Financial Data and Key Metrics Changes - Revenue for the nine-month period grew over 13% year over year, reaching BRL 2,784 million, with adjusted EBITDA growth of almost 19% year over year, reaching BRL 1,292 million [5][19] - Adjusted EBITDA margin for the same period reached 46.4%, an increase of 200 basis points over last year [5][19] - Net income reached BRL 593 million, a growth of 20% year over year, with basic EPS reaching BRL 6.40, also a 20% increase [6][21] - Cash flow from operating activities rose by 11%, ending the nine-month period at BRL 1,292 million, with a cash conversion of 101.5% [5][20] Business Line Data and Key Metrics Changes - The undergraduate segment saw a 6% growth in the number of medical students, reaching over 25,000, while approved medical seats increased by almost 2% [6][13] - Continuing Education segment revenue grew by 11% year over year, reaching BRL 208 million [7][15] - Medical Practice Solutions revenue increased over 9% year over year, reaching BRL 128 million [7][16] - The ecosystem reached 304,000 active users, indicating strong engagement among physicians and medical students [7][17] Market Data and Key Metrics Changes - The number of paying users in Medical Practice Solutions reached 195,000, a 2% decrease year over year, while monthly active users accounted for 228,000, down from 249,000 [16] - Continuing education saw a 36% decrease in residency journey students, while graduate journey students grew by 26% [15][66] Company Strategy and Development Direction - The company aims to maintain leadership in medical education and expand its ecosystem, focusing on sustainable growth and social impact through initiatives like Instituto AFIA [10][11] - The company is exploring M&A opportunities and evaluating capital allocation strategies, including potential increases in dividends and share buybacks [31][38] Management's Comments on Operating Environment and Future Outlook - Management expects effective tax rates to converge to 15% from 2026 onwards due to new tax regulations [30] - The company remains optimistic about future growth opportunities and is confident in its ability to create value for shareholders [25][40] Other Important Information - The company has been recognized for its ESG initiatives, receiving the Valor 1,000 award for its performance in the education sector [11] - The company has strengthened its financial position through liability management, including the issuance of commercial notes [22][23] Q&A Session Summary Question: Effective tax rate and capital allocation strategy - The effective tax rate for the nine-month period was 9.7%, up from 5.1% last year, primarily due to provisions for new tax regulations [29] - The company is evaluating various capital allocation strategies, including M&A, buybacks, and dividends [32] Question: Capital allocation strategies and 2026 intake cycle - The company is analyzing M&A opportunities and plans to maintain around 200 approved medical seats per year [38] - Tuition for 2026 is expected to increase by around 5% to 5.2% over 2025 [40] Question: Ticket readjustment and demand for medical careers - The average ticket is expected to grow around 5%, with demand for medical careers remaining stable compared to last year [44][45] Question: Gross margins in Medical Practice Solutions and subscriber trends - Gross margins in Medical Practice Solutions increased due to cost management initiatives [50] - The company is reviewing its pricing strategy for clinical decision software to regain subscriber growth [52] Question: Recently acquired units and EBITDA margin expansion - The ramp-up for recently acquired units is expected to take time, with margins improving as student numbers increase [61] - The company has achieved significant margin expansion and continues to seek efficiencies across its segments [66] Question: Continuing education segment trends - The drop in residency journey students is a one-time effect due to a change in product offerings [67]

Financial Data and Key Metrics Changes - Company reported a revenue growth of 15% year-over-year, reaching $1,856 million for the first half of 2025 [4] - Adjusted EBITDA increased by 20% year-over-year, totaling $893 million, with a margin of 48.1%, up 220 basis points from the previous year [4][17] - Basic EPS rose to 4.69, representing a 17% increase compared to the previous year [4] Business Line Data and Key Metrics Changes - Undergraduate segment revenue grew over 16%, totaling R$1,642 million, with a 14% increase in the number of medical students [10] - Continuing education revenue increased by 8% year-over-year, reaching R$138 million, driven by a 12% growth in graduate journey students [11] - Medical practice solutions segment saw a revenue growth of over 9%, reaching R$84 million, with B2P revenues up nearly 12% [12][13] Market Data and Key Metrics Changes - The ecosystem reached 302,000 active users, indicating strong engagement among physicians and medical students across Brazil [14] - The number of approved medical seats increased to 3,653, reflecting a 14% growth year-over-year [10] Company Strategy and Development Direction - Company remains focused on operational excellence, aiming for robust growth, increased profitability, and solid cash generation as strategic pillars for long-term value creation [3] - A new share repurchase program was approved, allowing the company to buy back up to 4 million Class A shares by the end of 2026, reflecting a commitment to shareholder value [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year 2025 guidance, supported by strong business fundamentals and disciplined execution [4] - The competitive landscape for medical education is expected to be more intense in the second half of the year, but the company is optimistic about maintaining occupancy rates [45] Other Important Information - The company is actively addressing the implications of new tax legislation aligned with OECD Pillar Two rules, with ongoing legal and administrative efforts to challenge the tax charge [52][53] Q&A Session Summary Question: What are the main levers for profitability expansion in the quarter? - Management highlighted improved efficiency in SG&A expenses and centralization of services as key factors contributing to margin expansion [22][24] Question: Can you provide insights on the EBITDA guidance for the second half? - Management prefers to remain conservative due to seasonality in continuing education, despite strong performance in the first half [35][36] Question: What is the competitive outlook for the second half intake? - Management noted increased competition due to new approvals of medical seats and a reduced candidate ratio, but expressed confidence in maintaining occupancy [44][45] Question: What are the implications of the new taxation? - Management is pursuing both legal and administrative avenues to challenge the new tax legislation, emphasizing its impact on the ProUni program [52][53] Question: How is the M&A environment perceived? - Management indicated that they are looking for the right opportunities at favorable prices, with a focus on good locations and reputations [58][61] Question: What is the strategy behind the share buyback program? - Management explained that the buyback program aims to enhance shareholder value while considering liquidity impacts [62][64]