Afya Limited

Thank you for joining us for our APES conference call. I'm here today with APES CEO, Virgilio Gibon, and our CFO, Luiz André Blanc. During today's presentation, our executives will make forward-looking statements. Forward-looking statements can be related to future events, future financial or periodic performance, known and unknown risks, uncertainties, and other factors that may cause APES's actual results to differ much more from those contemplated by these forward-looking statements. Forward-looking statements in this presentation include, but that are not limited to, statements related to the business and financial performance, expectations and guidance for future periods, or expectations regarding the company's strategic product initiatives, its related benefits. These risks include those more fully described in our timeline for the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as the date hereof. You should not rely on them as predictions of future events and we disclaim any obligation to update and forward-looking statements except as required by law. In addition, management may reference no IFRS financial measures on this call. These measures are not intended to be considered in isolation or as a substitute of the results prepared in accordance with IFRS. this presentation has reconciled these non-IFRS financial measures to the most directly comparable IFRS financial measures. Now, let me turn the call over to Vigino Gibon at FSTU.

Thank you, Renata, and thanks, everyone, for joining us today for our final conference call of 2025. The last quarter reflects more than financial performance. It demonstrates how our strategy continues to position AFIA for sustainable growth as it continues to transform medical education across Brazil, which achieved our seventh consecutive year of meeting or exceeding guidance since second half of 2019. This track record reinforced the strength of our business model, the quality of our execution, and the commitment of our teams. Today, I will cover key strategic developments and operational highlights that drove these results. Then, Luis Blanco will provide a detailed review of our operational and financial performance. Starting with slide number three, let's highlight our performance achievements in 2025. Our revenue for the 12-month period grew 12% year-over-year, reaching $3,697,000,000. followed by adjusted BIDA growth of over 50% year-over-year, reaching R$1,680,000,000. Adjusted BIDA margin for the same period reached 45.4%, an increase of 130 BIPs over last year. We also reported a solid cash flow from operating activities, ending the 12-month period with R$1,548,000,000, over 6% higher than last year, with a cash conversion of 93.7%. Net income followed the same positive trend as the last quarter and reached R$768.4 million, a growth of 18% year-over-year, with a basic EPS reaching R$8.32, 19% higher than last year, reflecting strong operational performance. This achievement underscores our disciplined capital allocation on buyback programs, M&A, and an efficient capital structure. Turning to our operational updates, we maintain our leadership position in medical education, supported by 3,755 approved medical seats. Our number of undergrad medical students has reached more than 25,000 students, represent a 5% growth compared to the same period last year. Furthermore, our medical school's net average ticket excluding acquisition increased by 3% in the 12-month period. In the continued education segment, we continue to see solid results, presenting a revenue growth of 11% year-over-year, reaching R$ 284 million. For medical practice solutions, we ended the year with an increase in revenue of 6% year-over-year, reaching R$ 171 million in the 12-month period. Finally, our ecosystem reached 301,000 active users, reflecting strong engagement and broad adoption among physicians and medical students across Brazil. In the next slide, starting with the undergrad segment, we delivered a gross margin record of 63.9%, reflecting the strength of our academic model and solid operational discipline. On the expansion front, we continued to advance through inorganic and organic initiatives. We concluded the acquisition of 60 medical seats in Africa Contagion, strengthening our footprint in another strategic region, close to Belo Horizonte. In addition, we secured the authorization of 102 additional medical seats, with Braganza receiving authorization of 100 additional medical seats on November 7, 2025, and Afia Pato Branco receiving two additional medical seats on December 18, 2025. These approvals reinforce our organic growth, run away, and support our ability to expand with predictability. In continued education, gross margin expanded 362 basis points, and we ended the period with over 10,000 graduate journey students. B2B revenue growth was 48% during the period, supporting our performance in the segment. In medical practice solutions, we continue to scale our platform and expand engagement. We reached 196,000 payers in medical practice solutions, reflecting the growth of our active user base and the expansion of our solution in daily medical practice. In addition, physicians made over 16.9 million prescriptions using our solutions, reinforcing the increasing usage of our ecosystem in clinical routines and decision-making. At the corporate level, we deliver a gross margin record of 64.5% and an EPS record of R$8.32. Further demonstrate the structural strength and scalability of our earnings model. Net cash flow from operating activities reached R$1.5 billion, highlighting the consistency and robustness of our cash generation. We close the period with leverage of 0.8 times calculated as net debt, excluding the effect of IFRS 16 divided by the adjusted EBITDA. This combination of strong profitability, substantial cash generation, and conservative leverage profile provide us with significant financial flexibility and position us well to fund growth while increasing shareholder returns. Moving to the next slide. We will detail our shareholder return decision and how it reflects our disciplined and consistent approach to capital allocation. Supported by ARCA's strong cash generation and disciplined financial management, we are announcing a cash dividend of R$ 307.4 million, equivalent to a dividend per share of R$ 3.45, representing 40% of our 2025 net income. payable on April 6, 2026, to shareholders of record as March 25, 2026. This decision reflects our capital allocation framework, which prioritizes sustainable cash generation, continuing investment in organic and inorganic growth, disciplined liability management, and consistent capital returns to our shareholders. Since 2021, our net income and cash generation have consistently expanded, and this operational performance has been accompanied by a clear and disciplined commitment to shareholder returns. Over this period, we had funded our acquisition while also executing share repurchase programs across multiple years. More recently, we added a cash dividend as an additional component of our shareholder remuneration. This balanced capital allocation strategy allows us to simultaneously expand growth, strengthen our financial position, and return value to our shareholders. Moving to the next slide, we will outline our strategic focus to unlock long-term growth. The next phase of our strategy focuses on strengthening AQIA's position across the entire physician life cycle. expanding our audience, deepening engagement, and reinforcing the long-term monetization potentials of the ecosystem. As we evolve, each interaction contributes to a more connected experience and expands the value we can generate across the system. To achieve this, we are advancing a set of strategic priorities to guide the development of the ecosystem as a whole. We are strengthening and differentiating our core products to ensure they remain aligned with the needs of physicians as they progress across specialties and career stages. We are investing technology, data, and growth capabilities to enhance the scale and intelligence of our platform. We are also broadening our physician audience and deepening the integration of our solution across both B2P and B2B channels, ensuring that ecosystem becomes increasingly relevant throughout the medical journey. And we are scaling our B2B healthcare industry offerings, which benefit directly from the insights produced by engagement and clinical behavior across the ecosystem. These priorities reinforce one another, supporting a unified platform that increases frequency, relevance, and quality of interactions. Importantly, by making the ecosystem stronger and more integrated, we can sustain a structurally low customer acquisition cost for undergrad students, maintaining our competitive advantage, and preserving efficient growth even in a more challenging environment. As the physician audience grows and interacts more actively with our content, services, and professional tools, the platform becomes richer and more dynamic. Higher engagement deepens the data layer, strengthens our ability to refine products, personalize experience, and improve outcomes for users. The combination of scale, engagement, and insights creates network effects that enhance the long-term value of the ecosystem, supporting a more predictable and diversified monetization model. Executing this strategy requires incremental investment in continual education and medical practice solutions, aligned with initiatives to expand technological capabilities, enhance product development, and strengthen commercial reach. These investments are fundamental to supporting a seamless physician experience, improving integration across learning and practice environments, and reinforcing the structural foundation necessary to scale monetization over time. In essence, by strengthening the ecosystem across physician lifecycle, we expand audience reach, deepen data-driven engagement, and reinforce the structural elements that support long-term monetization. These investments enhance the integration and relevance of our platform, sustaining efficient acquisition economics and solidifying AFIA's ability to capture durable value across the ecosystem. Turning to the next slide, we translate this strategy into financial outcomes and present the 2025 results alongside our 2026 guidance. AFIA's 2025 revenue was five times higher than in 2019, the year of our IPO, reaching R$3,697,000,000, in line with our announced 2025 midpoint guidance. Furthermore, 2025 adjusted EBITDA was R$1,680,000,000, followed by an adjusted EBITDA margin of 45.4%, surpassing our adjusted EBITDA mid-guidance of R$1,670,000,000. These outstanding results reflect AFA's consistent growth and operational excellence. This consistency, combined with another strong intake cycle, provides a solid basis for our 2026 guidance. Revenue is expected to range between R$ 3,950,000,000 and R$ 4,100,000,000. while adjustability is anticipated to be between R$1.7 billion and R$1.8 billion, excluding any acquisition that may be concluded after the issuance of the guidance. Once again, we are guiding for another strong year to demonstrate AFIA's resilience and ability to keep delivering solid results with high predictability. We do not expect any material impact from Enamed on our 2026 guidance. The recent release results reflect a process that is still evolving and we expect further adjustment as the methodology continues to mature. Given that our medical school intakes occurs in the first half of the year, we do not anticipate a material effect on the 2026 cycle. A new edition of the exam is expected later in the year, which may support potential improvement in AMET scores ahead of the 2027 intake cycle. Furthermore, Showing the chart, our capex for 2026 expects to be between 340 and 380 million reais. Even considering the investment increase in continued education and medical practice solution, we continue to see health level of capital expenditures between 8.6% and 9.3% in relation to our revenue. I will now turn the call over to Luis Blanco after CFO to provide more insight into the financial and operational metrics. Thank you.

Thank you Virgílio and good evening everyone. Starting with slide number 9 for discussions of key operational metrics by business unit. Starting with the undergraduate programs. Our number of medical students grew 5% year over year, reaching more than 25,000 students. while approved medical seats increased by 5% in the fourth quarter of 2025. Our medical school net average ticket, excluding acquisitions, increased by 3% for the 12 months, reaching R$ 9,060. We have also achieved R$ 2,789 million in revenue, up from R$ 2,478 million from the prior year, an increase of 13%. due to higher tickets in medicine courses, the maturations of medical school seats, the beginning of the operations of Funic and the full-year results consolidations of Unidom that was acquired in July 2024. Regarding the revenue mix, 86 was derived from medical school students and 94 from health-related courses. On the next page, I will present our continual educational metrics. We approach continual education through three main journeys. Starting with the residency journey, we saw contractions in the student base after 2024. But the most recent quarters already show a clear recovery. In the current quarter, the number of the residency journey students is 21% lower than in 2034. but over 30% higher than it was in the third quarter of 2025, indicating that the portfolio is rebuilding. In the graduate journey, we continue to see a consistent and health growth. Since 2024, the student base has expanded every quarter. and the current quarter is 20% higher than it was in 2024, and over 11% higher than in the third quarter of 2025, confirming the strength of its growth trend. Overall, due to a higher participation of the graduate training products, The continual educational revenue reached R$ 284 million in the 12-month period of 2035, up from the R$ 255 million, reflecting a growth of over 11% over the same period of the prior year. This includes a 9% increase in the B2B revenue and a robust 48% increase in B2B revenue. Moving to slide number 11, I will discuss the Medical Practice Solutions operational metrics. The first chart shows our total active payers, which generate revenue in the business physicians, the B2P. The number of paying users reached 196,000, in line with the same period of the prior year. The second graph highlights our monthly active users, which are 220,000, down from the 238,000 in the same period of the prior year. Lastly, the third graph shows revenues from our medical practice solutions, which grew 6% year-over-year, reaching 171 million reais. This growth was primarily driven by a more favorable product mix and an increase in the average ticket. On the next slide, we also present AFIA ecosystem. We are pleased to highlight that AFIA substantial contributions to the Brazilian healthcare community. By the end of the fourth quarter of 2025, our ecosystem encompassed physicians and medical students using our service and products. Moving forward to page 13, I want to discuss our financial overview for the fourth quarter of 2025. Starting with the next slide. I'm pleased to report another strong quarter for AFIA. Revenue for the fourth quarter of 2025 reached 913 million reais, representing an 8% increase compared to the same period last year. Revenue totally R$3,697 million for the 12-month period, up 12% year-over-year. For the fourth quarter, adjusted EBITDA rose by 6%, reaching R$389 million, with an adjusted EBITDA margin of 42.6%. a decrease of 50 base points compared to the fourth quarter of 2024. For the 12-month period, adjusted EBITDA amounted R$ 1,680 million, an increase of 15% over the prior year, with an adjusted EBITDA margin of 45.4%, representing a 130 base points increase over the same period. The increase in the adjusted EBITDA margin was mainly driven by higher gross margins in the undergraduate and continuing educational segments, restricting initiatives within the continuing educational and medical practice solutions, improved efficiency in selling general and administrative expenses. Moving to slide 15. The year's cash flow from operating activities rose by 6%, reaching R$ 1,548 million, reflecting the strong operational performance. The operating cash flow conversions ratio was 93.7% in the 12-month period of 2025. Net income for the fourth quarter of 2025 came in at R$ 175 million, made a marked increase of 14% over the same period in 2024. For the 12-month period ending in December 2025, net income totaled R$768 million, up 18% year-over-year. These growths reflect stronger operational performance, combined with the recognition of the first tax assets partially offset by the additional taxations related to the OECD PLR-2 global minimal tax effects. AFIA basic EPS for the quarter reaches R$ 1.91, a 15% increase compared to the same part of in 2024, with R$ 8.32 per share for the 12-month period of 2025, representing a 19% growth. This earning performance is complemented by a dividend yield equivalent to 4.76%. Reinforcing our earnings growth and strong cash generations are driven attractive cash returns to shareholders. And now, moving to my last three slides, I will discuss our cash and net debt position, also providing additional detail on our cost of debt. This slide presents a table detailing our gross debt compositions at the end of the fourth quarter of 2025, and the total cost of debt covering our primary obligations. The issuance of a thousand and five hundred million in the boundaries on October 2025, together with the repurchase and cancellations of the Proprietal Convertible held by SoftBank, and the repayment of the first issuance of the boundaries and other loans and financing, demonstrate AFIA discipline approach to liability management, resulting in an average debt maturity extended to 3.6 years. and the lowest cost of the debt in the educational sector. Turning to the next slide, as of the end of the fourth quarter of 2025, net debt reached 1,369 million reais, a reduction of 445 million reais from the end of 2024. This reduction was achieved even after considering the acquisitions of Funing, and the return to the shareholders reflected in dividends and the shareable purchase program. AFIA net debt excluding the effects of the IFRS 16 divided by the 2025 adjusted EBITDA was only 0.8 times. AFIA capital structure remains solid with a conservative leverage positions and the low cost of debt. And now moving to my last slide. We highlight how our earnings growth has consistently translated into cash generations for shareholders over the last few years. First, looking at earnings, our basic earnings per share increased from R$2.39 in 2021 to R$8.32 in 2025, representing a CAGR of 37% over the period. These evolutions reflect sustainable margins and disciplined education across our business, reinforce the quality and the resilience of our earnings profile. In parallel, free cash flow also expanded. It grew from 349 million reais in 2021 to 1056 million reais in 2025, an increase of 707 million reais and a CAGR of 32%. This shows that we are not only growing earnings, but also efficiently converting them into cash. For the full year 2025, our results translated into a free cash flow yield of 13.3%. These combinations of earnings growth, strong cash flow generations, and an attractive free cash flow yield support our ability to continue investing in our inorganic growth while also returning capital to shareholders, in line with our disciplined capital allocation strategy. We also continue to execute our repurchase program, with approximately 60% of the currently authorized buyback program remaining available for executions until December 2026. Combined with dividends, we expected to distribute 50% of the company's consolidated net income for the year-end of 2025, reinforcing our commitment to shareholder returns. We remain confident in our long-term growth and value creation strategy and maintaining our growth guidance. This concludes our prepared remarks. We are proud of the strong performance we've delivered in this quarter. Our focus on improving the medical journey through an integrated educational system and medical practice solutions remains strong. Helping students to become doctors, supporting ongoing medical learning, and enabling physicians to practice a more accurate and efficient study. Looking ahead, we are excited about opportunities to continue creating value across the entire ecosystem. I will now open the conference for the Q&A session. Thank you.

If you want to ask a question, please raise your hand. The first question comes from Marcelo Santos from JP Morgan.

Hi, good evening. Thanks for taking my questions. I wanted to focus a bit on the transformation that you're planning from continued education and medical practice solutions. First question is, could you please give some tangible examples of improvements you're planning to make, just to be more clear what we are talking, where these investments will be done? And the second question is, like, the B2B revenues in the medical practice solutions, they were soft over the last year. What is needed? How these investments are going to drive those revenues? What's missing? Is Brazil not ready yet for the kind of solutions you're offering? Or is some technology improvement that would unlock those revenues? Just wanted to understand the outlook for that line. Thank you very much.

Thank you, Marcelo, Virgílio. So the investment under the continuing education and also the medical practice solutions, much more, how can we integrate all of the products and services that we are offering for the same persona on the medical journey? So imagine that we are serving most of the time the same physician with different products, with different experience under the same AFIA umbrella. So all the investments here is how can we integrate not only in terms of product and service, creating a platform that can have like a membership concept behind that, but also unifying the experience of that physician at AFIA's journey. So it's a lot of product enhancement, a lot of technology, creating a platform that can tie the physician not only for a continuing medical education program or an update type of program, but also to all system and application that they are running into their clinics. So this is where we will be investing for the next three years, integrating this platform, improving the experience, aiming the name of the game here is audience, improving our audience into the physician base for the entire country. And the B2B, when you compare the B2B, mostly for the last quarter in 2021, for and against 2025. We had a very big chunk of revenues recognized on the fourth quarter that we didn't have. But also B2B is struggling how can we use all of our part of our solution without a unified platform to serve all the countries that we have. So also this investment will help us not only to leverage the B2B experience, but also having much more channels where we can monetize into our B2B offerings inside our ecosystem.

Perfect. Thank you very much. Thank you, Marcelo.

Next question comes from Mauricio Cepeda from Morganstown.

Good evening, Virgílio, Blanco, Renata. Thanks for the opportunity here. My first question is about the progression of the discussions on Enamed and Profimed. If you could update us on how the sector, how are the sector discussions there, the possibilities of litigation in that sense. And if you do foresee potential impacts from the sanctions in your schools that underperform in a match, and how are you preparing for the schools that were not tested yet because they are relatively new, how are you preparing there? Okay. And my second question is about how now you foresee M&A as a way to continue growing, given that the undergrad schools that you have seem to be getting closer to maturation. Thank you.

Sorry, on 2026. Can you start again?

It was huge.

I'm sorry. So starting again here, Mauricio. Regarding Ahmed, we are not foreseeing any impact on 2026. because our intake is almost 100% gone with a great occupancy. We didn't finish it yet just because of the FIESO ProUni schedule that goes to 10 of April, so as most of our campuses will offer almost 100% of their seats on the first half, so we only have remaining seats for the second half, so the impact for those campuses that have some kind of penalty under the Enamed rule will be close to zero. Having said that, what we expect is that the new Enamed is expected to happen in September, So now with a completely different preparation for the entire sector now, we know the rules At least in Africa what we are doing here in terms of preparation not only for the new campus that we will enter this year on the Anamed, but we are running 12 simulations to our mock test for all of our students. We had the first one two weeks ago, and we'll have the next one next week. So it's a strong action plan here based on the new procedure, the new evaluation system that we are going to be prepared, and for sure we expect a much better result for the second half of 2026, and that we could revert not only the grades, but all of these penalties that we have for some of our campuses for 2027.

Regarding the proof of that you asked, Maurício, it's under discussion under the Senate. There is nothing approved yet, and we are waiting for the next steps.

Hi, Cepeda. Blanco speaking. I'll take the second questions regarding the M&A. We keep seeing our view of expanding ourselves through inorganic movements, through M&A. We keep seeing that we can add resources. 200 seats capacity per year through M&A, targeting business educational institutions that has more than 60% of the revenue coming from the medicine programs and delivering an average IRR of at least 20% nominal. So we keep seeing that as a target and we vary straight in terms of capital locations regarding targets and returns that these targets will generate for AFIA. So nothing changes in our view regarding inorganic expansion.

Perfect. That's very clear. Thank you, Virgílio, Blanco, Renata.

Of course. Thank you. Next question comes from Flavia Shida from Bank of America.

Hi, good evening everyone. Thank you for the opportunity to ask questions. The first one is if you guys could help us to understand what happened on the operational expenses. We saw that it increased only 1% year-over-year. It was on a much higher running rate in the previous quarters, roughly a 10% increase year-over-year. So, how much of that can we consider going forward? And then also on capex, we saw a very significant increase on intangible assets on the capex. So it would be very good if you could share the reason for that. And then my second question is on the guidance. So when we see the guidance, we see that there is an implied EBITDA marking for this year that is lower than 2025, right? So, the midpoint of the guidance would be around 43.5%, which compares to 45.4% from 2025. So, I would like to understand the main reason for such EBITDA margin decrease into 2026. Thank you.

I would start with the first one, our topics regarding in 2025 has increased mostly in the intangible because all this problem regarding these investments that Vigilio mentions under continued education and SPM segments, we started it at the fourth quarter of 2025. We started this program in the fourth quarter. That's why we have an acceleration of the CAPEX during the fourth quarter. That's why we have an increase in intangibles on the fourth quarter. Regarding OPEX, we have achieved our view for the year. There is some seasonality on that, and we can provide more color after the call directly to you. Regarding the reductions in terms of margins, if we can, in 2026, if we got the midpoint of the EBITDA in the guidance and the midpoint of the revenue in the guidance and compare with the margins that we delivered in 2025, we are talking about 190 BIPs reductions on it. This is part reflecting the impact of the program that we are putting in place regarding the expansions in continuing education and SPM. And, as well, a mixed effect that the segments of continuing educational and SPM will grow faster than the undergrad segments.

Okay, that's very clear. Thank you.

Next question comes from Andres Thales from UBS.

Hi, good evening, everyone. Thanks for taking my question and congrats on delivering the guide this year. My question is more, I mean, on capital allocation, as you guys are deploying a diversified strategy here in our read. I mean, you have the opportunity on consolidating med schools. You are investing in businesses other than higher education. You have an ongoing buyback program until 2026. You just announced robust dividends now. I mean, can you guys comment on how do you rank these opportunities here in terms of relevance for the next, I don't know, three to five years in terms of your capital allocation priorities? As I mean, they might end up competing with each other. I would like to hear more about it. Thanks.

Thank you, André. It's Blanco speaking. I will take this question. This is a great question. Thank you for us to have the opportunity to do that. First, it's very important to highlight that this flexibility on capital allocations come because our ability on generating free cash flow. As we presented, we delivered more than a billion reais in free cash flow during 2025. And this gives us the opportunity in allocating inorganic dividends and share buyback. How we think about that, the inorganic movements? As I mentioned in the CEPEDA questions, we focus on having at least 200 seats per year in medicine schools that delivered an IRR of at least 20% nominal unleveraged returns. Regarding the mix between shareholders' remunerations between share buyback and dividends, we see that a mix between these two delivers the highest value to our shareholders. And we have in mind to start buyback programs when we see opportunity regarding the share price, when we see undervalue in our share price, as we see at this moment. And we complement it with dividends and control our net debt to EBITDA. As you can see, doing that in 2025, having the expansion through FUNIC, paying dividends and performing the share buyback, we did that and reduced our leverage from 1.2 to 2.8 times So this is our view. This is the view that we will keep for the following years. We see that we can keep our ability on generating a strong free cash flow in the future. And with this free cash flow, we will continue to do business combinations with this 20% return on that, and dividing the remaining through dividends and share buyback, depending on the share price, of course, and the net debt at the end of the day.

Just to add some color here and there, so how I'd like to see the cash flow generation during 2025 and how we use it in terms of allocate this cap in terms through the year. So to reach this 1 billion reais of free cash flow. Maybe one-third of that amount we are applying to buyback program, the 4 million shares. It's around another 300 million reais. The dividends, that's a robust dividends. That is around 40% of our net income. It's 30% of our free cash flow again. So the other 40% also help us to fund future opportunities and acquisition here. So moving ahead, we still see a very resilient type of business that we can fund organically. Our improvements, our new products and service integration, all of this beautiful platform that for one side can be a... a beautiful growth avenue in the future but also create enormous advantage for our core business on undergrad because we have more than 300 000 physicians and this is an army talking about our brand and also help us to have a very low cost of acquisition keep the resilience of our business occupy a hundred percent of our assist semester over semester so uh that's a very beautiful strategy in terms of capital location investing on our digital platform, distributing tons of value to our shareholders through buyback program and also dividends, and that will continue for the following years, and also funding future opportunities in terms of acquisition.

Understood. Thank you, Virgilio and Blanco, for the explanation. Welcome.

So our next question comes from Luca Machesini from Itaú.

Good evening, everyone. Thank you for taking my question. I just have a follow-up question regarding the guidance. So the guidance, the midpoint implies a 9% growth in revenue. So can you please provide more detail on the growth rate down by segment, and also whether this should come more from volume growth or higher prices? If you could provide some more detail on the revenue growth implied in the guidance, it would be very helpful. Thank you for your time.

Hi, Luca. As you know, we don't provide guidance per segment. We provide a consolidated guidance encompassing the three segments. But let me give you some color about that. In general terms, undergrads will perform in a single digit mixing program. a ticket effect that will be aligned with inflations and the volume that will have a growth, a small growth that is related to our medicine programs are mostly mature. So at the top of line, undergrads will be single digits. the SPM segments will be double digits as well as continuing education. Regarding EBITDA itself, we don't provide, nor in the real terms, the EBITDA per segment. It just provides gross margins per segment. So... I don't have much to say on that. Just saying that part of these reductions in terms of margins is related to the programs, the investment program that we are doing, reinforcing product teams, reinforcing sales teams in the continuing educational and SPM segments.

Very clear. Thank you.

Of course. Thank you. Since we don't have any other questions, we are going to end the call. I appreciate the participation of you all, and have a nice night.