Thank you for joining us for ATES Conferences Call. I'm here today with ATES CEO, Virgilio Gibbon, and our CFO, Luis Andre Blanco. During today's presentation, our executives will make forward-looking statements. Forward-looking statements can be related to future events, future financial or operating performance, known and unknown risks, uncertainties, and other factors that may cause ATES' racial results to deform much differently from those contemplated by these forward-looking statements. Forward-looking statements in this presentation include, but that are not limited to, statements related to the business and financial performance, expectations and guidance for future periods, or expectations regarding the company's strategic product initiatives, its related benefits. These risks include those more fully described in our timeline for the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as the day starts off. You should not rely on them as predictions of future events and we disclaim any obligation to update and forward look at statements as passed as required by law. In addition, management may reference no IFRS financial measures on this call. These measures are not intended to be considered in isolation or as a substitute of the results prepared in accordance with IFRS. This presentation has reconciled these IFRS financial measures to the most directly comparable IFRS financial measures. Now, let me turn the call over to Virgilio Gibbon at SQ.

Thank you, Renata, and welcome to our second quarter and first half conference call for 2026 results. Starting with slide number 3, once again we delivered a solid performance closing the first half of 2026 with revenue growth of 7% year-over-year, reaching R$1,985,000,000. Adjusted BIDA reached R$918,000,000, growing 3% year-over-year with an adjusted BIDA margin of 46.2%, a contraction of 190 basis points compared to the same period last year. This margin decrease primarily reflects the lower gross profit contribution from continued education driven by a higher sales and market expenses associated with the investment cycle outlined at the beginning of the year across continued education and medical practice solution. Net income reached for R$163 million, a 7% increase year over year. Basic EPS climbed to R$5.10, representing a 9% increase over the previous year. Reflecting our capital allocation strategy. Operating cash conversion remained strong at 87.8%, rather in line with the prior year. Turning now to free cash flow to equity, we delivered R$ 423 million in the first half of 2026. These results reflect the strength of our cash generation, disciplined execution, and our continued commitment to create long-term shareholder value. Moving now to our operational updates, we have 3,768 operating medical seats with an increase of over 6% year-over-year. Furthermore, our number of undergrad medical students grew to more than 26,000 students, representing 3% growth compared to the first half of last year. Additionally, we increased the net average rate of medical school by almost 4% year-over-year, reaching R$ 9,443. In continued education, HAVEN increased almost 5% over last year, reaching 144 million reais. And in medical practice solutions, we saw 2% growth in revenue compared to the first half of 2025, reaching 85 million reais. Our ecosystem now accounts for 295,000 users, reflecting continued meaningful penetration among physicians and medical students across the country. Moving to slide number four, we will discuss the highlights across our three business segments. The first half of 2026 was marked by favorable pricing trends in medicine course, where tickets rose by nearly 4% the other year. In addition, we continue to deliver strong student-based growth momentum in health science course. Compared to the previous years, Health Science Cross delivered 13% growth, reflecting the diversification of our health-related undergrad portfolio. The continued education segment was once again marked by strong growth in our total student base, which expanded 23% in the first half of 2026, driven by higher intake in short-term programs, which carry a lower average ticket per student. B2B Revenue for the segment grew 8% compared to the same period of prior year. The Mass Cooperative Solutions segment delivered a 20% increase in clinical management active payers in the first half of this year. In addition, B2B revenue for the first half grew 5% year over year. Lastly, shareholder returns remain a key priority. Our disciplined cash allocation framework continues to create sustainable value for shareholders. At the corporate level, supported by strong cash generation, we return R$ 448 million to our shareholders, through dividends and share refugees in the first half of 2026, representing 106% of our free cash flow to equity. This reflects our disciplined approach to capital allocation. When acquisition opportunities do not meet our return criteria, we return capital to shareholders. The strength of our cash generation gives us the flexibility to pursue acquisition when attractive and to consistently turn capital to shareholders. Now I will return the call over to Luis Blanco, AFS CFO, to provide further insight into the financial and operational metrics. Thank you all.

Thank you, Virgilio, and good evening, everyone. Starting with slide number six for discussions of key operational metrics by business units. Starting with the undergraduate programs, our medical student base grew by 3% compared with the first half of 2025, reaching over 26,000 students, while operating medical school seats increased by over 6% year-over-year to 3,768. Our medical school net average ticket increased by 4%, reaching R$ 9,443 in the first half of 2026. As a result, revenue for the undergrad-rated segments grew over 7%, totaling R$ 1,762 million. It's worth mentioning that 85% of this revenue comes from medical programs and 93% from health-related courses, reinforcing our strategic focus and leadership in the sector. On the next page, I will present our continual educational metrics. We approach continual education through three main journeys. Starting with the residency journey, which encompassed products focused on the residency preparations, the student base remained stable year over year, reaching 9,244 students at the end of the period. In the graduate journey, which focused on the specialization test preparations and graduated medical education, the total number of students increased by 13%. Rating 10,213 students supported by the continued demands for advanced medical training programs. Lastly, other B2P and B2B offerings continue to grow strongly, with a total of students increasing 35% year-over-year to 36,780 students. Demonstrating the continued expansions of our Broadway continuing education portfolio. Continuing education revenue increased to 144 million reais in the six-month period of the 2026 compared to 138 million reais in the same period of 2025, representing growth of 5%. This performance was primarily driven by B2B revenue, which increased 8% year-over-year to 135 million reais, representing 94% of the continual education revenue. Meanwhile, the B2B revenue, totaling 9 million reais, declining 25% year-over-year. Moving to the next slide, I will discuss the Medical Practice Solutions operational metrics. The total active payers remaining broadly stable year-over-year at approximately 201,000, with clinical management active payers growing 20% to more than 50,000, reflecting the continued penetration on Asia iPlinic. Monthly active users reached 212,000 during the period, an 8% year-over-year decrease. Despite the stability in total active payers, medical practice solutions revenue increased 2% year-over-year to R$85 million in the first half of 2026. On the next slide, we present Ásia Ecosystem. We are proud of the meaningful impact of Ásia continues to make across Brazil healthcare ecosystem. By the end of the second quarter of 2026, 295,000 users were actively engaging with our service and products, reflecting our solid relevance and reach in medical educational and medical solutions. Moving forward to page 10, I want to discuss our financial overview for the second quarter and the first half of 2026. I am pleased to present another solid set of results for AFIA. Reflecting the resilience of our business model and our continual focus on sustainability growth and operational efficiency. Revenue for the second quarter of 2036 reached R$ 972 million, representing a 6% increase compared to the same period of the prior year. For the first half of 2036, revenue totaled R$ 1,985 million. Renata Couto, Julio Eduardo Razente de Angeli While margins were below those reported in the comparable periods last year, reflecting a combination of continuing investments to support growth initiatives and the investment cycle across continuing educational and medical practice solutions, profitability remained healthy. On the next page, Cash flow from operating activities reached R$ 806 million in the first half of 2026, compared to R$ 783 million in the same period of the prior year, representing a growth of 3%. Cash conversions remained strong at 87.8%, broadly stable compared to the prior year. Net income for the second quarter of 2026, totaling 201 million reais, an increase of 14% compared to the same period of the prior year. For the first half of the 2026, net income reached 463 million reais, growing 7% year over year. Urban use per share increased to 2 reais and 22 cents in the second quarter of 2026, up 17% from R$1.90 in the prior year, higher than the net income increase reflecting the execution of our buyback program. For the six-month period, earnings per share reached R$5.10, up 9% from the R$4.69 in the first half of 2025. Overall, these results reflect our ability to continue to generate solid cash flow while delivering consistent growth in profitability and shareholder returns. And now, moving to my last three slides, I will go over our gross debt compositions and cost of debt, our net debt reconciliation, and close with our shareholder return. as of June 2026, covering its maturity profile and average cost of debt. Accia continued to maintain a solid capital structure and a conservative leverage profile. As of 30 of June, gross debt, totally, 2.4 billion reais, compared to the 2.7 billion reais as of 30 of June of 2025. At the same time, the average death durations increased from 1.9 years to 3.7 years, extending our maturity profile in the field. The average cost of death stood at 15.1% per year, representing approximately 106% of the CDI for the field. On the next page we can look closely at the net debt variation. As of June 2026, our net debt totaled R$1,394 million, remaining virtually unchanged from the end of 2035, despite returning R$448 million to shareholders through dividends and treasury share repurchase during the first half of the year. Reflecting our strong cash generations and disciplined capital allocation. Our net debt positions continue to benefit from the solid cash flow from operating activities, which totally 806 million reais during the period. Largely offsetting investments, leases, interest, expenses and shareholders' distributions. Our AFIA net debt excluding IFRS 16 divided by the midpoint of 2026 suggested debt guidance was 0.8 times. In my last slide, we paid 307 million reais in dividend during the second quarter of 2026, representing 40% of our 2025 net income while continuing to execute the share purchase program. Our consistent growth in net income and cash generations has enabled us to enhance shareholder returns while remaining disciplined in our capital allocation decisions and focus on the long-term value creation. In first half of 2026, we've returned R$ 448 million to shareholders, surpassing our pre-cash flow to equity of R$ 423 million for the period. Resulting in a 106% ratio Our last 12 months pre-cash flow to equity yields stood at 11% Calculated on market capitalizations as of 30 of June 2026 And basic EPS growth reached 13% for a total equity return of 24% at constant valuation multiple This concludes our prepared remarks. The first half of 2026 reinforces what we have consistently demonstrated over time. A resilient business, a focused team and the strategic that is working remain deeply committed to advancing the physician's journey through our integrated advocacy. and confident in our ability to deliver sustainable long-term value for our shareholders, students and healthcare professionals across Brazil. I will now open the conference for the Q&A session. Thank you.

If you want to ask a question, please raise your hand and we will call you. The first question comes from Marcelo Santos from J.D. Morgan.

Hi, good evening. Thanks for taking my questions. I have two. The first, if you could talk a bit about the competitive intake in the second half and how you're seeing the pressure for tickets, the capacity to increase prices. That's the first question. And the second question is regarding medical practice solutions. It was a bit down this quarter, so just wanted to get a bit more detail and when we should see the increased investments start showing results in the revenue side. Thank you very much.

Hi Marcelo, Virgilio here. Related to our intake on the second half, we once again aiming to have 100% of all of our occupancy fulfilled. While still not all the pro-union FIER cycle is a little bit late, so we are waiting for these enrollments to be completed by September. So once again we have a solid and healthy intake. So the price, I think we are not changing price for the second half because we are doing the beginning of the year. So we are not also giving any discount for our medicine programs. On the health sector, on the health programs, we are seeing a very strong intake. At this moment, we're still ending the process in the beginning. We will also end on the beginning of September. We are more than 20% above from last year at the same period. So we are growing organically more than 18% in volume and health. We expect to be above that for the second half. So that's on NPS, Blanco will help me here.

Marcelo, it's Blanco speaking. Thank you for your question. Regarding the NPS, the general environments, what's happened is we are having some pushbacks in terms of clinical decisions made on Whitebook. These pushbacks in terms of active payers are due to the competitions by the AI tools. that are pressuring the number of payers. So what we decided that we would to reduce a little bit the tickets on that and increase the functionalities embedded on the white book. By the other side, on the clinical measurement system that are major encompassed by clinic, We have a very positive cycle. We are growing faster, but this growth is not sufficient to surpass a lot of decline on Whitebook. The both together on the business to position side, we are growing semester by semester just 1.1%. Having said that, just remember that our investment cycle that we've announced in the beginning of the year encompasses an investment cycle. This investment cycle is both regarding CapEx that we are increasing the intangibles in the year, if we compare to last year, to increase functionalities both in MyClinic and Whitebook, and investments in Teams, under the teams, increasing the number of the team members on this segment. So we are under our plan to put more functionalities on the segment, increase audience first, and then in the future have these recover in terms of revenues. Right. Thank you very much. Thank you.

The next question comes from Flavio Yoshida from Bank of America.

Hi. Good evening, Virgilio, Blanco, Renata. I have two questions here from our side. The first one is on EBITDA. If we get the first half EBITDA and annualize it, it gets us to roughly 1.8 billion for the year, which is pretty much the top of your guidance range, right? So since you guys didn't make any changes on the guidance, should we expect the second half EBITDA to come a bit below the first half? Or you guys just prefer to be a little bit more conservative here on the guidance? So this is my first question. And my second question is on capital allocation strategy going forward, right? So if you guys could share with us some details on how do you guys plan to balance an eventual higher distribution or a more active approach on M&A, right? And also if you could share with us how is the recent M&A environment for medical courses. Thank you.

Thank you, Flavio. It's a pleasure speaking. I will start with that. Regarding the first one, under the VTDA, we are focused on delivering the VTDA that we provide to the market. That's between 1.7 and 1.8 billion reais. So we guided the market and we delivered as we always do. regarding the guidance. Regarding the capital allocation itself, what I can assure you that ASEA will always be very, very conscious in terms of capital locations. Since IPO we've made 22 business combinations and we take capital locations very, very, very, very serious. If we don't have opportunities that attend the thresholds in terms of concentrations in medicine and mostly the IRR that these business combinations do not have a return on the capital implied in these business combinations that is above Our thresholds, that's 20% minimal, nominal, unleveraged, which we simply do not do the business combinations. So we are very careful on that. As we did not have these business combinations with this return of the capital in the hands, we prefer to return this capital to our shareholders, both in terms of share buybacks and dividends. We are very comfortable with this 0.8 net debt to EBITDA that we presented right now, and we decided to give it back to the shareholders, all the free cash flow to equity for the first semester. and it's very important to going forward to have in mind that we have opening buyback in place that we've announced in August of last year if I'm not wrong and right now from this 4 million shares in buyback that we've announced that we've So, we had a firepower of 1.4 million to perform until the end of this year.

Yeah, Flavio, just if I may add here and summarize what Blanco wants to mention. So, we keep aware about the many opportunities considering the thresholds. So, we have... A good pipeline in our hand here. As you saw in the first semester, we distribute almost 100% of, actually more than 100% of the cash that we generated to our shareholders through buyback and dividends, and also keeping a very low leveraging on our net debt. In parallel, we are also investing a lot in terms of product. You can see the intangible. So we are doing a lot of enhancement on our features, plugging more AI features, improving the engagement of our physician into our solution. So we are leveling prescription into our clinical decision solution. We are reaching more than 50,000 users on our We are funding not only our Current Internal Investment, Reducing Our Leverage, Buying Back Shares, Distributing Through Dividends, and keep our head with a lot of firepower to do some M&As, but we have to reach at least the threshold that we are in, okay? All right. Super clear.

Thank you.

Next question comes from Luca Marchesini from Italy.

Good evening everyone and thank you for taking our question. Our question is regarding the continuing education segment. It's actually a follow-up from previous questions. So, we saw a decline in net revenues. If you could just comment on the competitive environment and the factors that led to this decline and also what are your expectations for the second half of this year if we should continue to see a decline across the year or when you expect resumption in growth, please?

Hi Luca, Virgilio here. So for one side we have, you can see our growth on our number of students under the Continuum of Education segment. But for one side we are seeing a revenue, a lower rhythm on revenue growth from the first quarter. But the reason of that is that we have a different mix of product. Though we have much more students coming, we have a different mix of product with a more lower duration, with a lower ticket. And that impacts mainly on the second quarter that also faces anality on continuum education, mainly on prep courses. Having said that, we are seeing keeping at least close to a high one-digit growth for the second half here. We are not foreseeing any jump or a decrease from what we were in terms of continuing medication for the entire year. Once again, we are aiming to reach our guidance for 2026 based on the results that we are embedded in this first half for all the three segments.

Very clear. Thank you.

Thank you, Lucas.

Next question comes from Lucas Nagano from Morgenstern.

Hi, Virgilio, Blanco, Renata. for taking our questions. We have two. The first is related to the new injunction from last week that suspended the NMED restrictions. With that, are you now allowed to fill out all of your authorized seats? And would that be still valid after this year's edition of NMED and so on for next year's as well? And the second question is related to income tax. The income tax in the quarter was very low compared to the previous quarters and the minimum pillar two tax rate. So could you just give some color on that and the level going forward? Thank you.

Hi Lucas, I'll take the first one here regarding injections. Yes, the answer is yes. So after the decision last week, all the seats that were prohibited returned to the institutions. Well, on the other hand, we are very advanced on the intake process. So we did ask also Prouni and also PS for that seats because they were not allowed at that moment. So for some campuses, for some institutions, yes, we will be able to fulfill these additional seats. But once again, remember that considering the issue in the beginning of the year, we had a very strong intake in terms of percentage of the entire year in the first half to minimize that effect. Even with considering these additional seats, we will leave some of them unfulfilled. This will not impact, not even positive, not even negative to our results in the second half. But yes, we will be able to fulfill if we have time to fulfill these seats.

Hi Luca, Blanco speaking. I will take the second questions regarding taxations. During the first semester of 2016, we have some new clarifications under a new and then we see an opportunity regarding the payments that we should do regarding the 2025 taxations that we paid on July of this year, reducing the provision amounts that we had on our balance sheets. So, in big numbers, we had dispersed regarding these taxations from 2025, amount of Thank you very much. Thank you. as these recommendations has evolved, we think that in terms of tax, the effective tax rates that we're gonna achieve this year will be very similar that we had as last year, that will be around 10%, okay, for 2026.

Thank you. Just a follow-up. Assuming after the new results of NMAT, this year's edition of NMAT, which should be out, I think, in December, would the injunction still be valid? So it would still suspend any restrictions that MAC tries to impose?

So, Lucas, what we understood from the new normative rule that they released is that, and also the conversation that we are having very close to minutes of publication right now, is that as soon as we have the results from INAMED 2026 release, the expected to be in the beginning of December, we will have all the updates from what was considered as a penalization from the current situation and also the new results will be released and considered for the new intake cycle of 2027. So this injection that changed the results last week is just related to the result that was released last year. So the new one doesn't have anything related to the new NMR that is coming now in the beginning of September.

Okay, very clear. Thank you. You're welcome.

Just a reminder, if you want to ask a question, please raise your hand. Next question comes from Renan Tracta from Finch.

Hi, everyone. Good morning and thank you for the opportunity to take questions. So, I have just one question regarding the CAPEX. We saw the CAPEX that is running. I mean, that's 30% of your guidance, of your full-year guidance. So, I just want to understand, like, how do you see this CAPEX accelerating during the second half of the year? And also, if you could also provide some breakdown of this CAPEX and see if it will be more intensified on PPE or intangible or licensed, I don't know. And that's it. Thank you.

Okay. Blanco speaking. I'll take this one. We are running Compacts for this year. As expected, we want to fulfill the guidance that we provided that is between 340 and 380 million reais for the year. We expect an acceleration of the Compacts in the second half. If we see the breakdown regarding The first semester, we're going to see that the capex regarding properties and equipments were down year over year, but we have a very high acceleration on the intangibles, mostly concentrated on the investment plan that we have around continuing educational and Thank you very much.

If we do not have any other questions, we end this call. We appreciate the presence of you all. Have a good night.