Cogna Educacao S A S/Adr

Bom dia a todos e obrigado por aguardarem. Sejam muito bem-vindos à teleconferência de divulgação dos resultados do quarto trimestre de 2025 da Cogna Educação. Destaco àqueles que precisarem de tradução simultânea que temos essa ferramenta disponível na plataforma. Para acessar, basta clicar no botão Interpretation através do ícone do globo na sala inferior da tela e escreva o seu idioma para entrar na fila. Portuguese. Write your preferred language, Portuguese or English. For those listening to the teleconference in English, there is the option to change the original audio to Portuguese by clicking on Mute Original Audio. We inform you that this teleconference is being recorded and will be available on the company's R&D website, www.ri.cogna.com.br, where it is available o material completo da nossa divulgação de resultados. É possível fazer download da apresentação também no ícone de chat, inclusive em inglês. Durante a apresentação da companhia, todos os participantes estarão com o microfone desabilitado. Em seguida, daremos início à sessão de perguntas e respostas. fazer perguntas, clique no ícone Q&A na parte inferior de sua tela e escreva sua pergunta para entrar na fila. Ao ser anunciado, uma solicitação para ativar seu microfone aparecerá na tela, então você deve ativar o seu microfone para fazer perguntas. Orientamos que as perguntas sejam feitas todas de uma única vez. Before proceeding, we would like to clarify that any statements that may be made during this teleconference relating to Cogna's business prospects, projections, operational and financial goals, constitute beliefs and premises of the company's administration, as well as information currently available to Cogna. Future considerations are not guarantees of performance, they involve risks, uncertainties and premises, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts must understand that general conditions, sector conditions and other operational factors can affect the future results of Cogna and can lead to results that differ materially from those expressed in such future considerations. I would now like to give the floor to Mr. Roberto Valério, CEO of Cogna, who will begin the presentation. Please, Mr. Roberto, you may proceed.

Thank you very much, good morning everyone, thank you for participating in the teleconference to discuss the results of Cogna in this fourth quarter of 2025 and the full year of 2025. Participating in this call is Frederico Villa, our Vice President of Finance, and Guilherme Mellega, Director-President of Avasta. The call should last about an hour, we always do it with a post of about 40 minutes of presentation, then 20 minutes for questions and answers. Well, I wanted to start by highlighting that 2025 was another excellent year of results for Cogna. We achieved exceptional results, not only financial, which we will comment on throughout this call, but also many excellent results from the point of view of customer base growth, student base growth, customer and student satisfaction through NPS metrics, which are growing. Collaborative engagement, we reached what we call ENPS, which is of our more than 80 collaborators, in addition to entering the ranking of the best companies of GPTW, with the 12th best company to work with. We also evolved a lot in various items related to our reputation, which we follow through an annual survey, in addition to various awards and recognition from the point of view of ESG. So I want to start this conference that closes the year by highlighting that not only the financial results were exceptional, but also the company in its various dimensions had a very good year. Speaking specifically about the financial results, I would like to highlight in our first slide, to start by talking about the generation of Post CapEx operational cash, or GCO, which now reached R$ 1,275,000,000 in 2025. It is a growth of more than R$ 230 million compared year to year, 22% in this comparison between 2025 and 2026. We obviously continue to follow the GCO, but more recently, especially after the year of 2024, also very good. Our main indicator of cash generation is free cash generation, which I highlight next. We reached R$ 716 million in free cash generation, a growth of 81% versus the result of 2024. That year we made R$ 395 million in cash generation and now this year, as I said, R$ 716 million, therefore a growth of 81%. For us, the indicator, obviously we have several indicators, but the most relevant indicator for our operation. The liquid debt, in comparison of the fourth quarter of 25 with the fourth quarter of 24, fell by about R$ 45 million, even though we have made more than R$ 650 million of capital allocation, either returning to the shareholder, R$ 181 million returned to the shareholder through buyback programs or dividend distribution. In addition, a strategic purchase of a medical school of R$ 54 million and the closing of Somos capital, which we allocated more than R$ 420 million. Therefore, we managed to reduce the liquid debt to R$ 45 million, even allocating more than R$ 656 million in these mainly these three, four items that I mentioned here. The leverage reached 1.21 times EBITDA, it is smaller than the same indicator of 2024, which was 1.35. In comparison with the third quarter, it has a small increase, which is very natural given the closure of Vasta Capital. The company is generating a lot of cash. We know that over the next few quarters here in Brazil, of 2026, this leverage will continue to fall, we are sure of that looking at the results of January and February, and obviously the budget when we look at 2026. Well, moving on to the next slide, I would like to highlight here, make some comments. I know that at first glance, both revenue, EBITDA and liquid profit in the fourth quarter can generate some surprise, given that we had been growing in the first, second, third quarter, double digit, both in revenue, EBITDA, liquid profit. So when you look at the fourth quarter, it can be a surprise, but the explanation is quite simple, very, very easy to understand. With three items here, I will explain easily. Of course, those who have had the opportunity to read the release have already understood this analysis. The first point is related to the turnover of the PNLD, we even released a relevant fact to highlight this point, as it was widely disclosed in the press at the end of the year of 2025, the purchase program of the new high school was postponed, was extended from the fourth quarter to the first quarter. So, of course, we didn't have a revenue in the fourth quarter, which already came in the first quarter, we already made in January, February, we are still making some revenue now in March, at the value of R$ 167 million in revenue. and what would give us more or less 52 million reais of EBITDA. So it's not that there was no program, it happened, but there was a temporary shift, it is already real, it will appear in the first quarter of 26, but we need to consider this factor that for years and years recurring this purchase always falls in the fourth quarter of 25. So then I will explain here what we are calling proforma numbers. I will take this into consideration. So that was the first point to know. The second has to do with a reversal of tax contingency in the amount of 35 million that we realized at Crotol in 2024. I think it's important to say that the company has more than 100 CNPJs in here. The tax and finance team is always looking for optimizations so that we can reduce our spending, our payment of taxes. and these reorganizations obviously generate opportunities, such as this one, of reversing the contingency of 35 million in 2024, which obviously is not recurring compared to the fourth quarter of 2025, I am highlighting here as an item of proforma. In the same way, within this context of opportunities for the reversal of tax contingency, In the fourth quarter of 2024, we had R$ 552 million in tax contingency reversion at Cogna, which pushed the liquid profit of 2024, but which has to do with tax reversion and not with the operational results, the liquid profit, let's say, operational. So, it's very simple, basically three items, the PNLD's turnover and two items related to tax contingency reversion, If we create a proforma, like this one on the screen, the results change completely. So, instead of the liquid revenue growing only 1.9% in the quarter, it starts to grow 12.1%. instead of the EBITDA decreasing by 5.3, it grows by 5.7. And in the same way, the liquid profit starts to grow 84%, by the way, it grows 552 million instead of decreasing this 76% that is in the account. So, I reinforce the point here just to close, From an operational point of view, the company, not only knowing how Croton and Somos continue performing very well, in very close rhythms to the first, second and third quarter, taking into account these three factors that I explained here, it is clear that the numbers are very aligned with what happened in the previous quarters. Moving to the next slide, talking a little bit about the allocation of capital, which is a recurring question. Our strategy remains the same, given the high interest rate, our main goal is to reduce the debt, so that we can reduce the financial expense. This is our priority, it will continue to be in 2026. The second, since 2024, because we went back generate liquid profit, return the shareholder not only through buyback programs, if that is the case, but especially payment of dividends. And the third item is, punctually, strategically, in a very intelligent way and with multiples that are positive, do one or another M&A that complements our portfolio. I quote here, I can quote two that I highlighted here in the presentation, but I can even quote one more, very small, but the acquisition of the Faculty of Medicine in Dourados, strategically in a state that we have as a strategy to grow medicine, remembering that our strategy is not to operate medicine nationally, it is to focus in some states, Mato Grosso, Mato Grosso do Sul, Bahia and Maranhão, So here was the case, Dourados, in Mato Grosso do Sul, where we already had two medical schools and where we have a very strong brand, which is Uniderp. In addition, the closing of Somos Capital, which is obviously strategic for us, and a small acquisition of an OPM EdTech, and it is allowing us to grow our part of services to other educational institutions. Currently, we serve Mackenzie, ESPM, Instituto Mauá, in addition to other brands, quite premium, especially in the postgraduate and extension course segments. So, I'm giving an example here just for you to understand what a strategic M&A is for us. It is a punctual M&A that reinforces our portfolio in this strategy of 2 to 100 years, which is our current strategy. Moving now to talk a little bit about Croton, on slide 7, I highlight the first chart, which is the capture, we continued to grow the capture in the second semester, it grew 3.7% when we consider the paying students, which is what I'm highlighting there, despite having information with ProUni too, but then growing 2.7% in EAD, a strong growth in the face-to-face, We had already highlighted this in other calls, I'll talk about it later, I'm sure there's this question regarding the captation process of 2026, but our face-to-face captation has been growing for three captation cycles, and here in the second semester 5 it was no different, it grew 16%, the IAD continued to grow also almost 3% and the average croton also growing 0.4%. The churn, despite these growth rates that are consistent and increasing, our evasion rate is stable, So, no point of attention here, both academic and financial engagement continued in the second semester, quite positive. The final base of students grew 3.7, almost reaching 1 million and 100 thousand students, as is in this third chart. Moving to the next slide, which is the revenue slide, I usually say that when the base grows, and it grew 3.7% and the average ticket grows, in our case it grew 7% this semester, there is no way for the revenue not to grow. So there is the result of the revenue in the Proforma vision, in the quarter growing 7.9% and in the year growing 12.1%. I think the question may be, but in the quarter it is a little smaller than in the year, is it losing speed? No, it's not losing speed, the quarters where the capture is very strong, the first and second quarter, has a stronger growth in revenue, because the volume is greater and more concentrated, specifically this year, of 2026, we have the effect of PagFácil, which we have debated there in a very broad way with you. So, growth in all business segments, with a highlight for EAD, right, of 15.9%, but also with the face-to-face and croton-med growing strongly. Moving on to the next slide, slide number 9, to talk about gross profit, The gross profit reached almost R$ 900 million in the fourth quarter of 2025, a growth of 4.3%. In the year we grew 11.3%. I think it's important to highlight here a trend that you will certainly ask along the call, which is related to a potential pressure on gross margins. It is natural that there is a pressure due to the mix, it is not the case yet in the second semester of 25, but a greater presence, of course, pressures the margin a little, but it is important to say that in the liquid, EBITDA increases, because the face-to-face tickets are much better. So, from the point of view of cash generation, which is our main indicator here, it will be positive, even though we have a small pressure on gross margin that we will seek to mitigate through a series of actions that we can discuss along the call, but among them, process review, implementation of artificial intelligence, a number of things. Speaking specifically of the gross margin of Croton Med, which had a drop of 2.5 percentage points, it is natural for us, from the point of view of what was already expected, by maturation, we have nine medical schools, we have four in maturation and we acquired one that began to operate this year, specifically in the fourth quarter, so it presses the margin a little more, it is natural that this happens. In the face-to-face, as well as a little in EAD, this reduction in margin has to do with precepts, especially in the health courses that are maturing, in addition to an increase in teachers who are concentrated in the fourth quarter, naturally, because as we are forming classes in the third quarter, which are the capture classes, you do not necessarily allocate the schedule already in July, but certainly September, October, November, December, the schedule is there because the classes are being given, so that's why there's this pressure there in the fourth quarter, but in the semester it's important that it stabilizes. Well, moving to costs, in the next slide, slide 10, I would like to highlight, we put it quite clearly, not only the accounting of the fourth quarter, but also the proforma, the analyzes that I am going to do here are related to the proforma. So corporate expenses, there was a small increase of 0.7 percentage points, it is directly related to social charges in function of the increase in the value of the action, so the action increased, we have to make this provision related to the shares that are distributed to the executives of the company, the PCLD improved in this fourth quarter, We see a very positive influence in the fourth quarter, due to a lot of process improvements and systems that we have executed. Operational expenses have been stable. Marketing expenses, as we had mentioned in the third quarter, comes a little more concentrated in the fourth quarter, because we had saved in the third. So, they are natural displacements between quarters, but in the semester it is stable. And the costs are already related to the items of preceptory, teacher's schedule, medicine, which I already mentioned earlier. This is in the quarter view. In the annual view, in slide number 11, I think the explanations are basically the same, corporate spending related to the valuation of the share. The PCLD, which here in the quarter goes up a little bit, has to do with a slightly larger provision that we make, and Fred can later explain more if you have any questions, but it has been widely commented throughout the year that the payment provision is easy. Operational expense improvements, which we gained almost 2 percentage points, these are related to the improvement of processes, development of systems, application of artificial intelligence, and marketing expenses are efficiency. We have managed to reduce the cost of acquiring students, so we are gaining efficiency. Moving on to slide number 12, we clearly demonstrate the adjustments that were made in the fourth quarter of 2024, but that, in comparison with the fourth quarter of 2025, they need to be considered, which are the adjustments, the movement of the discounts for inactive students, that until the third quarter impacted reducing the revenue and that from the fourth quarter we started to allocate as PCLD. So the picture clearly demonstrates this adjustment, that is, this reduction of revenue with reduction of PCLD, it is important to say that this movement is neutral, forbidden, it's just an allocation between lines, also already widely commented. In the second chart, I think the highlights that I wanted to give, the first is the continuous reduction of the average receiving period, we continue to be able to improve this indicator from 44 days in the fourth quarter of 24 to 41 days minus three days is already a very positive period 41 days and in the bottom line, right in the bottom chart, the reduction of the PCRD over Hall of 18.4 percent in the fourth quarter to 15.7, including what I said about the engagement measures and the days of in financial and academic engagement. Well, as a consequence of all this that I commented, I think the last slide from Croton, which is slide 13, we had a reduction in the gross margin in the quarter, from 1 to 2 percentage points, from 27.2 to 26. but EBITDA has grown 3.2%, that is, nominally it continues to grow. When we look at the accumulated vision, the margin is practically stable, 0.2% with a very strong growth of EBITDA of 13%, a growth at the same level of revenue, that is, with revenue and EBITDA growing to more than double digits, to double digits to be precise. Well, with that I close the presentation of Croton, I wanted to pass it to Guilherme Melliga to comment on the results of VASTA.

Thank you, Roberto. I'll go to slide 15 and comment on Vasta's liquid revenue. I'll start here with the graph on the left, about the quarter. We reached a revenue in the fourth quarter of R$ 773 million, a 10.7% increase in EUR. and I highlight here our business segments. In the ACV, in the subscription revenue, we reached 646 million, 4.4% growth, and I want to highlight here that this is the partial growth of our ACV. to have a picture of the total growth of 2020, we will need to add the first quarter. And as we had a significant growth in our B2C channel, which is when schools operate through our e-commerce and we sell directly to schools, we had a shift of revenue from our ICV here for the first quarter, so the results would have been even stronger here in the fourth quarter. In B2G, we recognized 84.7 million in revenue, a consistent growth here over the past year, it is worth noting that we already have more than 20 contracts in B2G, As we imagined, it is a very prosperous segment, we have managed to grow robustly here and the fourth quarter number reached 84.7, a growth of 136%. When we go to the company's annual number, we reached 1.811.000.000 revenue, 8% growth, and here I will highlight the growth of non-subscription. The non-subscription now reaching R$ 116.9 million, growing. This is the result of the improvement in performance per month of our pre-study course at Anglo and of the colleges that we operate as a flagship for Anglo Start. So, both the growth of Liceu Pasteur, São José do Rio Preto and Prevestibular, resulting in a growth in non-subscription revenue. And B2G and Euroveria, growing 10.4% and reaching 115 million reais. Going to slide 16, I'm going to comment on our EBITDA. The EBITDA of the quarter, as traditionally happens, is the quarter with the highest volume. It is where we make the great supply of back to classes of the next cycle. So we are recognizing here 358 million EBITDA. a growth of 19.5%. This quarter also traditionally brings more EBITDA margins than the average year, as a result of the dilution of the fixed cost with this volume and of productivity gains that we have been getting. So, our EBITDA margin, you see, observed a growth of 3.4% in the quarter. When we look at the EBITDA of the year, We reached R$ 539 million, a growth of 7.7%. And here I highlight that we have maintained the level of growth in this number, we have not yet recognized all the growth of the ACV that comes in the first quarter. and we kept stable margins and Eroveria at the level of 29.8%. In other words, we have managed to maintain our level of growth, invest in new businesses and not lose margin. We managed to keep our margins even investing in growth businesses, like StartAngle, for example. Talking about costs on slide 17, here are the quarter costs. We reached a total cost of R$ 408 million, which is a growth of 2.9%. When we compare with the revenue growth, which was 10.7%, the result is an expansion of margin, which I mentioned in the previous slide, of 3.4% margin. I highlight here the productivity and scale gains in our CPV here in the total costs, which reached 6.5 percentage points here of reduction. But let's move on to slide 18, which gives the best picture of company costs and expenses. Here we see the annual view of expenses costs, where we had a growth of 8.3% and I highlight that in percentage terms of revenue, we were absolutely flat in costs, that is, our marketing and sales investment with growth has been offset, absorbed by productivity improvements that we have in our costs and in our expenses. So, looking a little forward, I highlight here that B2B, we still have a first quarter with growth to have the full picture of the growth of ACV. In B2D, a very robust growth, we reached 115 million in this business line, working a little more than two cycles here. of capture in B2G and a very favorable perspective for B2G in this year of 2026, we are already in the first quarter quite heated and we operate from the closing of Vasta Capital, in an integrated way, with knowledge, then optimizing teams with a unique portfolio, so B2G continues to be one of the great growth avenues here for the company, even more now that we can work in a synergistic way and together with the knowledge. I will finish by highlighting that StartAnglo is already with 13 units in operation now in 2026 and we have a pipeline of more than 60 signed contracts. So very soon this new business line will also be representing significant results here for our business. I would like to return the presentation to Fred.

Thank you, Melega. Good morning everyone. I'm going to start the presentation with slide number 20, talking about knowledge. And reminding everyone that knowledge is a compound business, by the National Program of the Didactic Book, Idiomas, VUMP, which is our business platform with infoproductors. So, I highlight, when we look at the quarter quarter of 2025, we had a reduction in liquid revenue, in total, of approximately 11%. Roberto mentioned earlier, we had a punctual impact of the postponement of the schedule of the National Program of Educational Books of the Federal Government for the first semester. So, the impact of approximately R$ 166 million. But the positive news here in the quarter and the year are what we call our business, our business, liquid receipts of languages. We had a growth year-on-year of approximately 14%. And the other businesses, which are VUMP, and our products from Acerta Brasil, which we sell to smaller states and municipalities, we had a 21% growth, which reinforces our strategy and our business growth with the government. In the accumulated, we also reduced our revenue by approximately 10%. The impacts are very similar. The main impact here was the effect, the displacement of the schedule of the National Literature Program. And the two main lines, both language and our products, from Vump and Acerta Brasil, they continue to grow, growing 37%. Going to slide number 21, we are talking here now about recurring EBITDA. This impact here, this displacement, we had a significant impact here on the company's recurring EBITDA. So, in the fourth quarter, a 35% reduction and in the 12 months accumulated in December 31st, we had here an EBITDA impact of 21%. Remembering that, as we mentioned earlier, this displacement of the purchase of high school, we have already disclosed that this impact of this displacement, which will occur in the first quarter of 2026, in EBITDA is approximately 52 million reais. Terminando aqui essa breve apresentação de saber e indo para o slide, iniciando aqui e próximo da finalização da apresentação, falando de Cogner, eu serei breve, no slide número 23 mostramos aqui and regardless of these displacements that occurred in Saber, we had a revenue growing in the year 9.3%, reaching R$ 7.17 billion, close to the historical level of the company in 2019. When we look here at Proforma, slide number 24, we reached a revenue growth of 11% in the year, reaching R$ 7.184 billion. Speaking quickly on slide 25 of EBITDA, we reached in the year a growth of EBITDA of R$ 2.3 billion, a growth of 5.7%, with a margin of approximately 33%. When we go to slide number 26, about the proforma, which is the way we are demonstrating, we had here a growth of EBITDA accumulated in 12 months, at the end of December 31, 12 months. We also had a margin of approximately 33% and reaching R$ 2.352 million, with a growth of approximately 10%. And here is an important point, going to slide number 27, talking about the company's liquid profit. We have already mentioned that in the past, our main indicators were the generation of operational cash and recurring EBIT. Today, in the company, we look at much more free cash generation, liquid debt and liquid profit. So we show here the strength of our business, we reached on December 31st a liquid profit of 625 million reais, which is the basis for the distribution of dividends. Just reminding everyone, we made an anticipation of dividends in December 2025, with payment on February 13, 2026. of approximately R$ 120 million. And now, as announced in financial statements, we will make a complementary dividend to reach the 25% of the mandatory minimum of R$ 28.5 million. So, what it shows here, when we look at the next slide, at slide number 29, making an adjustment, just reminding us, in the same period of last year, we had some recurrences in our liquid profit, mainly reversal of tax contingencies, they had effects in the financial revenue, in the part of the income tax of the injured, and also in the line of contingencies. So note that in the accumulated, looking at the liquid profit, this effect of reversion of contingencies that was punctual last year, we reached a profit of R$ 625 million, with a growth of more than 700%. And this is important for us, the liquid profit generation, going to the next slide, which shows our strength here. We have already migrated our discussion from operational cash generation to free cash generation. They are showing here in the quarter, our operational cash generation, we had R$ 335 million and a free cash generation of R$ 333 million. When we look at the free cash generation, there is a negative displacement of free cash generation, but remembering that in the fourth quarter of last year we paid R$ 138 million in interest and in the fourth quarter of 2025 we paid R$ 203 million. This was only a displacement between quarters due to liability management, debt renegotiation that we did throughout the year of 2025. And in the accumulated, a very positive news, both in the operational cash generation and in the free cash generation, operational cash generation growing 22%, reaching R$ 1.274 billion, even with the displacement of the National Livre-didactic program, which our expectation was to have the revenue, to have the EBITDA and to have the cash within the year of 2025, We didn't have it, but it shows here our strength in the generation of operational cash. We generated operational cash in our business units. Croton and Vasta were highlights here in the generation of operational cash year-on-year. And the free cash generation, we had a growth of more than 80% in the free cash generation. reaching R$ 716 million, which shows, looking ahead, it is not a guidance, but showing that what we see for 2026 and 2027 is a growing free cash generation, further enhanced with the reduction in interest rates in the coming months that may occur. It doesn't depend on us, but on the Central Bank's expectations. Finishing the cash generation, the position of the cash is the company's debt. The company has a total loan of R$ 3.8 billion, a liquid debt of R$ 2.835 billion, The company still has an availability on December 31 of R$ 1,283,000,000. And the good news, super positive here, after renegotiating in the last three years, we have already renegotiated our debts twice. So we have an amortization schedule. Note that in the year of 2026 and the year of 2027, we have here in the accumulated only 600 million reais of amortization of debt, which is very... given the company's operating cash generation for the next few years. Going to the final slide, the company's leverage, the liquid debt, we reduced our liquid debt to approximately 45 million. Our leverage, which in the past was already a problem, today the leverage is under control, we look and observe the company's leverage a lot, we reached 1.21 times, it is greater than the third quarter, but remembering that in the fourth quarter we had the closing of Vaxa Capital, with an investment of approximately R$ 422 million. If we hadn't made this investment, and we did, and we understood that it was better to allocate capital, our leverage would go to 1.03 times, so this continuous leverage of the company, And because of the last liability measure that we did, we now reached a capital average cost in the fourth quarter of 2025 of CDI plus 1.32 times, with a duration of approximately 33 times. So it shows here the right path of generation of operational cash, generation of free cash, reduction of liquid debt, the best capital allocation for the shareholder, and with reduction of my average cost of debt and increase of my duration. With that, I finish this brief presentation and pass the word again to Roberto Valério.

Thank you, Fred. Well, guys, going to the last slide, just general messages. We continue with a very positive view from the point of view of growth. Of course, the year 26 has the World Cup, the holiday, the election, everyone knows that, but we continue with a very positive view for the three businesses, all of them have growth opportunities. Remembering that our long-term vision is to have a sustainable double-digit growth rate, in a constant way, based on a simple strategy, to make the core businesses, higher education and basic education, grow close to double digits and complementing with new projects, with new lines of growth, We are here throughout the year and also in this qual, several of them, the sales business for governments, the language franchise, our business in the market of content creators, infoproductors, as well as other initiatives such as technical courses, professional courses. So we have a very positive view of the sector as a whole. We have the advantage of being a company with a very diversified portfolio. So there are always businesses with growth opportunities and with our strategy of using the competencies that we have in favor of all these businesses, it makes us grow without having to allocate a lot of capital or without having to do M&A's so that we can operate and look for new TANs. This remains valid for 2025. From an efficiency point of view, I have talked a lot about evolving processes, evolving systems. We are accelerating the implementation of artificial intelligence in several layers. Of course, artificial intelligence cannot be implemented in all processes at the same time, but we have sought to generate initiatives here of training and also of creating artificial intelligence solutions that can be implemented more easily by the managers themselves, without having to have specific support for the implementation of AI. So I think that over the years we will seek efficiency with this type of initiative. From the point of view of experience, it continues to be our focus, not only in NPS indicators, but also in all engagement indicators and learning improvement, with very ambitious projects here, and we know that it will benefit several different products, both basic education, via Plural, as well as higher education systems, as well as smaller operations, such as Lead Balloon, for example, should benefit from these evolutions. From the point of view of people and culture, we have worked hard on an entrepreneurial culture, a team culture, a culture of focus on the customer, a culture that seeks to grow and find opportunities with a growth mentality. I say that the work environment is very positive, the engagement is very high. As I said, I already mentioned participation in the Great Place to Work, not only as a seal of the Great Place to Work, but in the ranking and being the 12th best company to work for, which is nothing trivial, it's very difficult and we are very happy to be in this segment, but also being recognized by several other organizations, Exame, the City of São Paulo, in short, a series of recognitions that are important to us. Cogna Labs continues to be a very interesting branch of innovation, contributing innovation to several businesses and accelerating businesses. I can give the example here, for example, of B2G, also had a very important contribution from Cogna Levels this year, and the ESG initiatives are always gaining strength, they are part of our agenda, I think we have numerous recognitions here, but I think what I would like to highlight is this distinction, we are in the top 1% global of the Global Sustainability Yearbook indicator from S&P, which is very difficult, being the only Brazilian company in this group It brings us a lot of pride.

Well, with that said, I open to questions and we are here at your disposal to answer all your questions.

Agora, começaremos a sessão de perguntas e respostas. Lembrando que, para fazer perguntas, vocês devem clicar no ícone Q&A na parte inferior da tela e escrever a sua pergunta para entrar na fila. Ao ser anunciado, uma solicitação para ativar seu microfone aparecerá na tela. Então, você deve ativar o seu microfone para fazer perguntas. Solicitamos por gentileza que as perguntas sejam feitas todas de uma única vez. Let's go to our first question. It's from Luca Marchesini, from IBBA. We will open your audio so you can ask your question. Luca, please proceed.

Good morning, everyone. How are you? Thank you for answering our questions. There are two on our side. I think the first is related to the cost of staff. So, thinking about greater presence already in relation to the implementation of the new regulatory framework, our doubt is in relation to whether this should already cause some impact here of increased costs In 2026, we even had a competitor of yours commenting that he has already made a adjustment movement in the teacher's body. So, if you can comment if there is any kind of similar adjustment on your side as well, as you are preparing for this increase in presence. This is the first question. And the second is in relation to the competitive dynamics here in medicine. Talking to other players in the industry, we already note here a greater concern and a greater difficulty in filling classes here in medicine. If you can comment on how this has been translated Thank you, guys.

Luca, thank you for the question. I'll take these two here, but Fred, if you have any clarifications. Well, regarding the cost of staff, yes, it's natural, if you have a bigger mix, with a greater participation in the face-to-face, it's natural that the teaching cost increases, but I always reinforce the point, despite the teaching cost increasing, the nominal contribution per student is much greater in face-to-face courses. So, just to highlight this, we have, Luca, a series of initiatives here within the company, I think I could highlight especially the use of operational research to seek improvement in installation, optimization of classrooms, optimization of classroom, I don't know what was said by other companies, I don't have that information, but on our side, I would say that we have nothing new, we already have a teaching allocation technology for decades being developed, every time we evolve a little, but I don't have anything specific about it. Regarding the competitive medicine dynamics, without a doubt, the markets have been more competitive, I don't know if I'm the best player to talk about it, because our exposure to medicine is restricted to four states, And in these four states we have very reputed brands that operate in the capital, in the capitals, right? They are traditional brands in the cities. So I would say that we... does not suffer so much this impact of an increase in competitiveness in medicine. But from what I follow the sector, it is natural that there is an increase in competitiveness. Remembering that I think not only me, but many people in the sector understand that we will probably have two tiers of medicine. the tier of the universities that are reputed, that are well located, that are in cities that are desired in a certain way by the students to study, these will be able to repass the price, they will always have a very large search in the vestibular, And the others, in more distant regions, which are younger, which do not yet have a reputation, will have to, in fact, strive a little more. Our reading is that our medical schools are in this first condition and we will work more and more so that they have better infrastructures, with what we can give for the better from the point of view of teaching material, the teaching body. I think that, in any case, despite the fact that regions or cities that we understand that we are competitive, this does not mean that we will not reinforce the teacher's body, teaching material, student experience with applications and teaching methods, this is certainly here on our roadmap.

Super clear, Roberto, thank you.

The next question is from Samuel Alves, from PTG Pactual. Samuel, please proceed.

Good morning, Valério, Fred, Guilherme. There are two questions here on our side. The first is about summer harvesting, if you could Give us a little more details here for us, if you could open if the face-to-face is growing so far, if the hybrid is compensating for the fall of EAD. Any kind of color here regarding the summer harvest will help a lot. And the second is about CAPEX. We noticed an important increase now in the fourth quarter. There was an increase of 34% year to year. The closing number of the year of 25 ended up being 7% of the revenue. It was 6% of the revenue in 2024. I would like to talk a little bit about this line for 26. What are you waiting for? If you could also open the budget planning of investment with us. Thank you.

Samuel, thank you for the questions, I take the first one and Fred comments on CAPEX for 2026 and also comments on 25 here to answer your question. Regarding the summer capture, so I think the information I can give is the face-to-face, yes, growing in a very positive way, double digit growth, as well as the semi-presential, also growing in the double digit, and the EAD, due to the restriction of the portfolio, which is natural, falling. I think the information, the net of this, which I think is the next question you would ask, Samuel, is that the revenue margin of 2026 grows compared to 2025 and grows in line with what has been our growth in recent years, on the same average. It is important to remember that although EAD has a large number of students, the average tickets, both in-person and especially in-person, are much higher, as well as the nominal contribution per student. So, I think this is a little bit of information that I can give you. So, the net is positive, the growth of the revenue, and that's why I commented at the closing of my presentation that we look at 2026 with a positive look.

Hello, Samuel, Fred, how are you? Taking your question about CAPEX, you notice, due to the numbers, that the CAPEX of 2025 was greater than 2024, also in comparison with the revenue, as you mentioned. It is important to write and mention to everyone, this is mandatory, this year we did, and every quarter we published, what were the capitalized interest that are in CAPEX. So, they were debts that we took, these debts are linked to investments, And these capitalized interest, which last year was in units of R$ 1 million, this year it was approximately R$ 44 million. This is in our financial statement. So there is this shift. However, in addition to that, we made bigger investments here in technology and infrastructure. And when we look ahead, Samuel, looking to the next few years, it's not a guidance, but we would be with... o investimento né esse cápete sobre sobre receita né o ano de 26 e 27 ele estaria muito mais próximo é o percentual de 2025 do que dos anos de 20 de 24 e 23 tá então mais próximo a sete por cento e não sei cinco por cento que era o capex que a gente fez em 2025 24 e obrigado pessoal bem

The next question is from Marcelo Santos, from JP Morgan. Marcelo, please proceed.

Good morning everyone, thank you for the questions. The first question is if you could comment a little on the competitive intensity that you are seeing in the face-to-face, in the semi and in the EAD, in the intake of the first half of the year, how is the ticket, discount, what have you seen of competition in the square? And the second question, you are really generating a very strong cash flow, this has increased a lot in recent years, how is it If you could expand a little bit, M&A head, what do you imagine it could do, if it makes sense, some inorganic movement, what are the main areas of focus and what criteria would you have to evaluate these eventual opportunities? Thank you.

Marcelo, well, in relation to price competition, I think we don't see anything very different from what it always is. All companies nowadays, the big ones, are quite sophisticated from a pricing point of view. In general, when a player moves the price of an SKU in a unit or a pole, the others react. I wouldn't say there's any highlight. On average, we have managed to review a little bit of Ticket in one course or another, but it's the competition as always. I don't see anything different and I think it's a bit natural, due to this accommodation given the new regulatory framework, of how things are going to stabilize, from the point of view of whether there is migration from the EAD course to the face-to-face, what we have seen. The enrollments, for example, in the inpatient nursing courses are growing strongly. We have units here that the enrollments grow by more than 100%, just to give you a reference. With us raising the price, including. The competition in general is more or less the same, it varies a little depending on a square here, another there, and a course that is available or not in the portfolio of competitors. I think I can give you information about that. Regarding M&As, our mind is to use capital a lot to reduce debt, therefore pay less financial expenses and continue to return to the shareholder, given that the shareholder spent many years without receiving dividends. But we look at M&As with a more strategic and punctual view, as a complement some portfolio, an accelerator of some competence or capacity that we don't have, but that can be distinctive for us to enter a new business, like this OPM, to serve premium brands of postgraduate and extension, or to serve the market of infoproductors, which is a market that grows. But as Fred used to say, it's a matter of tens, hundreds of millions, it's nothing big enough to consume our cash generation in a relevant way.

But Fred, I don't know if you have anything to add. About the strategy, hello Marcelo, about the strategy, Roberto defined it well, our head continues here on the pillar of capital allocation. continuing to reduce the financial expense, this does not mean leverage, we are very close to leverage, we believe that leverage is great, but looking ahead, this head, companies operationally growing, of increasing the generation of liquid profit, and with that generating more operational cash and more cash. So we can already see that we are already starting the first quarter, very similar to what we are seeing in the last year, in relation to the generation of operational cash and the generation of cash. So, Marcelo, nothing different from what we are doing, And what we see is, looking at the operation, the operational cash generation, the free cash generation, until today, it is much more active than we delivered in our year of 2025.

I think that just to give a little more color, I think it's important to say that we have internally a M&A team that evaluates, I don't know if a dozen opportunities per month, but some opportunities per month in several segments, higher education, basic education, digital products, but as was the case of these acquisitions that we made recently, and you already know our profile, we obviously look for assets that have the potential to bring competence and a lot of growth opportunities in multiples that are honest. We have a lot of assets available, but with values that are disproportionate to what we understand that in our operation can generate shareholder value. So we have an evaluation machine, but in fact there are few that go through the filter here VPL, we continue to be very diligent in this front. Just to leave a little bit of color here, Marcelo.

Just to summarize, I mean, you said, we want to reduce leverage, but we are very close to where we would like to be. Two, the M&A, if they have, are tens or hundreds of millions. I'm taking this answer that dividend seems to be the great, or buyback, I don't know, return on the shareholder seems to be the great destiny of the cash. Is this interpretation correct?

Delta, after reducing... Remember that we want to reduce the liquid debt, not by leverage, but we do want to reduce the liquid debt to pay less financial expense. As our debt is large, there is plenty of room for reduction, but not by leverage per se, but by financial expense. Of course, the net of this can become a return on the shareholder via dividends, that's why it's in our capital allocation strategy.

Very good clarification, thank you for the answers.

I would just add a point of view that we have been talking about for many years, remembering that in a long-term capital allocation vision, in the long term, saying until 2030, we have a window there in the next years of payment of rental contracts, that we have a great opportunity to reduce rental expenses, but for us to move from one campus to another, to leave one place to another, we will also have to use CAPEX to do that. Obviously, these are projects that generate value, but this can also be part of the allocation of capital on the horizon from here to 2030. Perfect, thank you.

The next question is from Lucas Nagano, Morgan Stanley analyst. Lucas, please proceed.

Good morning Valéria, Fred, Mélaga, thank you for the space. We have two questions too. The first is a follow-up of this quotation. If you continue with that easy pay campaign, similar to the second semester of last year, offering to all applicants with 60% of the provision, and as you are following the registration and evasion rates now in the first semester, The second one is about B2G. Now that a few years have passed offering this service, can you comment on how this avenue performed compared to expectations? What were the challenges? Do the claims of disposal remain the same? And looking forward to the year 26, how is the perspective? You talked about 20 contracts, more than 20 contracts, but as there is a contract with a great representativeness in the result, you could end up making a difference, so I wanted to get an update on that. Thank you.

Hi Lucas, thank you for the questions, I'll let Mellega and Fred answer. Just qualitatively, in relation to PagFácil, we continue applying PagFácil, it is part of our strategy today, the students who enroll, they come with PagFácil, with this first, sometimes second monthly, it is diluted throughout the course, but Fred can talk a little more about the impact and then Mellega comments on the B2D.

Okay, I'll start here about PagFácil, as Roberto mentioned, last year we already offered PagFácil to our student base, so now, in the summer collection cycle, we are offering it to the entire student base. PagFácil, if you look at it, observe in relation to the numbers, we are growing here the PagFácil accounts to receive, which is a parceling program of the first month, of the second month, but you can see how the growth of the PCLD is also there. So it's easy to see in the balance lines that I'm growing revenue, I'm growing my revenue, however, I'm also growing in proportion to my PCLD, which we do at the base, at the initial moment, 63% of the earned value, and then I adjust according to the revenue. So the net of this is approximately 45%, so it's not a problem. The problem would be if I didn't adjust my PCLD. And PagFácil, looking at PCLD and PagFácil, what is important for us is the evasion, because we monitor the evasion a lot. Because when the student avoids our provision, I do 100% of the provision of this student. So this is the secret here, of you having the PagFácil and not having a problem here in your receipt in our provision.

And then, just to complement Fred and Lucas, if you look at the chart that is in the release, specifically talking about evasion, you see that evasion is controlled, it is stable. In other words, to answer your question, no, Pai do Fácil is not creating any difficulty for us, despite the fact that the base is growing, there are some segments, including in which the evasion is decreasing year by year.

Just to add, it's easy to see. If you look at the year against year, you see the PagFácil growing. If you look at the quarter against quarter, you see the PagFácil decreasing. Why? Because I'm receiving the PagFácil. And you can look at the same effect here in the Contas Reis Reber Líquido. So it's not a problem because we monitor very closely here the calculation of the provision for doubtful debtors. I'm going to pass it now to Mellega, who will answer about B2G.

Thank you, Lucas. Let me give a little bit of B2G color, I think that answering your question directly, yes, B2G continues to be a great avenue of growth for basic education, it has performed very well both in SOMOS and in Saber, and for 2026 we have to the opportunity here to regroup in Somos Mais Saber and make a new Go to Market of B2G. So we had portfolios separated in the two companies, separate commercial teams, and even separate platforms. So, from 2026, we will go to the market with a much more integrated approach, with market segmentation and portfolio integration. So, we segmented the market in large accounts, which is between the states, capitals and large municipalities, and smaller municipalities, will be prospected with the PNLD team. So, we have the leverage of having the PNLD and being able to prospect smaller municipalities, smaller education secretaries with the same team. And a team of big accounts to prospect big contracts. And our learning is that In fact, there is a higher concentration of supply and, consequently, of revenue in the fourth quarter and also in the first quarter. The second and third quarters of B2G tend to be weaker quarters, because the supply happens more in the fourth quarter. But we have a very heated pipeline, we come with a robust first quarter here at B2G, and increasingly with diversification and with a go-to-market that is quite oiled to explore all the potential of this market.

And just to complement here, Melegui, I think it's important to say, folks, that we started, when we started back there, we had one big client, which was important, but today there are dozens of clients, we no longer have, let's say, such a great dependence on one specific client. Of course, there are big accounts that are relevant. I think that's the first point. And the second, you had asked if the performance of this new business was in line with our expectations. I'll give you a number. In 2022, when we woke up for this opportunity, we earned 40 million reais in solutions, excluding PNLD, in solutions for governments. Last year, here in 2025, we reached almost 360 million. So we multiplied by 9 in 3 years. I don't need to say that it's a great result and we see that it has great potential, because the TAM of this business is a big deal, because Mellega and the team are motivated and this union of the two teams, Saber and Somos, together with the Go-To-Market that Mellega commented well, generates a lot of enthusiasm here on our side. to reinforce the point of why I commented that, from the point of view of growth, we look at 2026 with good eyes, with positive eyes. It's super clear, guys.

Thank you.

The next question is from Eduardo Regente, from UBS. Eduardo, please proceed.

Good morning, Roberto, Fred, Melega. There are two here on my side too. First, I wanted to get a little bit of color there at PNLD. You announced guidance of 166 million of revenue moved to the first quarter, coming mainly from the purchase program for high school. I would like to know if there is any other resumption program, anything else to enter this line in the first quarter and what you are seeing in this dynamic for the year, especially considering budget issues of the MEC, electoral cycle and everything else, anything here already helps us a lot. And the second question, a little more specific, we see that the level of the intercompany adjustments has been increasing a lot throughout the year. If you could share what these adjustments would be, if there is any dynamic there in the billing of government solutions between VAR and SAB, it also helps a lot. Thank you.

Okay, Fred speaking, I'm going to take the first question and Melega is here with me, he joins if needed. So looking, we only had here really the displacement of the program of high school, so it's the displacement that our expectation was that it would happen in the fourth quarter, it will happen in the first and there may be some eviction for the second semester, and then in the second, sorry, second, first. I was going to say semester again, sorry. So there may still be some displacement between the first quarter and the second quarter, but what we have already disclosed is our expectation of what is being displaced from the fourth quarter to the first quarter. What we have in the year of 2026 is also the purchase of Fundamental 1, so this will also happen here in the year of 2026. There is no other program here in high school, and they are only purchase programs that will occur regularly here in the year of 2026. About the second question, if there can be any government displacement due to the budget of the year 2026, the election, we will have to live here every quarter. I can't say yes or no, it can happen, how not, we are living and we are giving visibility here every quarter for you. The second question was about what happened here, the increase here between intercompanies, between the group's companies, which, just before Mellega commented, are intercompanies, so this is not here, as it is an intercompany, it is an operation that has not been carried out. It sells to one company, the company has not sold to another, so this is not in our result. Mellega, if you want to clarify the program here. Perfect, Fred.

Saber comes from a complete portfolio, including products from Vasta. So, when there is a sign, more than a sign, when we already have the formalization of Saber contracts for supply of the public market, we supply internally of Vasta to Saber. So this movement that you are seeing in the fourth quarter will be sales to the public market executed by Saber in the first quarter. What is being captured here is the stock movement between Vasta and Saber to Saber supply the market. So it is a very positive sign of the first quarter of Saber here that comes strong in solutions to the government.

And just to give a little more color, I think it's important to remember that in the SOMOS strategy, it's more focused on large accounts, on large networks, and Saber has a very well-capitalized commercial team, which is present in many cities, because it covers the PNLD. So, if we have the opportunity of the commercial team to know how to sell a SOMOS product, I'll give an example here, like the Maxi teaching system, It sells and that's why it has this intercompany, this color explanation so you can have a concrete example.

Perfect, guys. Super clear. Thank you.

The next question is from Flávio Yoshida, analyst at Bank of America. Flávio, please proceed.

Hello, good morning everyone. Thank you for the opportunity to ask questions. We have two here on our side. The first is related to the cost of staff in Croton, which ended up impacting in a slightly more negative way on the margin. So we wanted to understand what we should expect looking forward and also understand how much of this is related to regulatory changes. E a segunda pergunta é com relação ao FastPass, né? Se vocês têm algum update, a gente tá chegando na data, então queria mais pegar uma cor aqui do que que vocês, o que que você tem de update aí. Obrigado.

Marco, é mais...

Hi Flávio, I'll try to answer the first two. So, when we look at the fourth quarter specifically, which has this margin pressure primary, due to the increase in costs, is much more related to the mix of products, which is what I said about a stronger captation of face-to-face during the year, especially in the mid-year cycle, medicine maturation, in addition, maturation of health courses that use precepts, so it is not directly related to the framework, but the direction is more or less the same that you can expect for the regulatory framework, which is basically an increase in the mix of the face-to-face. So, I think that's it, directionally, which does not mean that this is negative from the point of view of EBITDA growth, because, as I said, the nominal contributions per student in the face-to-face are much higher than the contributions of the EAD. And with regard to the Fast Track, the Fast Pass, as you mentioned, we expect to have authorized about 120 poles, with the curbs. the date of the MEC is March 27th, so we are close to having what, within this Fastpass, was called a pre-authorization to operate the courses, and then, yes, with local evaluations and deeper evaluations of the MEC. So, what it means to say, and of course, we didn't have, for example, in the fourth quarter of 2018, and 24, the opportunity to enroll students, sorry, 25, the opportunity to enroll students in nursing, this ends up reducing the rate of growth of the revenue a little, but with the students enrolling from April, the growth returns, and then, especially for these 124 units that we will have, in fact, 120 polos that we will have, the level of competition will be very low, so we understand that the volume of enrollments will be very positive and probably the ticket also very positive, given that the number of competitors will be very limited, but this is just a vision, as Fred uses the expression, we will have to live to see.

Great, thank you guys, super clear.

The next question is from Renan Prata, from CIT. Renan, please proceed.

Hello, good morning, guys. Thank you for the space. It's very quick here, there are two points. The first is in the PNLD, I know that you even passed the guidance there that slipped part of the result for the first TRI, but I wanted to understand a little more about the dynamics of the box, right? Normally this box, this result there that slipped for the first TRI, would it still enter the fourth TRI? or Caxa, you usually consider in the subsequent year, in this case here in the year of 26. I wanted to understand a little this dynamic, not of the result, but of Caxa. And then, even a very quick follow-up, I think it's more, even in the recent question, when you comment on From the catch of the face-to-face, which is apparently going well in the first quarter, we have nothing on the count of sickness in the poles. I imagine that the guy just commented that it is the 27th, so in a hypothetical situation where it goes down to start catching, it could be an upside for the number. Is this vision correct?

Well, I'll start, Renan, by talking only about nursing, Fred, then you can... You're right, there's no benefit of face-to-face nursing enrolments, not because it hasn't been authorized, but the units themselves, they already had a face-to-face nursing course. These, yes, are benefiting strongly from the increase in the volume of enrolments, About this course specifically, nursing, on average, is growing more than 50% year-on-year, with some units growing up to more than 100%, as I mentioned earlier. So, yes, as these new polos are authorized, we should have an additional volume of presencial and nursing certificates.

Renan Fred, talking about the dynamics of PNLDI in previous years, the billing and the receipt were within the same year, so this happened in 2024, we billed the program in 2024 and received within the same year of 2024, A nossa expectativa era ter essa receita, esse EBITDA, e também o caixa dentro do quarto trimestre, mas isso não aconteceu. Como eu tive o deslocamento como um todo, eu tive o deslocamento do faturamento, da receita, e aí o meu recebimento vai acontecer ou no primeiro trimestre ou... ou parte do segundo trimestre tá e o valor aqui é o valor deslocado né o que a gente deu como guidance foi o valor que deslocou não é o valor que está sob o PNLD né no primeiro trimestre foi só o deslocamento que deveria estar no no ano de 2025 e ele deslocou para o primeiro trimestre de 2026 não super claro pessoal brigadão

A próxima pergunta será feita em inglês pelo Andrés Coelho, do Scotch Bank. Abriremos o seu áudio para que você possa realizar sua pergunta. Andrés, por favor, pode prosseguir.

Andrés Coelho, pode realizar sua pergunta ao vivo. Hello, can you hear me?

Yeah, we hear you.

Okay, thank you. I'm sorry to ask this question in English, but it's actually very simple. When I see your adjustments for recurring EBITDA, and you're saying that recurring EBITDA grew 5.7%, right? When you show the non-recurring items, you get to an EBITDA that grows 5.7%. And there are two adjustments for these, one in Croton and the one in Saber for the books. But I'm wondering why you are not including in that recurring EBITDA the reversal of contingencies at VASTA, right? VASTA had like huge reversals in Q4 24, last year in 24. And I don't see that reversal in your recurring EBITDA calculation because that will basically increase EBITDA growth significantly for the fourth quarter. So I'm wondering why you're not including the vast adjustments in your recurring calculations.

Okay, thank you Andrés. I need to answer in Portuguese according to the CVM rules, so I'll answer in Portuguese and you'll get the translation.

No, it's okay. I speak Portuguese, it's okay. Thank you.

Okay, but according to the rules, I need to answer in Portuguese. So, we made the adjustment of 35, we are talking about EBIT, not liquid profit, we made the adjustment of 808 million reais in liquid profit in the year 2024, and only in profit comparison, speaking as a whole. And then talking about standalone by company and companies, we made this adjustment of 35 million in EBITDA, which was a non-recurring item, in 35 million in CROTL, we did not make the adjustment in VASTA. First, for simplicity, we made this adjustment just to show what the number would be as incognito as a whole. And second, because we made this adjustment of 35, because it was a non-recurrent punctual adjustment. While the second value in vast, it is a value, it is a value, sorry, here, just... Oh, sorry. The croton one is recurring and the vast one is non-recurring. Sorry.

Okay. Yeah, so back to English, but I can see that in the fourth quarter, 24, there was a reversal of contingencies at best of 100 million reais, correct? Yes. A hundred million. So, I mean, I think that Eurebida growth will have been much bigger at the Cogna level if you had also made that adjustment and not just Croton and Saber. So, but thank you. I was just wondering why specifically that didn't happen, but thank you.

We are available and we will get in touch with you, me and Letícia, we will get in touch with you, okay? Thank you.

The Q&A session is closed and now we would like to pass the word to the company's final considerations.

Well, with that, we close the call for results for 2025. I thank everyone for their participation. Remembering that our team is available to take any questions and make the meetings that you think are necessary. Thank you.

Teleconferência de resultados referentes ao quarto trimestre de 2025 da Cogna Educação está encerrada. O Departamento de Relações com Investidores está à disposição para responder as demais dúvidas e questões. Muito obrigada aos participantes e tenham uma ótima tarde.