Welcome to Yduqs' video conference to discuss the results for the second quarter of 2026. This video conference is being recorded and the replay can be accessed on the company's website, www.yduqs.com.br. The presentation is available for download also on the company's website. All participants will be watching the video conference only during the presentation, and then we will start the Q&A session when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, projections, and operational and financial goals are beliefs and assumptions of Yduqs' senior management based on the current information available to the company. Those statements may involve risks and uncertainties since they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to macroeconomic environment, the education segment, and other factors could cause results to differ materially from those expressed in the respective forward-looking statements. It is important to stress that for a better viewing of the presentation, we recommend enabling the full-screen mode. Present at this video conference, we have Mr. Rossano Marques, Chief Executive Officer of Yduqs, and Mr. Alexandre Aquino, Chief Finacial Officer. I'd like to now give the floor to Mr. Rossano Marques, who will begin the presentation. Please, Mr. Marques, you may proceed. Good morning, everyone. Thanks for being here for the Yduqs results calls. I'm here with Aquino. Mr. Aquino, good morning. Let's talk about the results of the second quarter. To start, we have very consistent results this quarter. We keep focusing on constant results for shareholders. I'm going to talk about the results of all BUs. First, IDOMED, the medical industry as a whole was concerned about intake with a large number of seats, and there was an expectation on what the year would be. High demand with the best intake, over 2,000 students intake, the largest number presented by Yduqs. Very strong performance. Still quite impressive EBITDA growth. We had growth since 2024 of 17%, a margin that is very high of 48% margin, strengthening the leadership of Yduqs in terms of performance, profitability, and quality. So premium brand. All the quality that is delivered by IDOMED gives strength of it in this increasingly competitive market. A very high renewal rate. When you have a competitive market, you may actually impact the renewal rate, and IDOMED showing its strength. Also, those that know the product, very unlikely will want to leave the fantastic project. So renewal rate is close to 97%. Ibmec is another BU with excellent results, consistently growing in terms of results with the growth margin. EBITDA, 70% growth since 2024. You can see BRL 151 million, reaching BRL 87 million the first quarter of 2026. Another piece of good news, we are going to open a new unit of Ibmec next year, and we have, everybody, there's a great hype around it, not only for São Luís, the whole of Ceará, the whole Northeast. The first Ibmec unit in the Northeast, opening this new frontier of growth, this beautiful building that you can see. Everyone working, so that is totally ready to start classes first semester 2027. We're going to welcome everyone to this beautiful unit. When we go back to Estácio/Wyden, it has been difficult for entire, difficult year for classes B, C families in Brazil. High debt rates, the World Cup, quite challenging year. Very much debated the impact of bets on the availability of income in the pharmacy. In addition, it is an election year, quite hard even. Despite those conditions, when you compare EBITDA 2025, 2026 comparable basis, when we adjust the drop or reduction in risk, you have 4% growth and 1.5% less in terms of growth. Depending on each of the industries or segments, we have consistent results with high cash generation. We are growing a lot in the Semi On-Campus. We know that we start the year as the medicine started the years with additional seats. Estácio started regulatory changes that impact our digital business. If you have a digital business suffering in terms of demand because of the restriction, but the Semi On-Campus is booming. Very interesting product for us. We have great outlook for growth. We started offering Semi On-Campus on our campuses. It is expanded since 2024 for partnering hubs, so we expect it to grow. It has a higher ticket, greater renewal rate of students, it should result in a better results, and also low dropout rates, et cetera, and low bad debt. We have great growth with all our conservative revenue policy, our collection actions, where we had high rates or high debt in families. If we compare bad debt year-over-year, we have 1.5 percentage points in terms of bad debt. So showing consistency, not only in the company as a whole, but also in the messages we are being shared with the message, delivering consistently what we have been talking about. We are walking our talk. Of that, continuing to generate cash and return to shareholders on our Yduqs Day, we said our focus was cash generation and reducing leverage. We tap the opportunities when they come up. It is also share buyback. That increases the value generated to shareholders. Since 2024 up to now, we return 37% of our value or market value, plus dividends, and showing a trust that we have in results, generating consistency and value return to shareholders. We have the strategy of reaching a one-time net debt EBITDA with the return of results for shareholders paying dividends and with the buyback programs. This is our focus, and we will keep on delivering for the following semesters. We have 4% growth. When we make the adjustment of this year-over-year, we know we have the fairness comparing year-over-year. This is the last semester that we have this difference of comparability. We started with a large decline in GEs in 2025. When we look at 2026, we will not need to make this adjustment or comparing. We are going to have comparable semesters that will show the growth in the business. Whilst revenue growth 4%, when we look at EBITDA, 7%, making the adjustments with a slight expansion of our margin. We have a macro challenging for Estácio. Why do we have a growth with very stable margin, very high levels with outlook of growth? According to, as IDOMED, Ibmec grow, they are expansion, and we have an increasing margin. We mentioned in the previous quarter, Ibmec, IDOMED responded for about half the EBITDA of the consolidated business. Business by business, the first one will be IDOMED. Very strong intake, bringing continuity and revenue growth, about 10%. Adjusted EBITDA operating at very high levels, almost 50% in the quarter, positioning IDOMED in a placement of market leader and profitability performance with the very super premium it has in the states it operates. We have a student base and the graduate averages, which is always above inflation for our students. Overall, another highlight. Highlight to call or bring your attention to that very renewal rate, 96%, shows the ability of medicine to generate value to all our students. Again, a highlight for Ibmec in the quarter with good results, good news to all of us. We look forward to the future quarters and semesters in Fortaleza. We will get lots of results. We see the results, well, on some campuses maturing. We see Ibmec revenue growth, and we are going to increase the base because we have some campuses maturing, especially Brasília and Paradigma, the newest ones. We made a move from the city center to Botafogo with a super modern building, very well-received by students. We have revenue growth of 18%, EBITDA 24% with another margin growth. As we keep on margin growth, as the campuses are being taken up, the trend is that they should improve even more with very good tickets. The good news on the quarter is our transferring 10% of ticket increase to freshmen in terms of intake, showing the strengths of Ibmec resuming the brand name in São Paulo and other cities. I am sure Fortaleza will be another success case. Ibmec as a leader in business, engineering, law, and also technology schools. Estácio, Wyden, our third BU, again, repeating challenging intake quarter, first to second, a very solid performance, very much helped by Semi On-Campus performance, so with a growth there compared to the previous one. Now we have very restricted course. The trend is to have a reduction in the digital, but Semi On-Campus is resuming. We have higher tickets, higher level of renewal, good quality of students joining, lowering or reducing delinquency, so we should have the increase there. The growth in comparative basis is positive in terms of EBITDA. When we look at ticket, same scenario we had been talking about. On-campus keeps our trend of recovering ticket growing above the inflation for upperclassmen or digital, well, quite competitive, so we have a trend of keeping the ticket and Semi On-Campus suffering, but it is natural launching new products. We have high competitive rates. The whole market has this type of actually capturing new students migrating from digital to Semi On-Campus. We do not believe this is sustainable. The cost curve, it is going to grow put some pressure on players in general, we believe the trend in the midterm of the Semi On-Campus will improve, increasing profitability. So it is already positive. We have a positive impact on the mix. The ticket for Semi On-Campus will catch up and have growth shortly. This is our view. Now I turn over to Aquino to talk about costs and expenses. Looking at costs and expenses, we had another very solid semester when we compare apples to apples. With a decline to addition, we had a 1% point of margin growth. This is very important for us. We had great performance in bad debt, looking at the Bank of America better financial impact that should be looked into. We have reduction of bad debt and also better performance in discounts and interest. So we had a reduction of almost 2% points. Then we have several factors that led to these results that were so good. We have the implementation of the non-engaged program, the drop in days, improvement in renewal rates. We had a great mix performance. That led to great impact. When we look only to Estácio Wyden, which is our brand that has the highest bad debt rate, we had a reduction of 1.5 percentage point in this relevant brand to our portfolio. Additionally, when we look at, as reported, we had a negative impact on cost coming from two items, basically. Higher volume of transfers, as we have shown to you early this year. With the implementation of the legal framework this year, we are going to have greater transfer to our hubs. We had expected from 0.3 percentage point of losses for the hubs to adapt to the necessary infrastructure of the legal framework. We have a 0.2% worsening in the first semester for a greater mix of on-campus students, higher volume of students in the premium segment, and also on Semi On-Campus had an increase of faculty 0.9 percentage points moving to adjusted net. Revenue, we had a comparison of one that. Adjusted net income. We had a, well, looking at financial results as supplied by the Selic impact, we had a reduction of BRL 11 million, and the impact of Selic was BRL 14 million. The second semester, we start having a comparison that is favorable of the Selic, the interest rates. We had 25 in the semester. Selic was lower in first semester 2026. It will reverse, I consider, in depreciation amortization. Last year, we had the difference of BRL 50 million between our investment value, which is lower than our depreciation and administration value, and those values converge with a reduction in the comparison of first semester 2025 and 2026. When we look at income tax, we had a fewer or a lower realization of deferred tax and no impact to cash. When we look at the second semester, when we are going to have a much better comparable this rate, we should have a better rate. Speaking of cash and debt, we had very strong cash position, showing great conversion of net debt and or in operating cash flow and cash conversion. This is not better because we had a little impact or negative impact of Selic that is going to be reverted second semester, generate BRL 225 million of cash for shareholders. Very robust cash, actually, our cash conversion, we return part of it, BRL 150 million in dividends. When we optimize, when we had the opportunities, we make investments for our shareholders base. We started implementing or just ended the program of share buyback. It was implemented in first, second quarter, over BRL 100 million, and we ended it in July. We had the acquisition Unifametro that is making us very happy. We had an excellent intake of students in on-campus. It is doing very well in medicine with margins of revenue growth better than what we had expected in our EBITDA. The result of the quarterly was the receivings. Following that, very much linked to initiatives of better or more conservatism in the revenue growth with a lower or decline in dissertation of our students. Also we have a better implementation of premium. We see another quarter. We had a reduction of our leverage to 1.55 x in the second quarter, even with a share buyback program. Looking ahead, we continue seeking reducing this leverage to one point times our EBITDA by the end of 2027. This is a strong goal in a company. Lastly, I'd like to highlight the new amortizations we had in May. We had a new reduction of our average cost of debt that is 0.98% point above Selic. Now we get the slide of ESG. Very good. We got awarded in the Cannes award, the Grand Prix Maximum award, in the Lion for Change. The Lion regarding social actions. It's a project that was actually debated. It's very important for the whole Yduqs community. It promotes and strengthening diversity within medicine environment in Brazil. It tackles two ways, seeking more access to the population, so its [Non-English content] to have access to medicine, schools, very important. The second one, to ensure that the Black population has access to healthcare, considering their specificities. It encourages diversity. Social transformation was crowned with this very important award worldwide. Second point, very important for us, it's Instituto Yduqs, to give access to our students to incredible experiences that will increase very much their employability, but also transform socially those individuals that have been part of the World Cup, perhaps the greatest sports event in the world. Yduqs were in partnership with CBF, giving access to several students from several regions of Brazil. Following several courses, they could experience this event, working this. No better training. Well, I wish we would have had this opportunity in our time. So they're living their career at this event. That will certainly be unforgettable, actually, to those students. We are very proud as Yduqs to be a means to provide such type of experience to our students. On our final remarks of this presentation, we'd like you to leave with this message, that we reinforce our consistency and ability to deliver results in any scenario, the strong value creation in our portfolio, and that each one of our business units shows our ability to generate value. Our diversified portfolio is our strength. We bet as anyone in the higher education in Brazil, and the social, economic impact it brings to the whole population. Looking ahead, to reaffirm our commitment we made early this year, generating FCFE earnings per share BRL 520 million-BRL 620 million. Earnings per share between BRL 1.4 and BRL 2. The outlook for second half of 2026 is positive. We see differences in the economic scenario. We start with a lower Selic that will help our net income, cash generation comparability. We have a drop in the impact of this. When we look at second semester 2026 compared to 2025, we'll have clearer growth impacts, and we see great space for operational improvement. All of that with the great trends. In the first semester, we had leverage reaching 1.55 x, which follows strictly our capital allocation policy. Our strategy announced at our previous Yduqs Day, we're going to get to one time net debt over EBITDA. We had a share buyback program where we have the commitment of acting, thinking about opportunities, just thinking about value generated to our shareholders. So we completed this program of share buyback, BRL 100 million. IDOMED delivers a historical record for student intake. We started not believing the market, and IDOMED responded with all its potential with the premium brand it has, delivering record intake for our business. Again, very happy when we see growth outlook. Yduqs is a company that likes to grow, delivering new product sources. We like very much what we do. The more opportunities we have, the happier we are. Fortaleza comes in. First time we go into the northeast with very well-positioned premium brand that has been a success in a very well-positioned building, the way we like. We are sure that it is going to be total success in Fortaleza. We are very excited about second half. We thank you very much for your time, and we are going to open for your questions. Thank you once again, and we will see you soon. We are going to start our Q&A session for investors and analysts. If you wish to ask any questions, please press the Reaction button and then click Raise Hand. If your question is answered, you can leave the queue by clicking on Lower your Hand. Our first question comes from Mr. Caio Moscardini from Santander. Hi, everyone. Thanks for taking my questions. First question on intake. Second half, I would like to hear what you see in this cycle. We have heard that during the World Cup, the intake was a bit tight. After World Cup, it kind of took off. I would like to know whether you have observed that. Second question regarding guidance of cash generation. You have first semester, this entices BRL 120 million second half for you to reach the bottom of guidance. I would like to understand the main drivers that will help you have a better cash generation in the second half compared to the first half. Thank you for your questions. I am going to take the first and turn over to Aquino. In terms of intake, your reading is good. We have similar messages with ours. We had a period during World Cup that was a bit tougher as expected in terms of budget and forecast. We expected a tough period. The World Cup is a driver of media attraction. We actually planned the media according to this scenario. Our media speeds up Post World Cup, and we have the World Cup results were a bit lower, but we sped up a lot. As peers have mentioned in the industry, we are quite positive in terms of the movement that is taking place. It may have impacted the second quarter or third quarter. We are leaving a sort of hangover post-World Cup. We had negative impact of the entry of Ibetts. That certainly consumes a relevant part of the available income of workers. This is shown when we start seeing the post-World Cup. This is the third week post-World Cup, and there is a radical change in terms of results. It does not seem to be an incredible year for intake, but the change in the pre-, post-World Cup, it makes us feel very excited about intake in the second half. It is early to talk. We have 60% of the cycle run, but the trajectory is certainly quite positive. I will turn over to Aquino to talk about cash in the second half. It is very important to clarify that and make everyone very comfortable with our level of comfort regarding cash generation second half. Aquino. Thank you, Caio, for your question. It is important to clarify this point. Our second half is always the stronger cash generation call. Half in 2025, it would generate about BRL 350 million in cash. Last year, we generated a bit less than first half, basically for twi factors. The first, most important, we made BRL 70 million of non-recurring items with cash effect that will not be repeated this year. Some of them, actually dismissal of faculty members, retroactive tax payment, and we had some administrative group or staff payment. The expectation of this year, we have a growth outlook, and we have a positive factor here that is the reduction of the Selic. Last year, we had an increase of our Selic rate, and we have a very favorable comparison in terms of percentage points. Thanks. Thanks, Caio. Our next question is from Marcelo Santos, JP Morgan. Good morning, everyone, Rossano, Aquino, the whole Yduqs team. Two questions. First, if you could comment on the ticket environment in this intake that is happening, and if you could give me some flavor on the transfer to the various hubs. This has been happening, or next year we will be back. I think it is good for you to talk a bit more about that. Thank you for your questions, Marcelo. I am going to take the first one. Let us start with the second. That is more technical. The transfer on lending to hubs has two concepts. We are going to have in this migration, more Semi On-Campus in the hubs. We had a hub very dedicated until 2023, was basically on distance learning. We had very little delivery from 2024 to now. The Semi On-Campus started happening more strongly at the hubs. And from last year to now, we have the new regulation encouraging the Semi On-Campus growth. You have seen the results during the presentation, a reduction in distance learning and great growth in Semi On-Campus. The hubs have had this positive change there. They may maintain or speed up their profitability. This makes it difficult for smaller hubs, with lower demand that may create difficulty of having the classes in the sum of our relationship with our hubs. It tends to be a very positive relationship. In this view of trends of what we said, the full effect of cost structure that happens, this new regulation happens in 2027. We have given a market view as to how we see this impact of margin in 2027. We talked about 0.7 of percentage points, but this should happen this year. What happens this year is a bit of this preparation. For next year, some hubs that are not both new courses and new hubs, they are more adapted to these new modalities. This generates a specific increase for this term. Rodolfo, would you like to add, complement? Good morning. Thank you for the question, Marcelo. This is precisely what Rossano said. We have this trajectory of increase of Semi On-Campus, along with the effect of legal framework. The effect that Aquino, Rossano has talked about is what we actually said, gave in terms of guidance for 2026, 2027. We have the full adoption of this process. Part of it is related to that, and there is another part just to add, as we have seen, our bad debt is much better considering a collection process that is better and more effective. Since the on-lending is on-paid tuition fees, we still have a part of it that goes in the on-lending package, but we understand this movement as positive. It is positive movement, those two trends. Just adding to what Rossano said. As to the ticket in the first question, we see the second half as similar to the first. It is very much related to the first. We keep on the recovery point of rebuilding our original ticket, growth about 25%, close to inflation. We see trajectory on campus. Or Semi On-Campus, we see more elasticity, and we have clear trend on the ticket of on-campus of recovery. On distance learning, we see a ticket that is reasonably stable year-over-year, a modality that has been most impacted directly by the new legal framework. But we see resilient ticket. We do not see a trajectory of recovery. This may happen as of 2027, but quite resilient ticket. The relevant ticket for considering the legal framework is Semi On-Campus. So what happens in Semi On-Campus? Two important things for us to understand. You have migration from core cost structure that is lower moving from distance learning, and moving to Semi On-Campus, so it can be more aggressive in terms of ticket. The market trend is to be more aggressive. When you compare year-over-year, you see a different mix. There is greater share in this mix of cost or core structure that leads to a low. This is normal. The mix as a company as a whole is positive. So you have a lower ticket from distance learning to Semi On-Campus. So even though there is a small reduction in Semi On-Campus, this impact to companies should be positive. The second factor that is harder, competitive scenario, everybody going after this volume, a smaller volume. Not all students had their courses of distance learning banned can migrate to Semi On-Campus. So you have an increase in offer. So you have a more expensive product. You need volume, especially to set up classes. So you have a trend of first in this migration period from 2025 to 2026 of a more competitive level of tickets with the increase in demand, as I have mentioned previously. Second half, we have the trend of relieving this ticket dynamic, but we believe the positive wave of Semi On-Campus should only start next year. I hope I have answered your question. There have been two questions. Thank you, Marcelo. Thank you. Next question, Samuel Alves from BTG Pactual. Good morning, Rossano and Aquino, and all directors. Two questions on our side. The first is a bit on delinquency. The company has shown improvement in bad debt that you guided with such good numbers. But we have seen a moment of delinquency hitting other companies in other segments and industries. We have seen some bad debt indicators and sort of indebtedness levels of family. Do you see a leading indicator when you see delinquency rates and seasons? Do you see that any concern, any color of concern from now onwards? Second, I would like to talk about hub volume metrics. With the new legal framework, the increase in hybrid education, you talked a lot about Semi On-Campus. We have seen certain hubs being shut down, smaller ones with a structure that is a bit lower in terms of infrastructure. We see almost 300 hubs closed. You have 1,200 hubs today. What do you assume as a magic number, or what do you imagine as for us to think about more recurrent structural in terms of hub penetration? Can we keep on imagining shutting down or having a return of turnover? I'd like to know about the flexibility of hubs. Thank you. Thank you, Samuel Alves, for your questions. Good points of bad debt. It's a history of being, well, story we've been telling, and it's being materializing now. We suffered the impact of market vision for having adopted a more conservative methodology in revenue growth. We knew this would be something a year-over-year comparison would hurt us, but we had a reduction of bad debt. We are starting to reap the benefits, both this more conservative view of non-engaged students at the drop in penetration or decline in GSS, where you have a drop in revenue where you suffer in the accounting view of revenue, but the benefit will be translated into bad debt, once again, having an impact in the relevant reduction of bad debt. We're moving to the second half, and reaping the profit of what was planted in 2025. 2026 will be much stronger semester of reaping the benefits there. Something that draws our attention is following a trajectory, a non-recurring that is much lower. As Aquino mentioned regarding cash expectation second half, we had cash consumption second half last year for exercise or non-recurring. There is stronger adjustment of the faculty payroll. That won't happen this year. Cleaning results second half this year will be like this. 2027, even more so, semester of very clean results with easy comparability. It's a promise of ours to the segment, simplicity and understanding constant deliveries. These are things we promised to the market and we're starting to reap the benefits now. Speaking on market delinquency and the market, we follow that with concern. Income availability and debtness level of families is a concerning point. How this reflects in education, lower demand. Part of the reason for the second half quarter having more challenging intake, it's of course, lack of availability of income. Families due to indebtedness, this is led by World Cup, election years, this impacts the willingness of families to join higher education. Through very good work performed at Yduqs, we don't see that reflecting in the current bad debt. We see new students. We've been talking to the segment. The great focus of our company is to have the best onboarding of students and better service to increase satisfaction and improve renewal. Retention levels, you'll see that growing every semester. Bad debt in higher education is very related to that. If delinquent students cannot renew, for you to have good renewal rates, the students need to be paying their tuition, and they have to be paying that. The improvement in retention or renewal, you impact the potential results, you have greater income availability. You see a slight, month-by-month, a small growth of recurring delinquency that is reflected in the renewal. Students want to keep staying or to keep studying, and that improves regarding last year. That reflects in the positive bad debt. Overall, it's a picture that we see that is sustainable for the next future years. It seems to us the market is pointing that it is getting to the end of interest rate growth. We are moving towards a reduction in interest rates, so the market has a delay. It will take a while to see that be impacting or impacting the debtness of families. This is an industry that suffered a lot with the growth of the interest rate curves. We are moving into the reduction of curves being reduced, but it is an important moment for us to start seeing that. The segment that has suffered a lot, and we are getting to the time when there should be a drop, clear scenario of interest rate drops. I am not talking about the financial market, but in the demand vision, this should take place. As to your question on hub volumetrics, I mentioned that previously. So that we have a lower demand in smaller hubs, so we had restrictions of distance learning. Those that have more penetration, those small towns, this is the end that is the smaller and with lowest volume of have revenue generations. Yet we have greater opportunities, greater penetration, and greater growth of hubs. There is great opportunity ahead. We have talked a lot about that of the various segments. We have not started the expansion of Semi On-Campus of hubs. It started strongly 2024. You see the growth in 2025, 2026 of Semi On-Campus courses related to this penetration. We have great opportunity of expansion, not only of the hubs migrating to higher sizes and also to places where we do not operate it. In terms of revenue, our delta will be positive. The number of hubs, there may be a reduction. The impacts are reflected. We do not see relevant reduction in the number of hubs. That may be a contrary effect, but certainly the revenue, the balance is positive for the impact to hubs. Okay? Rodolfo, would you like to add anything? No. Perfect, Rossano. Just to restate this point, this is a sign, a signal we have been mentioning in the previous calls. We see a bit of this trend, great part due to this restriction of the legal framework, concentrated in smaller towns. This impacts very little in terms of results. The main impact is the social impact of reduction of offerings from the standpoint of results. There is very little impact to us. At the end of the day, what we are reinforcing in terms of results is this migration to operations that are more robust, assertive, opening hubs at the right place with the right partner, with the right portfolio, especially in mid, large towns or cities that have greater potential. There are certain regions where we have greater potential to explore, just as some opportunities to open new hubs with infrastructure. So we see this path of Semi On-Campus, not only of strong maturation and also additional opportunities, especially in the Semi On-Campus. I think this is a bit of our view ahead. Naturally, may have some slight drops ahead, but nothing that is significant, nothing that will actually impact the strategy of Semi On-Campus. Thank you very much. Thank you. Our next question is from Mirela Oliveira from Bank of America. Good morning, Rossano, Aquino, and the whole team. Thanks for taking our questions. I have two wonders. The first is a follow-up from delinquency. When we look at the macro scenario, regulatory changes, what is made for next year is difficult, both in margin and cash generation. What do you think we still have to see in terms of the results of the initiatives you have taken, especially considering delinquency or default rates that may mitigate this impact for next year? Second question is regarding ticket dynamics on Semi On-Campus. You have been commenting for some time that the dynamics is difficult for readjustment. We hear that from peers as well. If you could explore that a bit, how do you think this remake of tickets will be like in the future? If it will be a more gradual composition or more aggressive readjustment, perhaps next year, to try to hold margins. If you could share with us these dynamics, it would help a lot. Thank you. Thank you, Mirela, for your questions. The first two points, one of delinquency with the bridge for next year, how we see the margins we still have of potential gains that we do not have positive outlooks to adjust. I think you are right in terms of the macro scenario. Brazil 2027 will be quite similar to what 2026 has been. A lot of electoral research, it is hard to predict what it will be like. It might be similar to 2026. For the education segment, there is a very positive outline year-over-year. I think the World Cup impact has been quite relevant to us. It actually attacked the important part of our intake. It will not happen next year. We have election. We take the track of previous national elections, they, in general, have been tough years for intake. We take these two blocks off that are important for us to understand the demand for education. We start having a drop in interest rate, and that may have an impact for next year, not perhaps the first semester, but second half. We start reaping positive results, financial results in the first half. Second half of 2026, unlike what happened the first half, we had negative comparison compared to 2025. We start second half of 2026, we have lower Selic rates that will help our financial results with a level of leverage, net debt lower, that will help us in cash generation. We had payment transfer, which changing our debt, enabling better cash generation for the second half. Year-over-year in your question, it follows for 2027. We follow with lower debt, with a Selic that is lower than 2026. It should also benefit the level of demand as a whole. We are more positive regarding 2027 compared to what you feel. As to improvement potentials, I am turning to Aquino to talk about other aspects regarding bad debt and on the margin structure. Overall, we have benefits that are being taken and captured. They run on the round rate in the future years. Several adjustments we have made over the year, benefits in technology use, expanding AI use, reflecting in some cost structure of the company, and we should get to 2027 to reaping other things. I am turning over to Aquino to complement that. Good morning, Mirela. Great question. I totally agree with Rossano that the outlook for next year tends to be more positive because the first year post-election is when we have hope reborn in the population. And for us, working in an area which the person makes a commitment when they register with us for the next two, four, five years, it has a positive impact for our intake. Speaking of the default levels, it is important to say that we have had a reduction of default rates for several reasons. One of the most important was the improvement of premium, our mix. Premium rates have a bad debt that is lower than Estácio Wyden. And so we have the decline in DIS, lower addition to DIS that happened in the first half of this year has an immediate impact of worsening our revenue a bit result, but the counterpart is lower in the short term of DIS, and it is practically 100% offset in the PDD or the bad debt, and has a full performance in the midterm in terms of the lower or decline in DIS will have positive impact of bad debt this year and also next year. Since we are going to move second half with the level of DIS very similar to the first half, we are talking about continuity and reduction of bad debt that will continue next year. We have positive outlooks of reducing bad debt due to structural factors, premium mix, less long-term revenue. In addition to what Rossano mentioned, all the effort we make to increase engagement of students and renewal rates and also collection is not yet 100% implemented. So we still have new positive results to be collected that will improve our bad debt rates for the future. Yes. Very good. Thank you. Thank you. Mirela. I have not answered your question, sorry. On Semi On-Campus ticket, if you believe we have fast recovery or gradual. Unfortunately, ticket recovery are gradual. I do not think it is going to be very fast. Should start the second half 2026 in a modest way. 2027 should be a year that is much more positive for Semi On-Campus ticket. Market is consolidating. Students understand better what the Semi On-Campus product is. We had a restriction of offering. We cannot deliver all the products that the regulation demands. So it requires more flexibility in 2026. In 2027, it should be smoother. So when we restrict offerings, so we should rationalize ticket. We strongly believe this will happen as of 2027, since it demands an adaptation of market, students' perception of the product competitiveness that students see in the market. This should be gradual, but we are very positive that this should start happening in a relevant way early 2027, but this should be growing with us for sure. It is not a radical transformation. I hope I have answered your question. Thank you. Very clear. Thank you. Our next question is from Vinicius Figueiredo from Itaú BBA. Good morning. Thanks for taking my question. Two points that I would like to address. First are regarding medicine ticket. I understand you put the ticket of upperclassmen, but I would like to understand a bit the effect on consolidated. When we consider more intake of FIES units or hubs with tickets maturing, gaining more share in the whole, I would like to understand how much would be the effect of each one of those factors or points, try to quantify a bit, and also how the ticket, considering those points, how they influence the Yduqs' revenue growth looking ahead. Second is contingency. Forecast 2026, you have mentioned that there should be a de-acceleration reduction of this line. But just to try to have some magnitude, how much this slows down. Second quarter was a bit below what many expected, actually. Just to try to explore the magnitude looking into the second half and even 2027. Thank you. Good morning, Vinicius. Good questions. First, on medicine intake. You have FIES maturing, you have courses in smaller towns, how these factors impact growth. We are starting with great news of growth for Yduqs. The whole market was very fearful. Let us remember, we go through those big clouds, they impact the segment negatively. When they move away, we had a great cloud on intake in medicine. Actually, we had a great growth in the number of offered seats. There was a fear in the market in terms of intake. Yduqs responded with the highest record intake in its history. Yes, it is supported by greater FIES penetration. We believe there are several pieces of good news. First, FIES news usually were very good. The competition for FIES grants for medicine is very fierce. We have students that are very well-prepared academically. This brings several positive effects to us. It is an institution that is proud of its academic quality. Students better prepared contribute overall to the ecosystem. Also we have improvement of average income, so we have more competent students, and they are going to go through a very competent educational academic system and make them even better prepared for the national ENAMED, or the National Examination Assessment for our Medical Education. Second, FIES has no bad debt. It is zero. Although medicine is low, we do have some bad debt. The FIES student is zero, comes into the discount in the NOR. The effect in bad debt is very positive. Retention, it is a student that has almost zero dropouts. Students stay with us until the end. So this helps a lot our LTV. The impact is, goes to the ticket, so you have an impact of FIES, up to 27%, depending on the delinquency of each student. This impacts ticket students that join with FIES. They join with this hit in the revenue, and we reap the benefits over time, both in bad debt, retention, and academic quality, as you have mentioned. Overall, we think it has been an excellent piece of news. FIES doing well, replacing this potential demand. We have this negative effect on ticket. We are not opening up the intake numbers, but you can see in our release, the FIES penetration base. We have a growth that is in a very sustainable way. There is no alert sign for that. For the government, it is a small increase in penetration of seats offered, impacting the cost very slightly, but we see this in a very positive way. Second question on contingency. I am going to turn over to Aquino to address that. Good morning, Vinicius. Thank you for your question. This contingency line takes some time to react or down. We have had realization that we have been sharing with you, maybe you are aware of it. We have been realizing cash on this line lower than the level that we have in the impact of net income. So two parts in this line that impact our EBITDA. Second part that impacts our financial results. Financial dating of contingency. When you compare both, they are BRL 30 million below what has been out disbursements on this line. So what is this happening? We have changed our policy of contingency provision to be more conservative, making this provision previously. So this makes us to, without any difference in the disbursement, we increase the realization that impacts actually net income. This happened last year. It is happening now. As you have noticed, as of second quarter, it is more difficult to review when the numbers converges, but it tends to converge in the future years. We are going to have much greater conversion. There is a relevant point here. We have a long-term indicator that leads to better results of this line, the number of processes we get. Great part of this line to us is linked to labor, actually legal cases. So we had a reduction in the number of those dismissed or laid-off faculty members. We are going to have significant reduction in these contingency levels considering legal cases. Excellent. Thanks for your answers. Have a good day. Just to reinforce to what Aquino said, it is a question of Mirela, 2027 outlook. It is another positive aspect for 2027. Thank you. Next question from Gustavo Miele from Goldman Sachs. Hi, Rossano and Aquino, the directors. Good morning. Thanks for your presentation. I have two questions, please. The first, I would like to hear a bit on the Ibmec outlook for looking into 2027. You have a dynamic top-line margin, quite strong. Looking into 2027, do you see ability of keeping this pricing power if the initial plans for the new units of Fortaleza, if you intend to introduce a course mix compared to the other units, or do you see a performance that is similar to the other BUs? The other one is liability management. We see more leverage of 1.5x debt EBITDA. You said your target is 1x. If the measure is you convert to this goal, do you see some additional space to improve this debt cost that is at a more efficient level? Thank you. Excellent questions. I am going to start talking about Ibmec, and then I will turn over to Reginaldo. The outlook of Ibmec is super positive. You see positive results every quarter. IDOMED as well, but Ibmec bringing very positive results. Revenue growth, margin expansion, increase in ticket. We have seen qualitative, all the service, the market perception is growing. Either it is a leader amongst the first, second, third. So it is growing everything. Very positive outlooks. And for Fortaleza, this is another positive view for us. It is a delivery. We have initial results are very super positive. I am going over to Reginaldo that it is always present in Fortaleza to give you a fresh view on our actions and initiatives in the city. Gustavo, thank you for your question. Fortaleza, I think it has been a very interesting decision. We carried out a market study. We had a view on the organic demand of possible candidates in the city and the region that had for the operations we had in the southeast, especially in São Paulo. And then from then on, we made the decision of this new campus. The portfolio follows the traditional portfolio, Ibmec Business, Technology, Law, following the traditional Ibmec portfolio, and the reception has been very positive, both in Fortaleza, but also attracting the attention of cities or capital cities around it. There is Lina Belé. It has the potential of becoming a great hub for the northeast. Reginaldo, since I have mentioned IDOMED, Freudian slip in the answer. Silvio, would you like to add on the outlook for ticket? Just to add to what Vinicius said. For Vinicius' questions, we actually still observe ticket growth despite this greater FIES penetration, because it has been quite variable. Each marketplace has its own features. As we mentioned in the previous call, we may mention Rio de Janeiro, that is a marketplace in which we have a demand that is qualified, and the growth does not depend so much on the FIES as other marketplaces. In another place, we have a higher number of seats, higher tickets, and it did depend less on FIES. We mentioned [FD Duke]. When we look at the LTV, the scenario is much better. When we make an analysis that is combined of all those aspects or factors, we see that, yes, indeed, it makes all sense to follow on with the strategy. We do not have great concerns regarding the ticket. We have managed to keep it, not only maintaining it, but increasing it. We have a projection of ticket increase year-over-year with this possibility of making up amongst the different units and marketplaces, but very much in line with what you have mentioned. Thank you, Silvio. Moving on to the second question of Gustavo on liability management. Excellent question. We have had excellent results in debt management. We had the operations open to the market. We have mentioned some while ago, we managed to extend and reduce debt cost. Aquino. Thank you, Gustavo, for your question. We have been trying in a very consistent way to reduce the debt cost. The market is a good time since the CDI level is high. We have great search of company that have good credit notes so that people can make a safe investment with good return. What we have been able to do is to have a reduction of our cost of the debt pay, paying CDI and plus a bit more, and the spread is increasingly smaller with the amortization we had in the second quarter. Cost debt dropped to 98, as we mentioned in the presentation. All the past issues that we made were below this cost. Our outlook is to tap into the market time to generate greater amounts that we have in 2028, 2029. We have no debt that matures with amortization this year. As of next year, we have smaller ones. 2028, 2029, we are starting to manage them, extending our debt and reducing increasingly more the cost. Our expectation is to close the year at a debt cost that is lower than what we had previously. Excellent. Very clear. Thank you. Have a good day. Thank you, Gustavo. Next question from Lucas Nagano from Morgan Stanley. Rossano, Aquino, directors, thank you for your presentation. Two questions on regulation on teacher training. If you expect that, how much this would impact your operations, considering the impact expected of 30% on campus, 30% Semi On-Campus or hybrid. Second one is ENAMED with the suspension of last week. What do you have in terms of filling the seats that were expected, but we had actually some seats. Thinking about next year, how this will move on to now. In December, we are going to have ENAMED results, return to the six new sanctions and with some legal cases moving on. What is your expectation? Thank you for your questions. I am going to turn over to Rodolfo, then Silvio, and then I will complement that. Thank you, Lucas, for your question. I think for this lecturing degree, we see this recent regulation more very specific in this area of knowledge, having a considerable increase in terms of on campus. But we have several ways of delivering on campus through a mediator or a local faculty member is one of the ways. Internship or training activities, they are also considered hours that should be on campus. We have tried to find the best way of delivering the on-campus mode with better quality without actually impacting the cost proportionately as the increase in the number of hours. We see some cost increase, not a disproportion, and yet it actually matches what Rossano mentioned on the previous question on ticket. We also see this repositioning of ticket coming gradually, and also this lecturing degree will be a feature or a part for us to work on this. Not only the state of giving, this will naturally impact all the players. This is part of our view on the lecturing degree. I do not think there is great impact or different ones from those that we have seen in terms of guidance, both for 2026 and 2027. Thank you, Rodolfo. Silvio? Sure. For the ENAMED, we are following closely. It is actively taking part on the debates via associations representing the segment. We are at a time that we have certain suspension of certain legal measures. What we had previously of registrations to make, we made them as early as possible. As Rossano mentioned, we had this record intake very much considered because of our acting in anticipation or early, we couldn't do that to all the seats, so we would cut on the continuity of the course. We had to keep 2/3 first quarter, one third second quarter, and this offsets and helps the year as a whole. As the time as we have these cautionary actions, and we are working on the possibility of bringing those students, so we should highlight that they are authorized seats in a regular way, the whole industry. When we have those suspended, those protective measures being suspended, it helps us have a very positive view. Your point is that, on 9/13, we have another edition of ENAMED, and the work has been quite intensive, following student by student, showing them the importance of doing their best at the examination to reflect the quality of the training they have had. It is an examination that may bring great implications to students. Sometimes they do not attend in a qualified way. This certainly makes a difference in the results, but this has been a very good surprise. They have been doing very well in all the tests that we have been conducting, and that we should have quite positive results considering the mock examinations we have been performing. That is going to be on the 13th of September, and we can have the data available to put in their transcripts and understanding in the industry as a whole. There is some impact of ENAMED year-over-year. This is part of our analysis in the budget and evolution for future years. We are very confident. We open a very positive window for us to bring those students, but the fact that we actually have vacancies of tuition payers and ENAMED just brings results that will certainly, as we forecast, that will overcome our expectations regarding registration or enrollments. Thank you. Lucas, we hope we have answered your questions. Our next question is from Renan Prata from Citi. Your microphone is open. Thank you for the time. Very brief question regarding the legal framework. Thinking about 2027, I would like to understand a bit about the environment of preparing for Semi On-Campus 2027 of your CapEx, your investments for your own units. If you see any kind of difficulty in finding labor in terms of faculty mediators. I would like to have this kind of outlook as to the adaptation of the legal framework for 2027, not such immediate impact. Thank you. Thank you for your question. Certainly, this adaptation for the new semi is something that we are mobilizing. Yduqs is very well prepared for that. As I said, we believe we have very positive aspect in this new legal framework. It strengthens organizations that have so much operational capability for transformations and also to invest and mobilize the resources so that this can be materialized. We talked about final impacts financially, but there is a lot of operations initiatives that Rodolfo conducts in adapting and transforming the hubs. I am going to turn over to Rodolfo to give you more details on that. Thank you, Renan, for your questions. Adding to the legal framework, it is a topic we have been addressing internally in different moves, practically two years. So we have a structure that is basically devoted to look into this kind of impact, understanding the movements, updating several DCA, and we are following this very closely. I think there are some positive things. This legal framework, we came close to our expansion of Semi On-Campus we had on the very hub. So it is very much in line with the new regulation. So we see little impact from the standpoint of adjustments because we have our infrastructure considering the new regulation from the standpoint of hubs. This in the units, if you want to add to me, we have great offerings in the on-campus and the adjustment of Semi On-Campus. We understand there is nothing super complex. Much on the contrary, it should strengthen actually this experience that students have on our campuses, be it Estácio or Wyden. In terms of legal framework, it is a bit of what we see and the impacts that are similar to what we have been talking about for 2026 and 2027. As to your question on difficulty of finding labor or qualified labor, yes, we have been seeing more difficulty in terms of finding the pedagogical mediator, this new character. There is difficulty in finding. We have a challenge of having a selective process in considering good quality, especially in mid-sized cities where the scarcity is greater. But we've had a recent movement, we highlighted, and those processes to ensure that we can actually perform them, considering this challenge is expansion and market, enabling us to continue to provide quality services and with mediators centralized, and also we have local characters. We see a bit increase in scarcity, but we understand this will not be a limiting factor in this trajectory of growth of Semi On-Campus performance. Rodolfo, you bring another strength of Yduqs as such large company with the ability of articulation, being so prepared from the beginning of the debate of the legal framework being found, we're very well-positioned to be even stronger competitively in all regions where we operate. So we have certain restrictions in the market, but it brings strengths in terms of our competitiveness ability. Thank you. Thank you. Very clear. The Q&A session is closed. We would like to give the floor to Mr. Rossano Marques to make the final remarks of the company. Thank you all very much for your questions, presence, for being with us until the end. As I say, we start the second half of 2026 very confident with the results at Yduqs. All the business units very well prepared to continue delivering results. Second half of 2026, we reap great parts of the seeds that we've grown in 2025. Process of recognition of revenue considering non-engaged students and lower penetration of FIES, great capability of reducing the lines of contingencies, adjusting accounts and investments we made in technology, AI yielding results, lower leverage of company, lower net debt, turning the Selic curve. We're very well-positioned for second half 2026 and even more so for 2027. We hope we've shared all the messages clearly to all of you. Thank you all very much for your time and we wish you an excellent day. The Yduqs video conference is closed. We thank everyone for your participation and wish you all an excellent day.