Fleury S.A. (FLRY3) Earnings Call Transcript & Summary

Good morning and welcome to Fleury Investor Day 2025. Thanks for being here with us. I'd like to share with you the structure and the agenda of the event we are planning today. Let's go. First of all, the opening, I'll be making the opening remarks very quickly. Then I'll pass the floor to Marcio Mendes, our Chairman. He will pass the floor to Jose Filippo, our CFO, talking about financial management. It's going to be so interesting. And Patricia Maeda will talk about B2C. And then we'll have our first Q&A session. It should take about 20 minutes. And probably I know that we won't be able to answer everyone, but it's not a problem. Then we'll have a coffee of about 1 hour and 20 minutes and pay attention to people with badges with red cards. Those are our executives, and we are all available to talk to you. Probably that's the highlight of the event that when we can get to talk to the executives who are involved with the operation. Usually, you don't get the chance to talk to all of us. Now I'll pass the floor to Marcio Mendes. Have a great event.

Thanks, Renato. Good morning, everyone, ladies and gentlemen. The health industry in Brazil is changing faster than ever. Patients have changed. Technology has changed. Epidemiology has changed. And the challenges to sustain our industry has never been more evident. And the Fleury Group is not only following this event. Fleury Group decided to lead this moment. Today, we're opening this Investor Day with the conviction that we are facing a historical opportunity for the company, for our industry and for the country. Brazil is getting older. The demand for prevention diagnosis and treatments and following up is growing with the years. The prevalence of chronic diseases is increasing and the search for efficiency, quality and previsibility has never been so urgent as today. In this landscape, a company matching medical excellence, ethical values, national outreach will not only be prosperous, but it will also define the pace of the sector. And we do that together with the doctors, the patients and society. That's the case of Fleury Group because excellence is not just a model. That's our competitive advantage. That's what sustains the trust of the medical community, the trust of patients and the strength of our brands. Fleury gets to 2025 with a set of assets that few players in the market were able to build. For example, our unique technical reputation, strong complementary brands, national presence, reaching more than 2,200 municipalities, scientific knowledge, digital solutions, automation and artificial intelligence and the network able to combine prevention, diagnose and care. The opening of the new NTO, our technical and operational center with the biggest GMP in Latin America is a landmark for technical efficiency. Those assets create technical barriers that cannot be built fast, and they are even more relevant in an industry that demands precision and trustability. Under the leadership of Jeane Tsutsui, we consolidated a management model that is able to prioritize and execute. In the past years, Fleury has showed the rare ability to combine strategy and results, consistent growth, robust margins, cash income, leverage, ROIC growing, accelerated digitalization and a policy of acquisitions. The recent acquisitions show that it's not enough to grow. We have to integrate and have synergies. And that's what Fleury does. We do that with method with consistency. And the strength of Fleury is the synergy between management and the Board. It's not only about governance. It's the shared responsibility, financial responsibility. In a few days, Fleury Group will be completing 100 years. But it's not an anniversary to look to the past. No, it's projecting us into the future. 100 years of strong deliveries have brought us here. And now we are entering a new cycle. It's more digital. It's more integrated. It's more automated. It's more prepared to capture the growing demand for prevention and diagnosis. Fleury won't be 100 years old. It will be 100 years of acceleration with solidity and the conviction that we can and we must lead the new phase of health in Brazil. Today, you see how deep our work goes, but I'd like to leave a message -- a very simple message here. Fleury is not only ready for the future of health. Fleury is helping to build that future. Thank you so much. I wish you all an excellent Investor Day, and I hope that you can clearly see what we see with conviction every day. The best of Fleury is yet to come. Thanks. Now I pass the floor to our CEO, Jeane Tsutsui.

Thanks, Marcio. Good morning, everyone, ladies and gentlemen. Please be welcome. It's a pleasure to receive you here in our FID 2025. Fleury Group has presented consistent results in the past few years. The combination of discipline in medical and technical excellence and the ability to execute made the company reach its 99 years of age as a reference in diagnostic medicine in the country. And we are also always searching for innovation and adopting cutting-edge technologies that will ensure operational efficiency and the best service possible to our clients. Thanks to the offer of ambulatorial solutions with quality, we are combining the organic growth and a bigger market share and also the inorganic growth in strategic assets. In 2025, we had an EBITDA margin of 26.9%, stable in comparison to 2024, thanks to our discipline in controlling costs and expenses. And we have a strong generation of operational cash. We had a growth comparing to '24, and we had a growth of 21% in the first 9 months. Our ROIC was 16.5% in the third quarter. That is we have more basis points than the past Q3. And now we just announced a new distribution of dividends. The Fleury Group has 3 large business units, which integrate the patient journey. The first one of them is B2C. It accounts for 69% of the total revenue of the group. We have 33 regional brands for premium intermediate and basic segment and more than 570 serving units in several states. Mobile assistance is a huge part of our B2C, up to 8%. And the Fleury brand has grown 7.4% until the third quarter. Other brands in Sao Paulo have grown 14.1%. In Rio, it was 8.9% and other regions, 16%. The second segment area is B2B. It accounts for 22% based on our service of Lab-to-Lab. We act on national scale, offering services for more than 2,000 municipalities. And we have New Links, which accounts for 9% of the total revenue. We have 10 specialties, 10 brands, 32 units of service, and we have the infusion of medicine, ophthalmology, fertility and telemedicine. When we look to the graph to the right, we can see the consistent growth. And I draw the attention that starting on 2021, we more than doubled our revenue. We finished 2021 with BRL 4.2 billion. In the end of 2024, we had BRL 8.3 billion. And in the third quarter, LTM, BRL 8.8 billion with bigger diversification. Currently, Fleury accounts for 25% of our revenue. We have a bigger representation of other regional brands since the combination of business, but B2B is having a bigger representation, and we're also growing in the segment of New Links. This diversification of revenue and of paying sources gives the Fleury Group more resilience and capacity to capture market share. Now let's talk a little bit about the vision about the Healthcare market. We know that Brazil is the largest health market in Latin America, considering both the public and the private sector. And Diagnostic Medicine accounts for BRL 73 billion each year. When we look specifically to the projection of growth of the Brazilian population, we see that growth will be 0.34% per year until 2030, especially in the Southeast region. And I'd like to highlight the increase of the expectancy of life that will grow from the current 76.4 until almost 80 years by 2040. That is we will have a growth in the population, which is 60 years old are older. And in 2022, it was 16%. But for 2050, it's probably going to be 28%. The growth in the population age and the increase in chronic diseases will increase expenses with health in Brazil. It's currently 9.1% of the GDP, which is way below the United States and European Union and countries in the OCD. Our expectation is to get closer to countries in OCD. And I also say that supplementary health will grow. Today, it's about 55% of the total, but it's above the other countries I just mentioned. We know that the biggest revenues are in the service providers, which account for insurance companies, group medicines and medical cooperatives. Diagnostic Medicine accounts for about 20% of the total. And in that respect, I'd like to highlight that Fleury Group is in the spotlight because of the technical quality and the quality of the service and the combination of organic and inorganic growth. When we look specifically into Diagnostics Medicine, there was from 2019 to 2024, a growth of the number in exams with a CAGR of more than 5% per year. In 2024, we got a total of BRL 1.2 billion exams made, but the market of Diagnostics Medicine is still very fragmented. When we look into this market, the Fleury Group has 13% of market share. But taking into account the total number of labs in Brazil, we have more than 22,000 labs in Brazil. So we see the opportunity to grow by consolidation our lab support through our Lab-to-Lab services. And finally from the 15 biggest [Audio Gap] -- diversify revenues and expand New Links and then we cover all the value chain of health. The third area is experience. We want to strengthen our brands for service providers, doctors and patients. When we go to the efficiency area, here, we have structural changes, including the digital evolution that will ensure a new boost in rentability for Fleury Group. An example that is already implemented is the digital scheduling of appointments, and they are available in Fleury brand, Lab in [ Rio ] and Sao Paulo [Audio Gap] -- whenever they want. So it's a more agile process. It's convenient, and it caters to the needs of patients, especially the younger ones. Digital scheduling has already been implemented. And in 2025, we capture efficiency gains, reducing the costs, and we also have new clients which enter only to digital media, and they have a better perception of the brand. Looking to the future, we want to increase the representative of our digital channels, expand that to other brands and also make other services digital so that we can gain efficiency. The second big area is growth. I told we had a CAGR of 13.5%. And I would like to say that organic growth comes from a result both in the growth of diagnostics medicine in general in the market, but also because we earned the market share. And that's the result of new commercial relationships with service providers and other paying sources. We increased the medical agendas, and Edgar will be talking about it. We have a better use of the units we have. So we have a better revenue per square meter, and Patricia will be talking about that. And we increased our portfolio of products and services. Organic growth is fundamental, but the value will help us dilute fixed costs and increase the competitive of our business. In Lab-to-Lab, we increase our production capacity, and we also want to have a capture of new markets and increase those markets in which we have acted. In New Links, we have focused currently in making those new links profitable according to the reality in which we operate, and then we look for a new cycle of growth. Regarding inorganic growth, since 2017, we had a total of 22 M&As, including that with Pardini in 2022, and we have 3 pillars to assess that: strategy, culture and economic, and Filippo will be talking about that very soon. I'd like to say that the most recent M&As are focused in Diagnostic Medicine, and we are able to integrate new synergies and generate value. In 2025, we made the closing at Campinas. We made acquisitions of Labs in Minas Gerais, Labs Sao Lucas in Rio Claro. And we just announced the Femme, which is waiting for the CADE approval. Now when we talk about our experience in medical Diagnostics Medicine, I would say that strengthening our brands makes our relationship with service providers, doctors and patients improve. In the premium segment, we grew 7.4%, and we had a growth of 12% in the third quarter of 2025. We are still leaders and we have lots of differentiation. And now I'm happy to show you guys on this feed that we're going to have a great branch here from Fleury called Marcio which will be inaugurated in 2026, the year that we're going to complete our 100th anniversary. This place will be in a premium region in Sao Paulo and have a complete portfolio of Diagnostic Medicine. And we're also going to bring in a pioneer way in Brazil, a healthy longevity center that is following the tendencies of the global health care. We're going to bring a longevity center, exclusive services from premium services that will keep the leadership in the vanguard of the medicine. We are very happy with this announcement. And also to finish here, we know that the way we do with to help with the patients' journeys, it adds value to all shareholders. It promotes a fluid appointment. We promote more health. And for the revenues with prevention and health promotion and chronic care, it avoids these high complexity costs. And finally, this diversification of revenue, we have greater power of negotiation and give the proper return for our shareholders. And that's why we are very happy in the Fleury Group to strengthen more and more as one of the leaders here in Brazil, offering solutions, experiences integrated and sustainable ones in people's health and well-being journey. Thank you very much. Now it's Jose Filippo, our Executive Director for Finances and Relations with Investors, that he will speak about our discipline in our management, financial management, and I'll be at the end here for Q&A. Thank you very much.

Good morning. It's a pleasure to be here with you guys giving sequence to the presentation. We're going to speak a bit about the detailing of revenue. She showed a bit of bit of the revenue going back in 2012. We're going to cut here going to go in 2019, the last 6 years, so we can have an idea what was the evolution and how we look at these parts of the revenue. This is the total of our revenue. When we look at this period, we reached on the last 12 months ended in September, BRL 8.7 billion in revenues. When it talks since 2019, BRL 19.5 billion. Of course, there's all the combination of the elements that make this recipe. And here, we show this cut, and we look individually on each one. So you have the Fleury brand, which is the first cut spoken, the original brand of the group, 100-year anniversary. And we look at all the other brands that were in 2017 under the group. And for last, what was the M&A for the period. Obviously, 19.5%. On the organic part, 7.6%. We're going to be speaking about that in the sequence here. When we look the first cut, we have a resilience. It's a historical brand, and Marcio said it a lot about it, too. We look forward. It's celebrating 100 years, but it still represents a portfolio, very important portfolio from our group. We reached the last BRL 12.2 billion in revenue representative and a growth in a sustainable way of 8.3% when we look upon here. So we've been updated here, the level of appointments in a gig way and all these facilities should be incorporated. And of course, our legacy, it's also important. The other brands, it's the portfolio -- business portfolio that we had in 2019. When we look at the evolution, we have a B2C, B2B, all the businesses that we were in since then. So it's a 7.1% from the other brands. I think it's a very important growth, representing the last 12 months, BRL 12.6 billion in revenue. Following the combination of pure organic consistent organic growth, taking out the other brands, it's BRL 4.8 billion in the last 12 months, less than in September and 6.4%. The pure organic from the photography from the cut in 2019, it was a growth -- annual growth, sustainable 7.6% in this period. And we see the distribution where the Fleury brand and the other brands when we do this distribution, it's almost half each. They've been kept under that way, and we see this percent -- the percentage are being kept and little variation, but that's what we're seeing today. When we look on the inorganic part, of course, it's included the combination of businesses with Pardini, it doesn't make sense to make this growth because it didn't exist in 2019, but we see that it contributes with BRL 4 billion inside the group's revenue. We see -- we highlight some brands here. We have some other brands also that's part of the portfolio. But we see that there's an importance -- our growth has a profile combination that we always state that our growth to change from organic from inorganic, we're able to advance with success in this line. And like it was put before, we have a process and a structure of M&A to execute the plan, the journey and the opportunities. Also like to highlight to say how the logic works. We have a process, a capacity -- important capacity of origination, a structure area, been a while working and it's been permanently prospecting. Obviously, there are different approaches from intermediates that bring us assets, but the area has a origination area, and we map an elevated quantity of assets that it fits inside what will be our target within our model. We have a valuation that we used to say it's composed of strategic aspects, aspects related to localization kind of business where it's positioned. Has to do with discipline associated. It's a very important point. We have the parameters that we need to follow, minimum ones, so we are able to reach that. Every time we do something here, we will put the numbers on what would be the parameters pre and post synergy. It's a very important parameter, the cultural one. It's an important evaluation given that the incorporation, it's very important -- we -- if culturally, the asset doesn't fit to do the operation related to health, the risk -- interrogation risk grows for us we won't be able to reach our parameters when we look upon this prospection. Another important thing is the process once an asset is identified and there's a negotiation for reach a point that we could reach a conclusion. It's due diligence is due and varied the aspects of functionality of the asset -- target asset the contingencies, existing ones and potentially ones. We do the retention of this value to negotiate. We sign a contract, obviously, and the conditions are negotiated. So we can do a signature, a sign of the contract and some situations, we have to wait approval from the Oregon's case of Femme recently that we were going to the CADE waiting for the evaluation integration is important I mention that, but it will allow us in a fast way and with added value to search for synergies. And this way, we evaluate and work on top of that. So you guys can have an idea. We have a committee, a group that gets together every 2 weeks to evaluate the pipeline, the talking of discussions that we can acquire. And for last, to give an indicator, it's important in the last 2 years, we evaluate 99 assets. There's an activity that's very intense when then the hit rate is low. That's how it works. But there are activities that are important and we take it very seriously and with a lot of discipline when we look at these activities of M&A. This is a resume since those times. We're important to put it there a little bit of the strategy. It's not something specifically separated by color blue, for example, it's nondiagnostic and red is diagnostic. So demonstrate our strategy. When we build a new chain, the new links, it was during the period when we came here and had this positioning. And New Links went to a more organic way. It's still growing organically. And recently, we've been seeing our acquisitions being associated with a Diagnostic Medicine, the last kind of business that we did, and it seems like at this moment, the opportunity to add to the inorganic growth in our portfolio and the results, collect the results from that. We can do that grow organically, inorganically without having rentability. What we try to show in the same period of analysis, while we've been going through the EBITDA growth, it's very important growth. The margin is still elevated and it floats with the mix. So you guys are familiarized with that. The mix aggregates operations that have margins that are structurally different, whether it's medicine -- Diagnostic Medicine or B2B Lab-to-Lab, it's very important that it comes the margin to be adjusted, but it's always kept elevated. It's like we will look into the future with that. But beyond that, we have the -- we have revenues with the signal of the market with all the expenses with the taxes more elevated, but with the EBITDA, we have -- we can have rentability. -- even though with the level of expenses, administrative finance is higher and the depreciation of the investments. We've been speaking a lot about that. But we have the opportunity now to have productivity. It comes from investments and solutions, digital solutions that we have additional investment. Last couple of years, half of our investment has been associated to tools, IT tools and digital tools. Now it happens in a greater speed than investment in equipment, for example, and the revenue, the profit will be impacted. The profit, we still were able to keep. Another important factor is the cash flow. We see here for the first time, we're able to fulfill BRL 2 billion happened at the end of September and rentability, the cash flow been a highlight that help us on the structure -- capital structure that we're having and the fact of the acquisitions, we convert EBITDA to be part of all this financial management of the company. Obviously, it returns in a management very balanced. We had a strategy of leverage since 2022. And with all the movement of acquisition that we've shown, we still leave the levels with the proximity close to us what we've been seeing. Another important aspect, it's the measurement of loss, but the profile of loss of our dividends with a longer date and to pay expenses, longer expenses that had a greater rate. It was CDI 0.55%. We took advantage of the moment, and we evolved and we're AAA now in national ratings now and had this possibility to do this measurement of dividends to bring a proper balance capital to bring upon capital that invested, it grew up because of this business portfolio. It's been kept higher in the 16% around 16.5%. This is a metric that it's part of all of our measurements in a general way, it was just to share a bit how do we see, how is our growth that are sliced by some important components, which is good to have this important of the resilience of the portfolio and the measurements of the business of the company. And with that, I end here now. And now it's Patricia's time, so we can keep with our presentation. Thank you very much.

Thank you, Filippo. Good morning, everyone. We hear another year to speak about the strategy of B2C, how we've been performing inside this market. The business in the B2C, it's domestic with 33 brands, 14 places, 11,000 employees and 4,000 doctors, and we've been presenting a growth that is very consistent in all regionals, consolidating in a growth that over 10% when we compare for the first couple of months of this year. And we have the presentation what we've been commenting the last couple of years, a consistent distribution and dilution the composition of the revenue. We've been showing a diversification that's greater, strengthening the domestic strategy and the actuation in diverse places that we're present. We have brands that are positioned in segments premium, intermediate and basic. And with great satisfaction that we've been following, the number of beneficiaries are growing that it hits almost BRL 63 million this year with a growth of almost 3% related to next year -- last year, there are indicators that are very positive, and we see that this growth it distributes in all segments. It's important to be present in all the segments to be able to address a market that we estimate almost BRL 600 billion when you look about supplemental health and out of pocket. And to absorb all this opportunity, we've also been working in what we've presented in the strategy based on 4 pillars of growth and structural projects from efficiency, rentability and digitalization from our interactions. When we look at the reputation and awareness -- brand awareness, this pillar is very important for our growth. When we have brands that the clients and doctors, they wish and they trust combined with the other pillars of growth, we're able to create a very strong structure and platform of growth. In the Fleury Group counts with brands with reputation, tradition and high level of satisfaction from the clients. And we're able to deliver results that are very expressive. When we talk about brands, strong brands and high reputation, I have to, of course, mention Fleury. The last year -- next year, we'll complete the 100th anniversary along with the Fleury Group that was founded in 18-- 1925 with a history of innovation of products, services and introduction of new concepts in the market. We see a growth very robust of the brand and the strategy very consistent. We have invested a lot in our premium segment and keeping the Fleury brand, the leader in that segment. We have achieved that through a strategy focused in the loyalty of clients and doctors by introducing new products and services. We are increasing our portfolio of services, just like the diagnostic centers of care and new services such, for example, an example, we have the pregnancy service. With that, we can expand the share of wallet of those clients. We have great loyalty of our customers and also the level of satisfaction of each experience. We can notice that we have an NPS, a satisfaction level, which is growing, reaching out to 86% of NPS in 2025. This set of factors has making the brand grow consistently at a rate of 8.3% since 2019 and about 7% only in the first 9 months this year. And like Jeane already said, next year, our 100th anniversary, we want to open a new unit that will bring a new concept of care with health that will be focused on healthy longevity of our clients. And I'm very sure that we will be able to develop this new market consistently. When we look to that pillar of expansion of offers, we are already telling you that we will keep the focus in expanding our mobile service, which has been growing 12% since last year with the expansion of routes and collectors in our structure, and that accounts for 73 units of service with a revenue of those 73 units of service. And this year, until September, we have provided services for more than 1 million clients in this business unit. And I believe we still have potential, especially in the new places where we are entering. We have a huge potential for growth. Another important expansion of offer that we are working on is to expand the offering of image diagnosis. When we look, for example, the MRI services, we could expand the offering in the past 2 years, especially in Sao Paulo and Rio de Janeiro, but we work on that on a national level. And we also have worked to expand the MRIs that were increased 16% by using artificial intelligence tools. We have those processing accelerators that we mentioned last year. And I'm talking about incrementing the offer inside the same foundation. I'd like to say that we have an operation with high fixed costs. So when we are able to get more volume and revenue with the existing infrastructure, we can get more market share and also improve the rentability of our operations -- the profitability of our operations. Well, when we look to our growth, it's connected to our mission of bringing health to more customers in Brazil. And when we look into that, how have we addressed this issue? Well, in a very intense way with our partnerships, the creation of partnerships and solution with health providers. And by subscribing new plans, we are strengthening our model of Pra você card, which is focused on those 75% of people who doesn't have health insurance. We are focusing on them. When we look into our public health system, we're also able to expand the volume and the income in the public health system in all of our regions, and it's part of our B2C business. But the expansion of the portfolio, I have already mentioned that, but an example is that we have our vaccines operations. We focused on increasing our portfolio and the -- and it has grown more than 60% since last year. And our expansion through acquisitions and the [indiscernible] of our units. Another thing that I've been stressing out to you and -- but maybe I'm not talking enough about it is the market in Sao Paulo. We are talking about the largest market in Diagnostic Medicines in the country. It concentrates about BRL 22 billion in the supplementary health when we look into the state of Sao Paulo and the regions in which we currently are accounts for almost BRL 7 billion. In that operation, when we look to the brands ex Fleury in the past year since 2019, we have an annual growth of almost 20% and it's focused on acquisitions, but also on strengthening the brands we already operate with. And that consistent growth through the years has brought us an estimated market share in those regions in where we are of 19%. And that's very exciting given that we still have 80% of the market to be captured in the next few years. So despite a very robust growth, we believe we have an opportunity to keep on focusing in that geography. And when we look to Sao Paulo, once again, ex Fleury, we have been incorporating other very strong brands, which have their own excellence and reputation in their markets. But like I said, that creates a robust platform so that we can grow and capture and consolidate our presence in all the regions. That growth is happening in a very structured manner. Once again, like I said, we got a CAGR of more than 20% and of 14% in the past year. And that growth doesn't happen only through M&As. When we look to the organic growth of last year, for example, comparing to that 14% I said before, we are talking to about 10% of that growth being inorganic. And talking about M&As, we announced four acquisitions this year, Hemolab, Confiance, Sao Lucas and Femme. The last one is still waiting the approval by CADE. And like we already said, we have the custom of looking with detail to the new acquisitions. But how do we talk about the integration after the closing? I will bring to you a little bit more. Well, I was talking about [ Pratt Bio Clinical ] because we wanted to capture synergies, but we are also able to expand our market share in the region. Trustability, although we have been operating for a short time in this area, as soon as they start operating, we use our leverages, both of cost and expenses. Those are the fastest ones. When we talk about leverages of costs to make those exams, in the first week that we enter, we respect the regional aspects, but we also look into the implementation of all the synergy captures. So we amplify portfolios and then we start to go after the S&D and other synergy of costs. But when we look to the revenue, we are expanding our portfolio and we start the service of household collection because that's not very well developed. And then we look into the structuring project of profitability and efficiency. Jeane has already mentioned that, that we have our digital scheduling. It's a very strategic front. And here in B2C, we are focusing on that. It has changed the relationship between brands and clients. And that brought important gains in the scheduling process. And we can see here on the graph, the consistent growth of B2C, and it means a CAGR of more than 15% of growth, and that brings us to an earning of 12% in the market share. When we look into the results of 2025, it has brought a very consistent growth, more than 10%. And from that growth, 9% will be organic. So we are able to implement both organic growth, and we can also have all the new acquisitions and the synergies we can build and we leverage those operations. We are very excited to enter 2026 because we will be celebrating our 100 years anniversary and the anniversary of the brand Fleury, and we'll be celebrating in all of our regionals. And I'm very sure that we are ready and we are strong enough in our discipline of strong execution so that we can confirm our presence on a national level. Thanks. I will pass the floor to Renato so that we can start the Q&A session.

Okay. Let's go. Q&A session, about 20, 25 minutes. I'd like if you get the mic, please the broker, where you work, your name because I cannot see you from the stage. So let's hear the gentleman in glasses in the fifth row. Please, [ Rafa ]. Yes, that's him. Please, if you can pass the mic to him, please.

Hello, good morning. Thanks for space. I'm Cepeda from Morgan Stanley. I'd like to go back to the strategy you were mentioning in the beginning that it was so interesting to recap because you were thinking again about your strategy. So I'd like to talk specifically about the New Links segment. New Links is a percentage that's relatively smaller in the revenue comparing your main units and if we consider the infusion with something more symmetrical with B2C than something completely new. And even the participation in this new business might be even smaller. But when you are revising your strategic planning, how did you consider the potential of growth of that unit against the others? And why did you decide to allocate capital and management in that area. Since you already have a lot of strength in the B2B and B2C, tell me a little bit about the rationality of the New Links? And talking about the part Filippo said, you have a mix of business between units and they have not only different economies, but they have different drivers. So would you think about treating this separately? Maybe you could be in the market separately, maybe you could think about each area as a completely different company.

Well, thanks, Cepeda. Thanks for your questions. Well, actually, Cepeda, when we were revisiting our strategic planning, it's just we are reinforcing. We do that every year. And in 2021, we had a strategic planning, and we are following it. And this new revisit was focusing on new fronts, including the strategic projects, they are here, aligned in the board, and we can change things over time. But you brought something very important. We see the potential to strengthen our core in Diagnostic Medicine. But why do we keep it New Links. New Links has important strategic perspective because it completes the journey of care, and we can keep the share of quality, especially in those regions where we already have a strong Diagnostic Medicine. For example, here in Sao Paulo. We have a high market share with the Fleury brand and the client that knows us is very loyal to our services. And around the Fleury brand we have other New Links services. And even our property is very close to us, and we are able to complete this journey, you know, have the appointment of diagnosis, physical services. Everything is integrated. So from a strategic point of view, it makes sense, and we can offer to the paying sources and ambulatory solution that will go over time, and it will help with the sustainability of the system that we call it the journey of care of the patient. So New Links, back in 2021, we started an inorganic growth to bring competence. Now we have organic growth, and it's going very well, including with profit, but we wanted to consolidate the knowledge we have about those special services so that we can have new front of growth. So New Links brings value. Another important thing you said is that when we look to our other businesses, and that's why they are in different units with different heads. Patricia in B2C, Santoro in Lab-to-Lab, [indiscernible], New Links and by the way, we have the whole team around here. You can interact with them in the break, but we have a focus that each head of a business unit will have the perspective to grow, to bring a profit and to have ROIC. Those areas have different margins from the Diagnostic Medicine. All the margins are different, but the ROIC is very interesting. We are looking into growth, EBITDA and ROIC, of course. So usually, you have a business with a margin structurally smaller, but the ROIC is interesting. And it brings value to the share of wallet. We keep the patient in our portfolio. So it makes sense. But we are looking into it with a lot of discipline. Capital allocation is made in a very -- with a lot of discipline. We look into the margin, the ROIC. We combine short and long term and by longer term, Cepeda, I will finish by saying that back then, a few services that have a big representativity today were New Links from back down. So when you ask, is it worth why do you make it diverse? Well, that's the history of Fleury group in 99 years. We started with clinic exams. We added new special exams and people were always questioning us, I remember, when we expanded to outside of Sao Paulo, everybody would be like, is it worth, the margin guide is smaller. But when we look in the long term, that's our focus. Next question in the back, that person over there, please?

I'm Gustavo Miele from Goldman Sachs. I'd also like to ask 2 questions, please. First of all, maybe to Filippo. Just a follow-up in your dividend announcement you made today in the morning. It's interesting when we see the amount that was announced and not necessarily the amount you are paying but it seems, well, it has a number higher than what the market was expecting. And that could be positive news, right? So I'd like to know from you how much of that comes from bringing forward the tax discussion we have in Brazil about taxing dividends? Or can we read this movement as having bigger flexibility in this balance when you think about prospective movement for 2026. And the second maybe is for Jeane and Patricia. It's interesting when you announce the unit, Marco 100, the 100 landmark. I remember when you were more conservative in the past about opening new units. So it's almost the same question. Should we see that as a onetime only movement because of the 100th anniversary? Or it's because you are focusing more in longevity and that will make you open more units in the long term.

Well, Miele, thanks for your question. I can begin. I don't believe there is a change when we think about the payout we are doing. We have high payouts talking about profits. Last year, it was 90%, in the years before that was something close to that. But it doesn't change when you talk about the percentage of payout. But when we analyze the payout, we also look into the other parameters like the leverage of the company. We are worried about keeping the leverage the highest as 1 time or 1, 2 times. So when we look into that, we also consider this type of situation. It's important to remember, a reminder that we try to do something that obviously, we have a base from shareholders, that's very big float, that very big floats from the ownership of the company, it's on the float. A lot of CPF, social security -- Brazilian social security numbers here. So taking consideration of a series of aspects like the market itself been looking. We've been looking at the market to look at these kind of things. Other companies, they opted for different movements of capitalization so it's within the parameters that we've been using it doesn't change. And we programmed the payments from dividends that has similar dates. We usually closed the balance in February. We do the payouts. We try to keep the situation. It's not a change when related to dividends payouts. It's a highly elevated payout that will keep going while we're able to fulfill the other parameters.

It's a pleasure to be here for the questions related to the Marco 100, it's aligned with what we've been doing to position. We do the retrofit with greater services in the places already own. But effectively now, a growth opportunity for growth, very strong positioning of the brand in Sao Paulo. Like I mentioned before, obviously, celebrates the 100th anniversary. That's why it's called Marco 100, but our objective is to broaden our capacity to bring a complete portfolio in terms of medicine. All the modalities, different models with a greater the people of 60 plus that we -- and all the youth also, when I put the book about life book, it's a matter of behavioral change and people, they are searching a way to have a longevity, healthy longevity. We see this obviously a service, a series of services and to strengthen our positioning of the brand. And we've seen in putting these integrated services last year. We put the neurology center and a lot of the growth of the brand that comes from these new centers, and we are referencing services, integrated services and specialized and we see this opportunity. And related to the possibility, I have the organic growth, yes, we have the possibility, whether it's brand some places. But obviously, with Pardini brought us 180 additional places. So we don't need to keep opening other place. And Confiance brought 25 places in Campinas [indiscernible], brings my 12 places. Whether we do with our acquisitions and the adequate price, it's our logic, but every time we have opportunity, we can open organically. Just to complement what Jeane said, it's what we've been working and we work the best ways to optimize the services that are offered then gets a greater ratability in our operations and has the potential with our places that have already been installed. But obviously, eventually, we will look for another inauguration or another, for example, this year, we opened 2 places of [indiscernible] because regions where we weren't present when you understand that there's a potential to be captured. Of course, when we do a new place that we opened, we do a ramp up a little bit slower than we have an acquisition that comes with all the volume being generated from one day to the other. But look partially that we have able to grow, we have this growth potential. The years that we opened a lot of places, they came with a physical space, additional that weren't captured at the moment and now we'll broaden these spaces.

Leandro from Citi. Two points. Looking at the market, we're in a very interesting moment. We have a best greater margins and the adjustments. I think that for you guys, they have strong brands. How do you see this relations with the operators today, new plans that are always hard in the sector, the moment in the sector, more prospects just to get another one about productivity of the places that you commented, vaccines and images. Relevant, how relevant is today and how can we escalate getting to the -- there's a lot of opportunities to convert another place of Pardini to play a bit of the places, how do you maximize?

Thank you, Leandro, for the questions. Leandro, we are all following the data from NS and that period, now we see the claims that are inferior to pre-pandemic, we see a scenario now that it's more optimistic. The commercial staff are here, you guys are going to be able to do the interaction. [indiscernible], the Executive Director here. But the point is, the main point is, we have strong brands in a moment that the operators are searching to broaden the number of clients to get new clients. This brand and the satisfaction of the clients are very important. And we've put throughout the period, like partnership of the operators, working with algorithms, diagnostics. This strengthens us. So in a general way, negotiations or negotiations, they're not always easy, but we see very -- we see this healthy -- this health department era, they growth of 2.8% at the name of beneficiaries. The judicial parts, it's being discussed. So I believe that we're going to have a more favorable moment to have strong brands. That's very, very strong for us. Our position is to capture all the possible demand now the next couple of years. That's why our strategy is very important. We have this clarity, 12 points percentage in market share throughout the years. So there's consistency in investment, burden of the appointments, relationship with other medical community and the operators, it's fundamental, and that's what we're doing and see with optimism the next year. No, but this has the word now to talk about the places, take advantages between brands. It's been a main leverage of this organic growth, strong brands and high reputation. They want to use our brand so it's very important when it comes to capturing the markets and the main services, image service will look to volume representative, it's ultrasound and MRI. When you see growth of 15% a year. It's a factor that's very relevant, and it's been shown here in the regionals. And why am I saying this? I have a place, for example, that has 10 MRIs places. And at determined days, I had an offering of only 5 spaces working because I had no doctor to cover. So it's a very strong work of this relationship with the medical field with this expansion of the offering. When we look at the opportunities between the brands we've been working segmentation of the brands, to distribute better the appointments to the clear segments where they're supposed to be. And yes, there are some places in specific locations that are more -- that's not so busy and we started to do this migration. We'll look at this asset, too. And what were the assets that we have today, the main movements have been already executed.

Vinicius from Itau. I'd like about the competitive environment after the last couple of years, the main player from the industry with a situation more strangled, financially speaking, competitor that was very relevant in the market from B2B, BSC market also. I also try to understand with these results, looking at the data from the last 2 trimester, how this made that you guys have to have a better negotiations. We understand that there's an alignment that's very big between [indiscernible], a little bit of the success that we've been listening from [indiscernible] that they're able to price these products in a very efficient way in the agreements, a lot of volume for [indiscernible] and have a very good price. I'd like to understand how this influence that you guys can have with other players except [indiscernible], and within the B2B market specific, you guys felt some competition a bit more rough to get a little bit more of the price share.

We have a presentation from Roberto. And we have to complement our vision. Competition is very good. And to have players, health players with good results, that's very good also for the Brazilian market. That's a very important point. We need to show the force and the potential of the health sector in Brazil. And we really cheer that we do -- everyone does a very good work. So we're able to show mainly outside that we are an excellent country with a potential growth. We saw that the curves, the epidemiology curves, and expense with health. First, competition is good to have strong players is good. And I get people's attention, what we've been doing with consistency throughout the years. You don't do that from one day to another. This medical relationship, this trust that we have, it's the work of a lot of people through many years. The broaden of the agenda, it's cultivating the relationship with doctors that we trust that they come to work with us, investments, and that's constant. Every year, we invest in CapEx. I talk about the digital IT to have systems to have faster systems. But to renew also the parts is very important. The doctor notify themselves. We do the interaction with the medical crew. The consistency is very important in our vision. That's why we've been delivering throughout the time, and we're still going to keep delivering that market share growth -- it comes because of a series of actions that we did, that's management. That's management. There's another way work that it's hard to look at opportunities, we're going to renew or we're going to exchange a lot of disciplined allocation of capital. No one inside Fleury does a short flight. We have this consistency to deliver results, the quarterly results, but looking through a medium and long term. The planning, as I stated, from places, but the exchange of the change of the equipment, it's to look. Of course, partial changes need to be done, so that's the point. We were able to grow organically to bring good assets, like you know that the leverage level allow us to do it that, that more players -- greater players that they are not doing so, but always pay what's correct. Next question.

Yan Cesquim from BTG Pactual. Just a question from my side on presentation of Jeane, she mentioned a bit -- the revision of the strategic plan. I'd like to ask about the first pillar, which is the efficiency. Jeane mentioned that you guys made a new leap of rentability in the next couple of years and even spoke about other services that can get efficiency. So we read this as a possibility of growth, margin for the company in the next couple of years or that we can transfer the price within the strategy of widening the pillar of growth?

Thank you for the question, [ Samuel ]. First of all, I'm just going to bring some points related to our rentability related to what we bring this year of the EBITDA margin and the tendency of a mix of services -- a mix of clinical analysis and images. Throughout time, the growth of other brands and other services, the different from the projection. For example, Patricia showed us that we've been growing with other brands that the premium brand. But each business, little by little, they have the objective to get a greater rentability. But the business mix can have an influence in our margin. For example, Lab-to-Lab, there's a lower margin than B2C. But even though ROIC is an excellent -- ROIC and the margin is smaller. If it grows in percent, it will bring the margin lower. When we speak about our rentability, I'd like to put that we've been working exhaustively to control the costs and expenses with gain of productivity in AC, CD and all services and other projects that we see structural projects as the evolution. Digital evolution has potential to change a bit the model of our service. So it replaces a part of what we already have. Especially with the growth, we have to grow when we bring digital services. And then we have a growth in the profitability because we change our model. We believe in that, and that's why we are investing on digital and that the digitalization of services will bring us. But the EBITDA margin, where it will land? Well, it's a result of our business mix. But what we look over time are the opportunities, like I said, of combining the growth with the profitability with the ROIC. We are not only focusing on the margin. Of course, that's fundamental. But the return on invested capital is so important. And in that combination, we'll be growing where we have opportunities with the best margin possible with leverages of profitabilities in our structural projects, and we will be also focused in our ROIC. Filippo, I don't know if you want to add something?

Well, you said it very well. We have a combination. When I think about the long term, for example, maybe we can give some information that will help that. We are working. And all the leaders which are responsible for their functions, they are always looking for profitability. When we look forward, the profitability has to increase. But each unit has a different cost structure. And we were saying that, you might remember last year, New Links has a different margin, but it has a request of investment, which is lower too. So we bring both the financial and economic vision to the table. But all the businesses in our portfolio, they have to grow, they have to bring revenue. We cannot accept any business without that profile. That's how we look forward. And we must create the conditions for that to happen, of course. The opportunities, they are not only to grow the revenue, but also to be more efficient. And like you said, when you were talking about our strategy, well, there is a lot going on about efficiency. Our business allow us to have this possibility of gaining efficiency. And the portfolio we have today can help us with that. I believe we have big opportunities, and we will keep going this way.

Okay, guys. Great. Well, before the coffee break, I'd like to introduce you to the other executives, not only those up stage. Together with Filippo, you have Miranda, responsible for M&A. He was responsible for the merging with Pardini. Thanks, Jason. Together with Patricia Maeda, we have Jefferson [ Andreatti ]. He takes care of all the brands in Sao Paulo, which are not Fleury brand. [ Jan-Maramald, ] he is the head of the Fleury brand; Alessandro Ferreira, our Executive Commercial Director; together with Edgar Rizzatti. Rizzatti, can you stand up? He's our Head in New Links and our Medical Links. He works together with [ Lia Amori ], Manager of New Links. And [ Gustavo Tuan ], responsible for the technical area. Roberto Santoro, if you could stand up. Roberto, please, is responsible for Lab-to-Lab operations. He is the Executive Officer of the company together with Mr. [ Ramos ], responsible for Lab-to-Lab; [indiscernible] our Strategy Director; and [indiscernible], our IT Executive Director. My suggestion, pay attention to the red cord in the badges. They are the executives. We have two parts in the coffee break. We have tables to the left, tables to the right. Please, you can talk to them freely as you want. We have 1 hour to do that. Thank you so much. See you soon. [Break]

Hi, everyone. I hope you liked our coffee break. Now I'd like to invite Mr. Filippo to come back to the stage, please.

Guys, I'd like to talk about our APIMEC badge for 16 years now, right? Thanks for being here with us. You are reassessing our commitment. We are together. It's important to the connection you have with the whole community. It's so important. And we are here to celebrate those 16 years that we get the APIMEC badge.

Yes, Filippo. It's a pleasure to be here. First of all, I congratulate all of your Board, the leadership of Jeane, your transparency, your current work, 16 years in the turbulent times, we believe, is worth mentioning. We have to congratulate your operational and financial performances. I congratulate you. And the opportunity you give us to get in touch with all your Board, I believe, it's so important. And I believe the partnership will go on for a long time. Thank you so much.

APIMEC is the Association of analysts and investment professionals of the Brazilian capital markets. Moving on to our next speak by Mr. Edgar Rizzatti.

Good morning, everyone, ladies and gentlemen. It's an honor to be here with you in another Investors Day. Like Marcio and Patricia already's mentioned, next year, we will have our 100th anniversary. And when we look into this story, there is one thing that remains constant over that century. We are a medical company made by doctors, for doctors. And that medical culture is the fundament, the baseline, which sets the truth and the reputation that our group has built all over Brazil. It's in the origin of our company, and it's essential to guarantee our capacity to innovate, to expand the offer with consistency and to strengthen ties with doctors and patients. Currently, our clinical body has more than 5,200 doctors. That is a growth of 4x in the past few years. And that evolution increases our capacity of execution, and it makes the Fleury Group one of the biggest medical platforms in the country, especially after the New Links opportunities in the past years, its scale, diversity of special services and local relationship with prescribers generate access, loyalty and sustainable growth. Our medical structure is one of the pillars of longevity of the group. Our medical careers are built based on merit and deservedness. We divide them in two blocks based in quality and experience and also engagement and action in practice. Those attributes define how the doctors will progress in three different profiles, technical, administrative and hybrid. We call that the W career. And that model allows medical talents to go to a technical career, and those with more suitable to be leaders can get to that position when that makes sense. So our medical governance helps Fleury to grow with excellence and long-term vision. The medical consultancies or assistance services help us to act when a doctor talks to the assistant doctor to think about the case, so that they both can think about the patient. Besides creating a relationship of trust, it improves the outcome and the use of resources. And that trust can be shown when we see the preferential exams when doctors want to appoint the operations to a specialist from Fleury. Those preferential exams affect our income and make us the leaders we are. That's why we follow those numbers really closely. And those numbers impact the variable income of our doctors. One of the pillars in our strategy is to ensure the expansion of the offer with quality in such a way that we won't not provide services to a client because we don't have the capacity to do that. And to achieve that, we have a huge partnership between the planning and the business areas. And we use data to expand the windows of opportunity, so we can offer medical coverage and a good use of the schedules. And you can see the results here. We were able to expand our capacity consistently in practically all the brands and we reached substantial growth. That evolution allows us to provide service to more customers, to use our assets better and to guarantee sustainable growth without pressing the margins like Patricia said in her presentation. And an efficient way to guarantee that medical coverage is through our medical app. It's also a channel of communication with Fleury directly. It also helps us with engagement actions by sharing news, guidelines and good practice, which reinforce our welcoming culture and the way of the Fleury. Another pillar of engagement of medical engagement and one of the biggest differences we have is the medical knowledge and the scientific qualification of our clinical body. In the last year, we published we had almost 100 of scientist magazines, peer reviewed, which put us as one of the main organizations in the private sector acting on research. And I bring you here a very recent example from a group that was able to be in the cover of RadioGraphics, one of the most important radiology magazines in the world. And why does that matter? It matters because when Fleury builds knowledge, it builds also value. It's either value for the medicine, for the doctors in and outside our organization and also value for the business because knowledge becomes innovation and competitive advantages. And the excellence in the knowledge of our doctors, it's not expressed only inside our units, it's also projected to the medical community as a whole. Our specialists take part in large national and international conferences and meetings, and they are invited to attend very important sessions of great events in the area. For example, Dr. [indiscernible] our Clinical Director, attended COP 30 on the round table about climate change and health. This protagonism of doctors and scientists attract talent, improve our relationship with prescribers and help to expand the recognition of our brands. And like I said, when we talk about knowledge, it becomes innovation. And in the case of medical knowledge, especially the innovation in services, and a good example of that is the journey of the pregnant lady at 30. The program just started as a pioneer in the concept of an integrated health center, like Jeane said. And in the past 15 years, it has gotten a good reputation in front -- from the medical perspective. And now we created the Advanced Center [ Justar ]. It's a hub integrating fetal medicine and other special areas like cardio development, prematurity. Well, it's a combo. And that medical excellence when doctors or patients need it, oh my God, it makes a lot of difference. And in the past few months in the [ JustTar ] project, we also evolved with technology and -- by getting closer to the pregnant women. We had our digital journey together with [indiscernible]. And we are beginning to have the adherence of the patients. And we also implemented AI to improve the baby's image. Just recently, service providers warned us about a very important issue. Lots of patients who were suspicious of having breast cancer, they would get lost along their journey, and they would take 100 more days to get to the diagnose. But now we are working closer to the patients with multidisciplinary teams, and we looked all those steps, and we redesigned that journey with our commitment to get to the final diagnose in 3 or 4 weeks. And when people are appointed, we will put the exam DX. It's an exam, which is exclusive to Fleury and that brings a big benefit to the patients. And in that breast cancer journey that I was talking about, a huge part of the patients are submitted to hormone therapy. In those cases, the test of radial ultrasensitive is fundamental to check if they are -- if it's actually working. When people ask for an MRI or a mass spectography, we have this perfect solution in oncology. [ Innovar ] also means to evolve in the way we relate to doctors. And fertility is one of the best examples of that. It's a model without its own clinical body with doors wide open. And partnering doctors will boost knowledge, results and recognition. We focus on cutting-edge technology, operational efficiency, and we offer positive results in our fertilizations. And the doctors are focused on taking care and creating -- building those relations with patients. There is autonomy and protagonism from the doctor, and we have quality for the patient. And that collaboration speeds up our results, and it has had better results than expected. And talking about the medical protagonism, here, we have an example that makes us really proud, our service to plan surgeries virtually based on the image exams of radiologist will transform those 2D images in 3D models that can even be printed through a 3D printer when needed. And then the surgeon can simulate all the other parts in with safety. And let's get to the end, we have a concrete example of how technology when used in a wise way can help lives. When we add AI to chest x-rays, X-ray, we are turning a conventional exempt in something from the future. People with cardiovascular risks, which are high, and they don't even know. Well, that means about thousands of patients with an indication to be treated and up to 108 serious cases that can be treated just like a heart attack or a vascular cerebral accident. That is we turned a commodity test into clinical exam with best value. It's more precise, it's more preventive and more personalized. And it brings real benefits to the patients without extra costs. That being said, I finish our conversation about medical culture and innovation, and I pass the floor to Rodrigo Santoro who will show expanded this separation in the whole country through Lab-to-Lab.

Thank you. Good morning, everyone, ladies and gentlemen. It's so nice to be here. I'll be talking about Lab-to-Lab. It's an important business unit at Fleury. Well, we know that Lab-to-Lab is very -- impacts a lot of the daily life of municipalities in Brazil. In Brazil, most of our public health is done on a municipality level and Lab-to-Lab is completely integrated. We are in more than 2,200 cities corresponding to 80% of the Brazilian population. We have always followed our idea to bring the diagnostic medicine to people who need where they are. We don't bring the patient to the lab. And there is another thing about our strategy, our purpose, which is to deliver health for the people and grow our business to our clients because lots of our companies are B2C companies, and then we can transform knowledge and generate value for Lab-to-Lab businesses. Beyond that, we are talking about a business which is growing organically. The drugstore markets are growing. Our portfolio has more specializations, and we are talking about, for example, the genome and even exclusive exams for oncology, that is right. And when we assess its growth, it's not only responsible for the 47% of the total of exams made by Fleury. When we look into the historical, we have a growth of 4.7%. And we have more than 430 logistic routes. We have water transportation, different modes. We have 18 integrated technical areas in Lab-to-Lab and 7 high specialized areas. We have a reach of 8,000 clients. And we only by running roads, we do more than 3 turns around the globe in kilometers. And in 2025, we had important investments in our production capacity and we have a growth strategy. We increased the capacity of production in 7 new technical areas, and we opened 2 new areas, one in Porto Alegre called Farrapos and the other in our headquarters in Brooklin, we have a better capacity for the Lab-to-Lab market in Sao Paulo. So it represents our potential. The area in red are the areas that part of Pardini that are producing already Lab-to-Lab. The yellow ones are the area that are integrated with B2C. That is the same area with product gravity from Lab-to-Lab and B2C, [indiscernible] Rio. And in blue, the potential areas that we can use within our necessity in our regional strategy of production in Lab-to-Lab. In relation to new areas, we have 2 main cases with the inauguration of our new technical area that was done in June of this year in Rio Grande do Sul and the new area with a high capacity in Brooklin in Sao Paulo. What does it represent? First, we have a great capacity in Minas Gerais, our project enterprise in Vespasiano. Sao Paulo represents the greatest market, the second number of municipality in Brazil. And Rio Grande do Sul, it's the third number of municipalities in Brazil. Like we say that the municipal part of health system has to do with the integration with Lab-to-Lab. Now we are present in the 3 states with a greater number of cities and the best relevance in the market with greater capacity, productive capacity, just represent a case after the inauguration of a again, 2.7 million tests, total capacity. We had 100 new clients in 5 months of operations, and we are above what we previewed to 150,000 exams, 40% already from the forecast. And we have the new technical area in Sao Paulo with 84 million capacity in the greatest market and mainly for us to give scale relevance and a high level of automation for you to get the results quick and to give competitiveness for the market at which it is Sao Paulo. And we're going to show a video in the new technical area in Sao Paulo. [Presentation]

Okay going back here to Lab-to-Lab is the main channel of distribution of exams of high complexity like Dr. Edgar cited previously, we have some exclusive tests mainly in the area that has to do genomic area, oncology and it shows here what's the importance of the distribution of these tests with high specialization. We are P&D. We can generate a high specialty throughout the time in a way to specialize the client. Not all labs, they have the same potential. In relation to volumes, when we have a look, I mean, the comparison that the great sequencers from the third quarter, we had a 35% growth. And when we consider these 3 exams into 2D-sided Oncotype from prediction of chemotherapy, PrecivityAD2, which is predictive from Alzheimer's disease, chromos DNA, when we compare, the growth of 2024 that was done with LTM from the third quarter is 136%, mainly to the distribution of these tests in the channels that are already established from Lab-to-Lab. In relation to the future, we have a program very well designed, what's called the Cellario Lab-to-Lab. It has 3 important pillars that are strategic. The first one is to strengthen the customer relationship management at core. What is to strengthen is to specialize the clients more and more to transfer know-how to give a new kind of product where you have access to exams that are more specialized in tools to avoid churning and the loss of the clients to help them grow and to be specialized at the same time, we keep with the same base and potential of internalization of the exams and Lab-to-Lab. Second point is to enlarge areas of operation in the core. What are the segments? I'll give some tele-radiology. Our client base, it's around 30%. It has some modality of radiology tests or tele-cardiology. So we utilize our business from tele from radiology to support this kind of clientele. And we have a digital health that was developed by the Fleury Group. It's a great modality to give access to this segment for our clients. New business that were under development we cited in other events that the parties for you to distribute necessary products in the ecosystem of Lab-to-Lab and to do integrations also, sometimes with the whole pharmaceutical industry with the protocol research. And we have the potential of the veterinary when you explore new businesses that we have been growing in Brazil and a potential very big throughout time. And we have our greater to strengthen the multicultural aspect of Fleury Group using the capacity that's integrated, productive with the payday from Lab-to-Lab that you're able to distribute in a fast way. And beyond that, the amplification of the capacity of production and our commercial way of selling also products from high specialized that will leave us a big future with a broad market share and the preservation of rentability. These are the main aspects of Lab-to-Lab. And beyond that, we have innovations also that are applied. Most of you know already our model to expand a new portfolio has to do with the products very similar products to the pharmaceutical industry. We have the use of AI -- we have algorithms that we call a clusterization that you group these labs with the same kind of buying procedure. The second one is the algorithm of association to know which exam that are within the same cluster that are being solicited and are being asked for. And the third one is the recommendation and a recommendation of the client. You put that to the CRM, the executive, you put that into approach of the negotiation and trying to do conversion. You do the follow-up results in BI and you retrofeed and you reprocess the algorithm. Just a reminder that not only the Graylabs that needs more specialized exams, but before Pardini now amplify through the Fleury Group, it's a fast way for you to introduce new products and tests that are more specialized. Well, that is it. I'm here available. I'd like to call again Renato Braun to continue the event. Thank you very much.

Who has interest in the same way we did before. If you have any interest, raise your hand, please. On the fourth row here in this direction, please? For Flavio.

Congratulations for the presentation, Flavio Yoshida from Bank of America. I'd like to explore two points which you are -- for you to shown in the presentation -- previous presentation, that the diagnostic industry is still fragmented. You have a market share of 13%. I would like to understand what you guys have and how could this market share could be in a medium term, long term? Could you give us a north about it? What are the steps for us to reach that to get a greater market share in the region where you already work geographic expansion? And how do the Fleury brand could be leveraged? We understand that the Fleury brand is very strong. But we know that health is very hard for the brand to travel where they are unaware of where they are unknown. I'd like to know this geographic expansion. I'd like to know the second question is related to CapEx, there is a contribution very big from the technology part from CapEx. So I'd like to understand a bit if this value, which is higher and which is structural, I believe it's to have a margin range, profit and to understand how you can see some margins related to this greater CapEx related to technology.

Thank you, Flavio. I'd like to start, and then I'll show the word for Patricia and to Filippo. First, Flavio, throughout time, we've been looking to this market very fragmented that we've shown 13% considering diagnostic market as a whole. Throughout time, our vision is to get market share that is through organic like we said, but the nonorganic. Now we have 22,000 labs in all Brazil and two avenues, two paths. There's our pipeline, which is more focused on our diagnostic medicine like we've been doing. But there is exists always to grow your profits through Lab-to-Lab there. Robert just show us back then. We don't need to necessarily to acquire these labs. I can get my profits, my revenue, greater revenue. And so you don't have to do it in a way for you have to do investments on acquisition, but have the benefit to bring this profit, this revenue. Looking at the future, we don't look at numbers. But we -- yes, we have a vision of growth throughout time with these paths that we mentioned before, growth in the core of diagnostics through organic and inorganic growth and greater diversification from our revenues and new chains is a way for you to complete the journey to do better negotiations with the health operators. And strategically, it's better fundamental so we can have opportunities. So looking at our growth from '12 -- 2012, 2019, we have this mix that it's growing our market share. We were on the second place with the combination of Pardini. Now we have 13%. The market share is very important, but there are opportunities by the growth. And people are getting old and the health department still is going to be growing and we preparing a capital structure to be part of this growth and to grow, specifically related to the M&A points in diagnostic medicine, mainly in clinical analysis, our focus has been to look at the regions with high development of socioeconomic development that was valid in Itajai in the interior Sao Paulo Campinas as a region and Rio Claro. We have here a region that not only grows in the point of view -- economical point of view, but has a high penetration of supplemental health. This countryside that we just got in, it says 45% access to supplemental health. Sao Paulo with [indiscernible] and in Minas, we are in Posalad methods with Hemolab and Conselheiro Lafaiete with a high growth also. Pat can speak a bit more about the Fleury brand and Pat, you please complement.

We don't give objective guidance, but we see a lot of opportunities to grow market share and mainly what I've shown in Sao Paulo. When we talk about the brand Fleury, it's hard for you to take other states, other regions, historically speaking. This didn't brought us a lot of results. But we look at it in the possibility and to evaluate the possibility to -- on other cities in the countryside. We've been discussing because it's very hard the situation when it comes to ramp up, it's slower ramp-up, but brought in, it's cities that has a high economical development. There's the public for that, that had this consumption. It's just a matter of timing and to balance investment versus return and the timing of -- to get this money, this availability, this financial. There are opportunities, and we evaluate a lot of criteria balancing investments and return. I'm just going to complement. Filippo will talk about CapEx. But just to reinforce, our CapEx has been around 6% to 6.5% of the revenue. This CapEx, it already contemplates all the expansions of productivity, capacity. So that shouldn't change. And the investments in IT has to do a lot with our leverage of efficiency that we mentioned before, right, Filippo?

Yes, I think. So we have an indicator CapEx between 6% and 7%. And there's a discipline. It's always good to remind like all CapEx internal process, they have a forecast for return and where everything is associated with the investments, financial returns. So everything that's planned, it's been through some verification in terms of investment return. So when it's going to be approved to be implemented, there's a second visit, second approval like naturally could have happened. In this profile, what happens is on rentability, there will be the effect of this investment in technology, digital parts. We show the part of the appointments, which is very easy to identify as being an important tool. And maybe the commentary here the amortization from CapEx, digital and IT, it's faster and greater than investment in infrastructure, MRI amortized in 8 years or sometimes more the investment. In IT investments, it's a lot shorter. You talk about things that are like 2 years because for the criteria, the rentability has to pay this CapEx and it's more stressed when you connect with the CapEx that was invested. But within our return -- financial return from our margins, that benefit will be there already and appointment is one thing. Patricia commented about the cost to help the client, which is a channel that is sophisticated and it costs a lot for you to interact with the clients like an appointment or an explanation or how do you do the preparation for the exam. There are teams that demand technical aspects that are very elevated. So digitalization brings us that. It's important for us to follow this path. But just repeating myself, the speed that a CapEx digital that impacts the results, it's a very -- it's a lot more faster.

Next question. There in the center of the hall.

[ Guilherme Guerrero ] from JPMorgan. First of all, congratulations for the event. I think that we sometimes are focused on financial analysis, and we forget about the medical culture. So my question was -- is about innovation and medical culture. When we think about exams, procedures, the technology of the group and the company, what else could be added that would bring more competitive advantage to Fleury? That's the first question. And the second question is, regarding Lab-to-Lab. When we think there was a slide in which you mentioned that the production was 40% above your expectations. So I'd like to understand which is your whole capacity compared to the potential you see in the market, which would be the investment needed to fulfill the whole potential? to view the whole potential.

Well, Guilherme, thanks for your questions. I believe Edgar and Roberto will add something to my answer, but I'd like to remind you that traditionally, we are a very innovative company. We probably are not talking enough about it. But in the past 2 years, we launched more than 1,800 products and also there was a change in methodologies and services. All of our financial results, like you said, is a result of that innovation. It's a company with a very strong medical culture. Now Edgar, please feel free to answer that question.

Well, we believe we have different ways in which we try to seize those opportunities. One of them, we talked here about it, which is R&D, right? We have a very close relation to our doctors, and they are always working with the state-of-the-art in their job, and we try to bring that innovation to also develop internally. And in some of those situations, we start by sending a test to a test abroad. And when we see we have the opportunity to bring it here, we do what we call an internalization. But beyond that, I believe we have aspects that are worth mentioning. For medical services, in a broader aspect, I brought -- for example, like the Fidus Health, we now have a hub with different niches to -- which are really necessary for those who are suffering with those problems. And before that, we didn't have a dedicated work for this type of situation. And then we can also look into those issues related to innovation in a broader sense, like open innovation, the contact we have with the start-ups through ours [indiscernible] of innovation. We are always assessing the possibilities of services and products offered by start-ups today. We currently have 53 start-ups working with us in different areas. So we track that often. And we also have the possibilities with suppliers and with partners. And I believe Roberto said it very well with our product matrix because we can access the needs and use that as an opportunity. And of course, the scientific knowledge and the possibilities, we always have here a few segments, both in the medical area or with R&D scientists, and we are always assessing that to see if those new technologies can be developed internally. And then we have situations related to self-immunity, cancer to -- well, we have new opportunities opened by the biotechnological revolution that we are undergoing.

Yes. And I'd like to add something. Today, we are referencing diagnose for oncology that is when we look into the area that is growing, which is oncology, we already have a big portfolio, and it will keep on growing because the population is getting older. So those tests are usually very sophisticated, including the genome part. We have a partnership with Einstein and Genesis. We are working in the way of -- well, when [indiscernible] says internalizations, we have 2 advantages. We can reduce the time of processing. So you expand the market and reduce costs, so we can enable those tests. But internally, they are efficiency levers, which are very important. For example, we just out our methodology of a test that took 14 hours to be ready, and now it only takes a few minutes. Would you like to add something about have to add?

Yes, Guilherme. Talking about our production capacity, we already made the main investments. Of course, we want an occupation efficiency. We want to have it at least an 85% rate of utilization. We need those 15% available if needed, but we have made the investments needed this year and the next years. So there is no additional CapEx. And I'd like to say that both our technical area and our new facilities here in Rio Grande do Sul. They are more modern with conveyor belts and new modules that will enable them to increase their capacity. So we are really calm about it. And we have more structural programs, for example, the integration of systems. And in that map, I showed you the blue dots are already producing to B2C. And after we integrated the systems, they might also offer Lab-to-Lab. So we are very calm about it. Everything is working.

Okay. Next question please, the second person in that row.

My name is Eduardo from UBS. Once again, congratulations for your event. I have two questions, too. The first one goes to about the link between M&A, B2C and Lab-to-Lab. So what do you analyze? How do you decide to eventually get a client by a client, which is already a client in Lab-to-Lab because sometimes you can just be a partner offering your know-how, but the next day, you will run the operations of that lab. So what makes you shift your decision? And the second question is about possible opportunities in the market of out-of-pocket, especially when you talk about medical tourism, I believe it's more strict to Sao Paulo and premium brands like Fleury, but do you have a more proactive strategy to chase those customers. And we will see that effort in the company revenues in the next years?

Well, Eduardo, thanks for your question. First of all, when we look to the number of labs in Brazil, we have a few things to think of. First of all, the income. We are always making jokes with Rogerson. When you have a big asset and a small asset, well, it gives us the same work, all the due diligence, all the processes because they're very careful about it. So we have about -- issues about the region, the economic development, the penetration of insurance plans. And when we look to Brazil as a whole, we have the leverage of partnerships. And don't forget that 30% of all the labs end up being run by third parties, right? It was about 25% 5 years ago, and now it's about 30%. So that's a good way to be a partner without the need to invest. But of course, when we invest, we take into account the potential of getting clients and building synergies. For example, when you have the processing platform, we can have that through Lab-to-Lab, but we can reduce other costs. So it's all because of the size of the unit and to our strategy when we think about a new acquisition. And I'd like to say it very quickly, but I believe that Filippo will be able to add more here. But when we look to the out-of-pocket market, we have a reality with a few clients, which are very special and come to Fleury by an indication. And like you said, Sao Paulo is a reference in medical issues. We have big hospitals just like Rio. And many times, we have the presence here in Sao Paulo, the big cities here of a specific audience. And there, we have opportunity to grow. Most of our integrated centers are already references because we have integrated centers for different specialties. For example, doctors often know that we will solve a specific type of high complexity situation at Fleury, and that attracts patients from all over the country. Patricia, please say something about the growth of [indiscernible].

Yes, I told that we have this strategy when we look to people who don't have access to supplementary health. But you said something about healthy tourism, yes. And we do have a structure aimed at especially in our [indiscernible] brand to provide services for the foreign audiences. So we have sales of people who are able to speak in English, Spanish and also Chinese. We have a partnership with embassies from different countries. We have an important partnership with the American Embassy, but also the Chinese Embassy and we are able to provides a different service, sometimes even with interpreters, helping their conversation to flow the best way possible. So we are really looking into it, especially inside our brand Fleury because, yes, the demand is increasing for this type of service. Yes. And we also have clients who are used with our service and they go leaving abroad. But when they come and visit, they make all their tests with us. And it's so interesting because our welcoming, our hosting is really different. When we look into the structures of our units, you cannot find anything like that outside the country. So it's very common that they will come back to Brazil to have -- to be tested.

Okay. I'd like to add a few things and Santoro may say something, but the Lab-to-Lab is so hard to be exclusive. Usually, a lab which works with third parties, they will have different service providers. So you don't have this information. You will never have that information complete. Of course, you know that for a special services, you have to interact. But it's not likely that you use that as a lever. Well, it's all just a consequence, right? If the wallet of the lab is with us, that's okay regardless of the processing. It's part of the market. It wouldn't be something that we could talk about.

Well, adding to what Filippo just said, when you get a B2C lab in a given region, it's also part of a strategy of local production for you to expand the full service. You can offer more basic tests and more complex tests.

Next question.

I'm Caio Moscardini from Santander. I have 2 questions about Lab-to-Lab. The first one if you could give us an update about the X project. I remember that it was 100% implemented in Rio, but you're expecting to implement that in 4 new units this year. So I'd like to know how it is going on. And the second is about competition on Lab-to-Lab. We know it's a very competitive market with cycles of competition. So I'd like to better understand how does that work this year? And what do you expect for the next few years?

Well, thank you for your question. Well, regarding the Project X, we presented the 2 labs in the yellow triangle, and they are a part of the Project X. They were exclusive areas for B2C. And after the integration of the Project X, we were able to create exams for Lab-to-Lab. That's the case in Rio and [indiscernible]. It's still ongoing, but we have new opportunities according to our regional strategies. Well, and talking about competitiveness, it has always been very intense, but we have our competitive advantages. It has to do with our portfolio. It has to do with launching the results. It's regarded -- it's about R&D and our technology has also been a barrier of entrance, which is important. You just have people entering our portal. Today, Lab-to-Lab may be in supplementary health is one of the most interoperable systems in Brazil. So it demands previous investments, which have been made. Now we are improving it. It's a fine-tuning. But what is important is for you to have a discipline in your strategy. You have to keep your profitability and also you must have a richer portfolio. So you also need to search for efficiency and help the clients with new tests. This has been the way we are building our strategy in the past few years.

Well, I'd like to add something. I don't know if it's clear, Caio. We can always use and leverage those B2C into Lab-to-Lab. It might seem obvious but the profile of analysis is a little bit different. So in these places where you have a high number, if you separate those areas, it makes sense. For example, the profile of B2C doesn't have the amount of mono hormones than in Lab-to-Lab. And here in Sao Paulo, we have a huge production area at Polaris. We could take all the volume there. But there, they are B2C, and we separated a whole floor just to Lab-to-Lab because we have a conveyor belt, which separate as well. So the logic is where you have a smaller volume, you can integrate everything and do in the same place. If the volume is too high, you can split the processes because it will be better. Otherwise, we would be creating projects X everywhere. But actually, it's about the profile. It's a very technical detail, but there is a bit difference between Lab-to-Lab and B2C. And then you put that on conveyor belt, you earn productivity.

Well, perfect, guys. That's the end of our Q&A. A first warning. Well, the organization found a cell phone, a cell phone with a black cover. So if you lost your cell phone, just reach out to us. I can see some people looking concerned. I'm pretty sure the owner of the cell phone will appear here. Now let's go to the final remarks.

Thank you all that participated for Q&A. I hope that you guys took advantage of this feed and the interaction with executives. I will do an invitation who like to know our operations, technical area, where did they help the clients. Please look at the RI department. They can schedule the visit. I think it's very interesting in a general way. The strategy of the Fleury Group executed in 2025 and planned for the next couple of years with growth -- organic growth with market share and inorganic, mainly in diagnostic medicine, where we're able to integrate and to capture synergies. We also have, throughout time, been looking through new leverages like digital evolution that allow us to get efficiency and rentability throughout the years, profitability that will need the protagonism of the Fleury Group in the Brazilian market. Looking at our results into the third quarter, we have a growth -- revenue growth of 11.5% on the third semester with a margin of EBITDA of 26.9% and related to 2025, even with a different mix of brands, which demonstrates our discipline in the control of costs and a liquid profit of BRL 5.6 million into the third semester we announced today JCP and dividends. It's a strong cash flow BRL 1.3 trillion, 11.8% growth related to the same period of 2024, cash conversion accumulated 91%. Beyond that, we kept our discipline in the location of capital, ROIC, 250 basis points beyond 2022 and did the combination of business with Pardini. Throughout these 2 years, we've been focused on growth, profitability and ROIC, and that's why we're going to keep looking to the next couple of years. And we have a structure that's robust and leverage and a good financial management, which is fine. It's which is very good for this era of this elevated interest. We have an executive crew very competent with high performance that are able to translate strategy in results, concrete results. And our solution to ambulatory services that complete the journey of the patient care generates value for all stakeholders. The year 2026, we're going to complete our century-old company to be a more resilient company, stronger company with a broad trust from the medical community with a robust positioning in science, technology and innovation and working domestic all over Brazil and our financial solidity and the clarity of direction allows us more and more to strengthen ourselves at our leaders here in Brazil. And I get attention that if we look into the future, I'm sure that science and trust that brought us here will bring us -- will take us further longevity -- healthy longevity as a company that we just announced here at the Fleury brand. Like the counselor, how he said here at the beginning. Thank you very much. I hope to see you guys soon. Hope you all a good afternoon.