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]