Vasta Platform Limited

quarter 2025 financial results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question, press the star one again. Before we begin, I would like to read a forward-looking statement. During today's presentation, our executives will make forward-looking statements. Forward-looking statements generally relate to future events or future financial or operating performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements. Forward-looking statements in this presentation include but are not limited to statements related to our business and financial performance, expectations for future periods, our expectations regarding our strategic product initiatives, and the related benefit and our expectations regarding the market. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. This risk includes those set forth in the press release that we are issuing today, as well as those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as of today. You should not rely on them as predictions of the future events, and we disclaim any obligation to update any forward-looking statements except as required by law. In addition, the management may reference non-IFRS financial measures on this call. The non-IFRS financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with IFRS. And now, I would like to turn the call over to Professor Silva, the CFO, and Guilherme Malaga, the CEO. Please go ahead.

Good evening, everyone, and thank you for joining us in this conference call to discuss Vasta Platform's third quarter of 2025 results. I'm Cesar Silva, Vasta's CFO, and today we have the presence of Guilherme Melegan, Vasta's CEO, who will be joining me on the call. Let me now hand over the floor to Guilherme Melegan, our CEO, to make his opening statement.

Thank you, Cesar. Thank you all for participating in our earnings release call. Let's move to slide number three, which summarizes the key highlights of the 2025 sales cycle. We are closing the final quarter of this commercial cycle, and we are pleased with the results achieved. Once again, we delivered consistent growth in revenue and profitability, while maintaining strong operational discipline, cash flow performance, and advancing our strategy priorities. Starting with subscription revenue, we grew 14.3% comparing to the previous cycle, supported by ACV bookings of $1,552,000,000 and net revenue up 13.6%. This performance reflects the resilience of our core business and the successful execution of our commercial strategy. and we have demonstrated the ability to sustain double-digit growth in our core business for the fourth consecutive year. Our complementary solutions continue to expand at an accelerated pace, growing 25.3% year-over-year, reinforcing the strength of our ecosystem and the value we bring to schools with our complete product portfolio. In the B2G segment during this quarter alone, we recorded revenues of R$17 million from several new customers and from the State of Pará contract, totaling R$67 million in the 2025 sales cycle. This demonstrates stability in this revenue stream compared to 2024. As a result, net revenue in 2025 sales cycle reached R$1 billion $737 million, a 14% increase compared to the same period in 2024. This growth was driven by the successful conversion of ACV bookings into revenue, along with a strong performance of our complementary solutions, as mentioned before. In profitability, adjusted ABTDA reached $494 million, a 10% increase compared to 2024. The margin was 28.4%, slightly below last year's 29.4%, mainly due to a different product mix and increasing investments in marketing and growth initiatives. Despite these factors, we maintained healthy profitability levels, demonstrating our ability to balance expansion with operational efficiencies. A major highlight of this cycle was free cash flow. which totaled R$316 million, 117% higher than last cycle. Our last 12 months free cash flow to the conversion rate improved significantly to 64%, up 31.5 percentage points from 2024. This improvement was driven by efficiency measures and disciplined cash management. including early collections and automation in financial process. We also continue to make progress in the leveraging, with net debt to last 12 months ADTDA at 1.75 times, down from 2.32 times in the Q3 2024. Beyond these financial metrics, we continue to make progress in strategic areas, In the B2G segment, we advanced our diversification strategy, adding new municipalities to our portfolio. This reinforced our commitment to expand access to quality education through partnerships with public institutions. In bilingual education, our StartAngle franchise remains a key growth avenue. We now operate six units, which includes four schools implemented this year, and have signed over 50 contracts besides a robust pipeline with more than 300 prospects. This position is well to capture demand from premium bilingual education in the coming cycles. It is worth mentioning we expect to launch eight new operational units for the coming year. Finally, as we look ahead to 2026, innovation remains the center of our strategy. Plural AI will introduce new tools focusing on equity and personalized learning, including the Individualized Educational Plan, EEP, which will empower educators with tailored pedagogical recommendations and foster inclusive practice. In summary, these results confirm the resilience of our business model and the successful execution of our strategy. We are confident in our ability to sustain growth, enhance profitability, and deliver value to all our shareholders. I will now turn back to Cesar Silva, who will walk us through the financial results.