Financial Data and Key Metrics Changes - Subscription revenue grew by 14.3% compared to the previous cycle, supported by ACV bookings of BRL 1,552 million [5][6] - Net revenue increased by 13.6%, reaching BRL 1,737 million, reflecting the resilience of the core business [6][11] - Adjusted EBITDA reached BRL 494 million, a 10% increase compared to 2024, with a margin of 28.4%, slightly below last year's 29.4% [6][12] - Free cash flow totaled BRL 316 million, a 117% increase from the previous cycle, with a conversion rate of 64% [8][15] - Net debt decreased to BRL 863 million, with a leverage ratio of 1.75 times, down from 2.32 times in Q3 2024 [8][17] Business Line Data and Key Metrics Changes - Complementary solutions grew by 25.3% year over year, reinforcing the strength of the ecosystem [5][6] - In the B2G segment, revenues reached BRL 17 million from new customers, totaling BRL 67 million in the 2025 sales cycle [6][9] - Non-subscription revenue increased by 45% to BRL 21 million, driven by higher enrollment in flagship schools [11][12] Market Data and Key Metrics Changes - The company is gaining market share in premium learning systems, with expectations of continued growth in 2026 [19] - The Start Angle franchise operates six units, with plans to launch eight new operational units in the upcoming year [9][10] Company Strategy and Development Direction - The company is focused on innovation, particularly through RAU AI, to introduce tools for personalized learning [9][10] - The diversification strategy in the B2G segment aims to expand access to quality education through partnerships with public institutions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth and enhancing profitability, with expectations of mid double-digit revenue growth for 2026 [19] - The company anticipates challenges in the credit environment but remains committed to operational efficiency and financial management [13][16] Other Important Information - Provisions for doubtful accounts improved to 3.1% of net revenue, reflecting better management despite a challenging credit environment [13] - Adjusted net profit reached BRL 82 million, a 32% increase from the previous year [14] Q&A Session Summary Question: Could you provide some color on the ACV build-up for 2026? - Management expects a continuation of the 14.3% subscription revenue growth trend into 2026, with mid double-digit growth anticipated [19]

南洋理工大学国立教育学院亚洲语言文化学部副主任胡月宝说，在"中文热"在全球持续升温的背景 下，双语教育的意义愈加凸显。她认为，双语教育不仅是中文国际传播的重要桥梁，也有助于让中文具 备全球公共产品的属性。 新华网新加坡10月10日电（记者 舒畅）新加坡加拿大国际学校（CIS）近日宣布成立中英双语教研 中心，旨在整合双语教育的各类研究与资源，探索中英双语学习的新理念与实践路径。 在开幕式上，中国枫叶教育集团创始人、CIS董事会主席任书良说，推广中英双语学习是全球教育 发展的趋势，学校将致力于建设全球一流的国际文凭双语学校。新设立的教研中心将集教学与科研于一 体，着力开发国际中文课程标准、评估标准和测试标准，帮助学生"学中文、懂中文、链世界"。 新加坡加拿大国际学校是新加坡首个开设中英文双语课程的国际学校。 ...