Lucas, related to the faculty, this modification we've done year to year, imagining because we are very close to the Ministry of Education, was a great opportunity to already understand what we saw in the end of May when the legal framework came out. Vitru, intelligently, it is ahead, always looking at the efficiency when necessary, but also academic delivery. Obviously, to start this new pedagogical model effectively in 2026, along the maturation of the course, there should be some specific necessity, mainly to the presence, the effective presence that exists within our centers, 140 hours according to the new legislation. Yeah, we see a moment of adaptation. It's not going to happen all at once because these courses include a hybrid model. They need to go through a mature phase. This will depend on how this presence will happen along the formation of our students. We have already hired and changed the model to meet this demand. But along 2026 and 2027, even 2028, we will have some specific hires to meet this new regulatory framework demand. The Q&A session is now over. Now I will give the floor for the final remarks of the company. Once again, we would like to thank the opportunity we have had as a company to talk about this second quarter and reaffirm our commitment that we have always had to deliver quality, to deliver efficiency. Mainly, in this moment of a lot of changes in the Brazilian educational scenario, reaffirm that Vitru is more than ever ready, not only to guarantee all the conformities that the new legal framework brings, but mainly in the certainty that Vitru is able and is ready to improve and to increase our competitive advantages and differentials that we have had. Ever since the beginning, Vitru is already the biggest hybrid company in Brazil. In this real Brazil, in this deep Brazil that so many cities need an institution that provides quality education. Once again, thank you very much and a good day for everyone. The video conference related to the second quarter and the six months of 2025 of Vitru Brazil is now over. The Department of Investor Relations is available to answer any questions you may have. Thank you so much to all the participants, and have a great day.