Financial Data and Key Metrics Changes - Revenue for the 12-month period grew 12% year-over-year, reaching BRL 3,697 million, with adjusted EBITDA growth of over 50% year-over-year, reaching BRL 1,680 million [4][5] - Adjusted EBITDA margin for the same period reached 45.4%, an increase of 130 basis points over last year [4][25] - Net income reached BRL 768.4 million, an 18% growth year-over-year, with basic EPS reaching BRL 8.32, a 19% increase compared to last year [5][26] - Cash flow from operating activities ended the 12-month period at BRL 1,548 million, over 6% higher than last year, with a cash conversion of 93.7% [4][25] Business Line Data and Key Metrics Changes - The number of undergraduate medical students grew by 5% year-over-year, reaching over 25,000 students, with approved medical seats increasing by 5% [19] - Continuing education segment revenue grew by 11% year-over-year, reaching BRL 284 million, with B2B revenue growth at 48% [7][20] - Medical practice solutions revenue increased by 6% year-over-year, reaching BRL 171 million [7][23] Market Data and Key Metrics Changes - The ecosystem reached 301,000 active users, reflecting strong engagement among physicians and medical students across Brazil [7][9] - The number of active payers in medical practice solutions reached 196,000, with physicians making over 16.9 million prescriptions using the solutions [9][23] Company Strategy and Development Direction - The company aims to strengthen its position across the entire physician lifecycle, expanding its audience and deepening engagement [11][12] - Investments will focus on integrating products and services for physicians, enhancing the user experience, and creating a unified platform [36][37] - The company plans to maintain a balanced capital allocation strategy, focusing on sustainable cash generation, growth investments, and shareholder returns [10][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another strong year in 2026, with revenue guidance between BRL 3.95 billion and BRL 4.1 billion [16][17] - The company does not expect any material impact from ENAMED on its 2026 guidance, with preparations in place for upcoming evaluations [17][46] - Management highlighted the importance of integrating technology and enhancing product offerings to drive future growth [36][37] Other Important Information - A cash dividend of BRL 307.4 million was announced, representing 40% of the 2025 net income, payable in April 2026 [10][11] - The company maintains a conservative leverage profile with a net debt of BRL 1,369 million, a reduction of BRL 445 million from the end of 2024 [29] Q&A Session All Questions and Answers Question: Focus on continuing education and medical practice solutions transformation - Management discussed integrating products and services for physicians under a unified platform, enhancing user experience and audience engagement [36][37] Question: Progress on ENAMED and PROFIMED discussions - Management indicated no expected impact from ENAMED on 2026 guidance and detailed preparations for upcoming evaluations [46][48] Question: Operational expenses and CapEx increase - Management explained that the increase in intangible assets was due to new investment programs initiated in Q4 2025, and operational expenses were managed effectively [55][56] Question: Capital allocation priorities - Management emphasized the flexibility in capital allocation due to strong free cash flow, focusing on M&A, dividends, and share buybacks [62][63] Question: Revenue growth breakdown by segment - Management provided insights that undergraduate growth would be in single digits, while continuing education and SPM segments would see double-digit growth [75]