Ânima Holding S.A. (ANIM3) Earnings Call Transcript & Summary

[Interpreted] Good afternoon, everyone. I'm quite happy to be here with all of you. Thank you for your participation and your availability to be here. I'm Carina Carreira, and I am Investors Director from Ânima. So before we start, I would like to introduce you some information that information that we are going to address here, we might have information that are upfront. So we also have these -- we would like you to not take this as the final scope for your decision-making process. So as our agenda, Paula Harraca; Atila da Cunha, our Financial Director. So we'll be talking about Ânima, who we are, our purpose, our objective, our commitments and also our deliverables. So please, I would like to ask you to come to the stage our VP Strategy, Communication and Student -- he's going to be talking about our strategy and our differential pillars, how we will be on the sustainable growth pathway. And in order to have the details of these pillars, we also would like to invite to the stage Monica Lopes. She is a Marketing VP and Commercial from Inspirali; Abilio Gomez, our Operations VP; Rogerio Loureiro, our Expansion VP; and Jenaldo Gama, our leader of Ânima. Paula and Daniel Castanho, one of our founders and our current Administration Council Director for the final remarks. We have time for questions and answers. And for those of you who are here, we also have a tour -- site tour through the Communities Creators Academy that is the very first academy for creators that we've chosen for this event today. And now I'd like to ask for Paula to come here.

[Interpreted] Good afternoon. Very welcome here. Can you hear me well? Great. So 1 year ago, this space here that we are didn't exist 1 year ago. We had the opportunity to share with all of you our strategy and what we were committing ourselves to do. And today, feeling very happy and pleasant. We are going to be able to share with you this pathway and this vision towards the future. I would like to invite you. You have this investor look, understanding the numbers, and you all have your screens. But I would like you to please be very attentive ear to ear -- for you to -- eye to eye, for you to understand what is behind the numbers because we are here introducing or reintroducing an Ânima that is increasingly growing. And perhaps it's a revolutionary moment respecting the technology of re-evolving and its essence, its strength, more major and many lessons learned with a very solid foundation considering the growth that we are seeking for the future. And Ânima was born with a very clear purpose and very genuine. It's about transforming Brazil through education. So this is what makes us to stand up from our beds every day. All the educators who are here, they live this purpose. It's their DNA. It's a mission. It's something really deep. This is one of the things that caught my attention the most when I got to know Ânima. And it's really good to perceive to see this purpose that was -- that is now tangible considering a value proposition where Ânima challenged the educational system that was quality for the field and access to many people, but with not a lot of quality. So now we were able to create this impact ecosystem that now we are able to provide access to more than 400,000 dreams throughout Brazil. So what makes an organization to generate an impact, a value proposal, a high performance level. This is doing in a sustainable manner and towards the society. Ânima's team started to study this through the maturity journey and found out that organizations that last long are those who seek for sustainability. Daniel, Mauricio and other partners group defined this principle standard. And also the leadership from Marcelo for me, I asked this question, what we can't change, Paula, it's about the principles. My main mission as the guardian is to assure the organizational coherence and how we deal with our choices. And what makes it different in a short-term performance is to minimize the risks because it's a high-performance organization considering the progress is a sustainable progress that maximizes its identity. And this is what we do. And this is really beautiful to see. The second principle that inspires us the most is having the students in the core and teachers as their biggest inspiration. And why? Because the magic starts there considering education and this trustworthy relationship between students and teachers trust perhaps is the only asset that I need that nobody is going to take this out from me. I'm going to have this embedded in myself. It's about honoring my commitments and being coherent and I take this as a high value. And we are strengthening at Ânima that because for us, trust is about commitment, coherence, competency and constancy. And that is going to form our conviction. In such organization, when we have these strategies into convictions and the essence, then this is -- this gets bigger and bigger. And Ânima some years ago, we've decided that it wouldn't affect any health care professional because they understood that they wouldn't have the chance to have a quality opportunity. But now it's different. The regulatory milestone and considering that old belief. So now it's different. It's about thinking about this learning experience that is now different. So that's why how we built this ecosystem. It's not only an education ecosystem. Perhaps it's the largest impactful because every day, we have 380,000 souls dreams. And how we do this? This is according to our quality experience and more academic coherence and teacher and neuroscience connecting to the future professionals and also unites the tradition of institutions alongside with technology. And we do this with their local accents and with brands aged 80. So we have [ 900,000 ] years of presence in the Brazilian society. So this is our legacy that we take care of every single day. And as the video showed, we want to give it back to the society, but also connecting the purpose. And this is the biggest value generation that we deal with. But what about these brands, it's more than that and even considering the teams, so what is behind? It's about this collective soul. It's about the soul, the lives, people. It's about people. And I think that you can see here, this is -- this is very powerful to see people who genuinely trust people who think that this is the way of how they are going to create an impact to our society. So these people here, they're naturally are the ones that we guide. I lead the Ânima, the executive team that is a top team, but we also have a very strong commitment as we are in service for the educators and teachers and they are for the students. So we invest in this relation, essentially the generation of Ânima is going to go through and to potentialize this chain. So this makes Ânima to be unique. Teachers, professors and also things that happen outside the classroom is about -- when the students they need themselves and teachers, they make them feel awesome. So they will be able to develop their competencies and evolve. So you can perceive that diploma, it's only a certification. It's only something additionally. And it's about what we've defined in this very clear strategy, which is our soul. This nobody can copy. Okay. So we can leave Ânima, but the marks, the conviction, the true transformation happens here in this team. The team that's motivated for challenges. Their hunger to do best every day with the mindset of a student. The other day, I was listening to an interview with Messie. It was like an event with entrepreneurs. And since he was 38 years old, then an interviewer asked him, Leo said, whenever you play a match, do you think this is going to be your last one? And he said with his last -- with his witness saying, I play every match like it's my first. And this is what I'm talking about the mindset of a student. It doesn't matter which class you're in, it has to be unique. My mother, when she was 50 years old, she said a very beautiful phrase saying, there are 2 secret moments, when you open the door to the classroom and when you close it. You have to guarantee that you deliver everything. And that is what we do class by class every day. And this is a clear strategy. We have an ambition to double Ânima with a financial discipline. And this is the muscles we've been training for our growth in a very healthy way with a method, with academic excellence, with innovation, technology, improving our service for our students. We have awards for our service, employees, and we want to tangiblize our strategies. Last year, we had these 5 pillars. And today, we'll be seeing -- we'll be following up on these pillars. But today, like we showed our results, our earnings, we are going to show you real images, no AI, of Ânima what happened last year. [Presentation]

Success for any company depends on a cohesive team. We've worked this year. My team is here. We've worked deeply with our confidence. I am crazy about high-performance teams and building confidence in a team that had just met each other in a few days, a few months, was an exercise that was very important, very deep, very necessary to build the fundament of this movement you are watching. And for me, it's a revolutionary movement, which is silent and subtle, but it's clear. It's -- it talks openly about all problems, all challenges of everything we've been seeing and is able to bring the cadence nationally to deliver what we've promised. What I look at carefully looking at our executive team is the customer focus because our success is basically happy, satisfied customers that had their lives transformed by Ânima because we will be having mouth to mouth, we have reputation. It's the basis of everything. And we've been seeing -- tasting a turning point when we can see improvement in our service, in our product, educational experience improvement, [indiscernible] in technology, bringing AI to make this relationship between professors and students more powerful. We have turned the tables. We're able to recover. I think Fuji is over here. Our permanence manager, our permanence was amazing. This is the result of this focus on what is essential to us and new avenues and creation of future that is also part of our strategy. You'll be seeing more details on that on the next leadership speeches. And to wrap up this moment, you noticed in the first video, it was more like [indiscernible], right, Daniel because he said that the culinary team, tourism in Anhembi Morumbi were one of the first in Brazil. For many years, every professional in culinary were out of Anhembi Morumbi. So this is how we know that we generate impact. So it's not -- it's impossible that you don't know a person that hasn't been impacted by Ânima. So we thought Brazil goes through this place, goes through Ânima. This is not an ecosystem. If you have any problems -- any psychological problem, you go to a psychologist. But here is an ecosystem. And being there brought us a responsibility because we have the future of education in our hands, and we want to co-create together with this. We know we have one or maybe the main education element of our society, and we are commitment -- and we are committed, we are confident and we are very much willing to make this transformation happen more and more. And finally, I just want to do another important analogy. I love cars. I love driving. And we had Formula 1 last week, I think, in [indiscernible]. And we are -- there pit stop, we have the whole idea. I love speed. And I think one of the most important things is this first lap, I think it was agile. This second is going to be faster. And what's the most important element for us to be more confident to speed up. It's our brakes. The brakes are not used to stop. It's for speeding up. Have you ever speed up without knowing, you have a -- without a break? No, you haven't. So here, Atila, my Copilot, our Financial Director because he's here and he says, yes, Paula, you can go for the go. Here my copilot, it's your floor now. This is your audience.

[Interpreted] Thank you, Paula, [indiscernible], thank you very much for your presence. We've shared together the daily battles and said with this -- Daniel's inspiration saying that no one has -- everybody has been impacted by Ânima. I remember when I -- when my oldest son, Gabriel, was at school, his teacher Victoria looked at me and said, Atila, you signed my diploma. Thank you. And I thought, yes, my son is in good hands. And I think that's it. Our children study at our schools and with the teachers we educate. I think it's important, and I think you're tired of seeing these numbers. But I think there are some qualitative important data that you should see. First, the quality of the revenue. Even with all of these that Paula said, we stop offering health digital courses because we don't believe in their quality, making choices in quality instead of volume, we've seen resilience in our revenue. It goes -- its steady, goes up. Sometimes people don't have the dimension of how our business is a business of recurrence revenue. These we have medicine, we have vet courses. Our -- these students choose to pay more than others, and these people are different. And this is shown in the resilience of our revenue. And this is powerful, the quality of our revenue. And like Paula said, and by the hands of everyone you'll be seeing, speaking today is translated into results and earnings, cash flow generation, more efficient company where we choose where to place our resources, the hard earned money from our students. I think this is the reality. It's hard to pay the tuition. So it has to be hard for us to spend the money. So this is -- we had a growth of 60% since in the last 12 months from September to September. Year-over-year, each report we have, the famous -- which -- the famous chart we call [indiscernible] chart, we can see 60% adjusted EBITDA. And this translates into cash flow generation of -- we like to say, right, Paula, we changed and integrate the efforts these people had that we could unite the precursors of Ânima through years under Marcelo's leadership, where we have been through a lot and Marcelo integrating laureate Units 2 in UniFG, UniCuritiba, UniAGES, we went through COVID. And after this period, we stopped conjugating integrated to delivering. And then we have now cash generation. This is a very simple calculation. The variation of net debt, EBITDA less CapEx. And this doesn't have dividends and acquisition. So this is pretty easy. There's no mistake, and we have BRL 265 million in 2024 and in 2025, 20 -- BRL 219 million in regard -- and we got the interest rate in Brazil of 15%, which was quite at all. So if it wasn't for this number would probably go to BRL 290 million. And right, Paula, we made BRL 35 million more in CapEx, investing in quality, new businesses in this, for example, it's a very robust company. The resilient revenue focus on using well the students' money associated to cash discipline makes us a solid company. And the solidity, Paula, I'd like to refer to you as our leader makes it possible for all educators to be able to look ahead and dream high because we are leveraging. We went from 4x leveraging to 2.4x in the last semester organically getting efficiency, generating cash, making investments, improving quality and implementing the new -- this company, you'll be seeing more about in this afternoon. And the solidity of these results make sure that our company speeds up and the people that will come to us from now on can speed up and move the needle in the straight or during the curves because when we need, we can break, we can stop. So now Jenaldo, our responsible for strategy.

[Interpreted] Good afternoon, everyone. For those of you who don't know me, I'm Jenaldo, and I'm the Vice President of Strategic and Communication considering the student journey. And today, I'm going to be approaching the overview of our strategy and then my colleagues, Abilio, Monica, Rogerio, who will be detailing all the advances, all the results. And we'll also be showing you the numbers that we were able to achieve throughout this strategy. So Paula already mentioned our strategy just kept the same being centered on the 5 pillars. Our strategies is not worth it if we don't have discipline and excursion. So -- and last year, I was at [indiscernible], and we've committed ourselves to have a discipline towards this strategy. So this is what we did. And we now have this whole governance system that monthly and every 15 days, all of our businesses follow up this strategy and the discussion that we are going to see the results coming from. Second is that you need focus. And one of the things that we did was to look to our strategy and knowing the importance of what we need to accelerate because there were some bets there that perhaps we didn't need to do this or that, and we wouldn't have the impact. So this is what we did. So we then calibrated with the leadership group in order to accelerate some of the things that we believe that is going to take us to this growth. So we did this and reassuring some commitments and some of them Paula already mentioned. The first one and perhaps the most important one is that we are all here to serve students. Students are the most important asset for us. And we want them to live the best, to have memorable moments during school university that's something that goes beyond the education. And that is whether they are working in an organization or building -- developing their own business. It's about being ready and knowing that their education is for their lifetime. And you are not able to do this if you don't have our specialized team of professors and teachers and Abilio and also the work, fantastic work that Jen has mentioned and Karin already said is to potentialize our teachers. So then we will be able to have our students more active. So the second commitment that is unnegotiable is we need to use the pillars. So we have been doing many things that Abilio, Rogerio, they will show you that we use AI. And this is also for -- to deliver high-quality educational program and [indiscernible] and also to make easier the teachers' life so that you will be able to prepare their classes in a better way. So -- and also our commitment with efficiency, the care, the trust, it's about trustworthy for us to deliver a high-quality education. And Atila also mentioned the CapEx and also investments considering the education, instruction of teachers, entrepreneurship of students. So many things come from us and also for -- to generate cash flow for stakeholders and investing in our students and the teachers. So these are our commitments unnegotiable. So what can we accelerate even more? Well, growing the core, we oftentimes look to the brands with more care. So last year, we were taking into consideration the power the edge. Power to the edge is -- it's pretty important. So we were able to do campaigns per brand, and now we are going beyond. So if in Anhembi Morumbi, so now we see the strengths considering certain graduations, Anhembi Morumbi, UNP, UniRitter and BMR. So we deep dive quite a lot, and we know the strategy of each of these brands that we interpret this as many organizations that performed in their business. And the second thing that we are betting is the experience, the customer access, the customer experience, the student experience. It's not only about experience, but what they truly live what they truly live, and that goes beyond studies. And every time that I ask you here, what do you remember about the college, you have travels, you have also the HSM. And I'm sure that you are going to take these examples forever. But it's also about an initiative to invest in the start-up of students. And I had the opportunity to participate in both sessions. And I'm pretty sure that you are going to remember this. It's about the student experience. It's pretty relevant. It's about being at the campus, it's about human exchange and so on, human sharing. So Rogerio and Jenaldo will also be talking about the expansion, and we are betting a lot on this. It is really important for us. We believe that this is an opportunity for us. We believe this since the past, the hybrid teaching and educational program. It's not only the graduation, but it's a lifelong learning. And last year, we've updated these numbers and we know that most part of students Brazil are for postgraduation and we have this growth, this space to grow. So Jenaldo will also be approaching this as such a way that is going to be wider, although we have this space. As Paula mentioned, we didn't have this space last year, but it's a symbol of our strategy that we are advancing and we've got our deliveries. And also a video is going to be touching but it's the most essential is the whole transformation that is happening in our academic world. We are evolving in order to have a better competency of our students, learning process that students will be able to know their competencies and to evolve their competencies. So they will be even more ready. So we also evolved since the last year in this academic world. This is pretty relevant, and Abilio is going to be mentioning about this. As we also mentioned, efficiency negotiable. So we will keep on this achieving a better outcome and delivering the product to students and the performance experience. And Monica is also going to be talking about this memorable experiences that students they have considering this inspiring experience. So we will be expanding the courses for our infrastructure. So we are pretty confident considering our growth. And besides of what we've built, and what we've developed in the last 18 months, we still have some facts about expansion. We will keep growing for differentiation and expansion, as I've mentioned, and new businesses. Abilio, okay. Now Monica.

[Interpreted] Good afternoon, everyone. It's a pleasure to be here representing Inspirali. I am -- I have about 1 year there. And like Paula, I'm not in this industry, and I have my career in technology and goods. I was in Nestle [indiscernible] Well Hub. And recently, I was in sustainability and marketing at Nespresso. So it's an honor and a pleasure to be here with this team and experience medicine and education that has a higher impact in society and even in the world. So it's a pleasure to be here today. So thank you for the invitation. Okay. So for those of you who don't know Inspirali, it's an education platform with presence in the whole medical educational journey from undergraduate course to preparation to residents and actual graduation. We have strong brands. We are in relevant locations in brands in large centers, and we have focus in quality. We have brands that are referenced in quality of education. We have 15 schools, 13 have grade 5 in the Ministry of Education and the other are being considered. Today, we have about 12,000 students and about 2,000 annual spots being authorized by the Ministry of Education. And we've been allowing access to our students from the fourth to sixth to the platform so they can prepare to [indiscernible] exam. And we've got a very high engaging level and 82% of the students of medicine worked in the EMR platform worked, and we are very satisfied. In continued medical education, we are growing. We have 2 new units, one in the medical center in São Paulo and another one in Recife. We have very strong numbers for continued education in medicine. We have more than 60 courses. We have a net revenue growth of over 51%, over 4,000 students. And as in under graduation, in graduation, we have a focus in practice. And today, we have about 20,000 consultations to the population in partnership to the universal care, health care of Brazil. So the students can educate and can capacitate themselves and can learn. And at Inspirali, we have the desire to be at the vanguard at the avant-garde of medical education, so we can create attribute with high level. And so we can sustain our pricing strategy and the occupation in our classroom. We have 3 main pillars. The first one is technology and infrastructure. We use these products to improve execution of our active methodologies and also to execute student mobility in our HEI. So probably the students may not be able to start the journey with us. They can start in Bahia, the Bahia state, for example, and then continue in São Paulo in another universe and being Inspirali student. And we are the only company who can do that because we have 15 schools in completely different areas, but within large centers and also in cities in the inside of Brazil. Recently, we had an agreement with the University of Victoria and for English teaching specifically because medical literature is published mainly in English. And so we have partnership with courses that prepare students to perform the exams, the residents exams in the United States. And so we invest in internationalization. We have a dedicated structure of operations that is dedicated to the campuses and of practices. Today, we have over 1,000 campuses. We have many partnerships, some of them. For example, we have in São Paulo, we have the hospital, Beneficência Portuguesa. In Salvador, we have [indiscernible] Hospital. We also have a national partnership with Hospital das Clínicas where the student has the opportunity to experience the highest -- largest hospital in Latin America, and they can use it as their camp of practice. And this year, we renovated our simulation park. We are very proud of it. It's the largest -- not only the one park, which is the largest one in Latin America. And so we updated all of these simulation parks. Now in meaningful learning in practice, we are talking about methodologies and themes. This year, we improved our current course teaching plan, so it could be more efficient. And I think most of you know that on September 30, new national education guidelines for medicine were published, and we've been working for 2026. And you can ask how the guidelines just went out and we are like -- we have a proposal for -- to be implemented in February. It's because we've been working in improving the guidelines constantly. We've been researching the trends in medicine and medical teaching. Our academic area wrote an article about trends in medicine that will be published in the magazine, in the journal with most relevance in education -- in medical education in the world. And we've been -- with this work of researching trends, reinforcing our positioning in our teaching plan. We look for the balance between humanization, scientific competence and social responsibility. That's why in February, we will be implementing our 2026 guideline. Then we have the interdependence and integrity pillar, which shows our integral vision because we believe in this as an approach that is more modern of medicine. We see the individual in many ways, in many dimensions, physical, mental, social, spiritual dimensions and connected to us and to the planet. We think that everything is connected. And this vision guides us in our teaching plan, in our abilities, our knowledge, assisted practice from the beginning of the course, in universal health care context and guides us into a more human medicine. This humanization is transformed into travessia humanitária or humanitarian crossing, where students won't learn in the classroom. This is what we want to bring out in the students. This started in 2021, completely integrated to the academic curriculum and has become a big differential to our course and the impact is very relevant, not only because the medicine students are participating, but because our other students in the health core courses are there experiencing this experience. And so the first one is, which are clinics attached to the schools with outpatient consultation and surgeries, which is completely for universal health care. We have about 250,000 care consultations and there are cities where we are responsible for 80% of the secondary health care of the city and the surroundings of the city. The second humanitarian actions. All school has a voluntary center where these actions are organized by the committee. So the idea is to talk to this -- to people in vulnerability situations, and they need assistance. So these volunteers and these committees will organize themselves and will seek these people and offer care. We had about 12,000 care. And sometimes we even zero the lines waiting for health care as the universal health care. We also have international and national humanitarian missions in gaps in care and we take students and professors, not only in medicine, but in other core -- health core areas where the people don't have access to health or have little access to health. And so we complement health care at this place. And we have already almost 40,000 health care consultations up till now. And last, we have health village. It's a fixed structure that will offer permanent health care to the population in the city of Tucurui and surroundings. And it will also offer consultations and care via [indiscernible]. And they will also offer tele learning to the leaders and to the leaders and the health leaders of the region. With this, we have the conviction that the student will learn not only from technology or modernization of medical education, but also from practices that humanize and they experience situations that transform them. We have an impact of 300,000 consultations a year. We are talking about 12,000 students that impact 300,000 people. We are not just graduating technically exceptionally technical students. I have now the comment of a student to demonstrate that we have the intention not only to attract vocational doctors, but also people who want to make difference in the society and the transformation agents. Thank you very much. [Presentation]

[Interpreted] Good afternoon, everyone. It's good to be here. Well, it's really good to be here. For us to tell the story every year. And last year, I am seeing some colleagues who were here last year, and we've talked quite a lot. And then some of you took the book and said, well, are you excited for last year? Yes. I'm excited every single day. I have more than 30 years of professional career managing people, processes, businesses. And I was meant to create results, to provide results. I get to Ânima. I know these crazy guys here. Asked, what is your heart telling you about? My first reaction was that today, I just listened to my heart. I'm very proud of you. My essence has been Ânima throughout my life, and there was this moment -- a certain moment to see you. And if you close your eyes, this is going to explode. There's a lot of information here. We can have the number that we would like to, but when the purpose is behind all of that. And in addition to all that I'm going to share here with you, it is important to say that this is -- this is f*** awesome. And we are big. It's big, right? And talking about differentiation is easy, right, because there is only differentiation revolution, as Paula mentioned, those who are different. And we are all different here. We think differently. One of our principles is that results are not the end, and they are not the same. We don't talk just paying attention to the last line of an outcome. And Paula mentioned, it's about looking beyond of our look. It's this feeling. There is no other place. We have the sacred Jesus heart. And this is all about -- and obviously, if egg cell is able to capture this, then this cell becomes bigger. There's a lot of things that we can do here, but again, differentiation is what we do. And it is -- each one of you here is invited to participate. All of our meetings, we have a teacher with a purpose, with a focus because we know that this is going to generate the result that we would like to have with the best result possible. It's an endless possibility pathway. And when we talk about -- and Paula mentioned about trust, Atila mentioned about this whole pathway and everything that we've introduced. Jenaldo talking about constancy and coherence considering last year. And we've been posting a lot and high-tech technology. Humanity, high tech, humanity, the technology scales and humanization on a daily basis, it gets closer to students and teachers. We also have a humanity lab for contact. And this is when we tell you about investing in Ânima when we have this comparison. Well, actually, you don't even need to compare us with others. We are unique. We just do the way we do, spend only one day with us with this experience because this is an intense journey, but it's exciting, but we do with a purpose, with our heart. Nothing that we do. And oftentimes, we spend 15 hours and never in my whole life -- I always wanted to work on Mondays. I always thought that Mondays are very good. And every impact, every process in order to improve this process and to value these lives is about 400,000 students. And I'm part of this family. Can you see this picture, but this evolution didn't start now. It's not the powered ad of this year. It started back then in March 2003. When someone thought that 3 young adults would transform you, they had a plan, right? Then 21 years ago, we can see now what they did because they did with their eyes closed. You need to connect with them. And everybody is here. It's about our hearts involved, our purpose. Ânima, for many times, they thought, well, these guys are crazy, and they never waive quality. And in this journey that I've been through, I was asked if I was embracing hugging the trees. Yes, of course, because the energy is there. They've got the energy. So that's why every day here from Ânima, I am this. I'm just this good energy, this genuine energy because this is a f**king good place to be. And what we do here generates good stuff. Well, you might be thinking that I'm not going to mention numbers, but I am already mentioning numbers. So we've talked about, the strategy to look locally, tendering [indiscernible] are the same. So the local accent, it works. Jenaldo said that we had a strategy and everything that we do is to have this local strength, this local decision. Today, we have 74 operations and brands and each one has a professional with a focus, with technology and strategy. That's why it's high tech -- high touch. And at the end of the day, we have differences. We have different pathways according to the reality to the brand, the campus, the area. This is quite powerful. And this has been working well. And I'm going to show you the LP, our brand from Rio Grande do Norte that had a very good growth, a very good spoiling. All of our brands, they grew the revenue, the strategy worked. The [ Padlet ] is working. The LP has a characterism. Same brand in the interior, it grew with more volume and the capital, more ticket. So it's a local strategy, the portfolio, social, economic, considering what we had. This is quite important, but we only do this with a presence. So I travel every week with a pleasure. I need to visit each of the 74 units because my presence is about the ecosystem. It brings the presence of the ecosystem is the empower empowerment, constancy and the essential ecosystem. And this is what I talk about; the decentralized innovation. So we are improving campus to campus, not only brand to brand. LP is an example of this result that we are going to see soon in all of our steps here, technology, humanity, everything that we do since the beginning of the journey is to follow students even before they become a student in our process. So then they will turn into students and then they will just kick off on this journey to become students with performance, with experience, this whole process, but it's endless. It's the horizon. The horizon is not where we are going to get. It's endless. And we never stop. We never stop a single second. And I'm talking with you here. And every day with my team, my heart beats fast, faster. The pulse is to fill with our eyes close what our heart is saying. It's about this emotional part. Results come from this. It's the passion, loving what you do. And this is what we see every day. And this brings results. And you've seen these results showed here on Excel. And you will see this even more it comes, but we don't see it. Our challenge is a journey. And today, I'm on a journey. And when I see here my peers, Daniel said, "Well, look at the one who is by your side and think that perhaps this person is going to be your partner." And today, I say, well, I would be your partner because it's not only looking for the future, it's about who is beside you. And this is quite nice. And I had a song for my team, for the guys. And this song, I admire my team here. Local strategy and these enrollment, we needed to see this with a lot of technology, high tech, state-of-the-art technology, artificial intelligence. It's a process that is scaled because we are taking into consideration a very potent traction. So that's why we need to bring this inside, and we brought a lot of technology. We evolved considering the leads. We have the conversion, 2.6 more for the conversion. This is with state-of-the-art technology. So last year, you visited [ Casa Hermo ] and it's important to talk about because it is a place that -- it's not only about sales, enrollment because students they need -- it's about the will power to be here, willingness to be here. So it's a different experience where students they go through. And this experience, we want to take considering our realities. And I'm going to give you a spoiler at [ Casa Hermo ] in Paulista, a place where you will be able to -- for the student to look at the mirror and they will have a view of the career that they would fit in. So it's about having the students and following up with them with [ Casa Hermo ]. So we'd like to have numbers, 14% of the [ Casa Hermo ] courses. This is quite important. It's very powerful. And there is also the technology scales and the humanity gets closer. So every time that we take students to the campus, then it gets more powerful. How can you do that in this scale? So it's about the journey. Last year, we've brought -- well, this year, 40,000 high school students. And we've got very surprising. They didn't know that universities are like that. So they didn't even had a clue. So it's about the basic education students and university is not a place that you only go to hang out. But -- but you see that many moments and many things happened outside the learning area. It's about the networking, sharing. This is what we say that transforms, that Paula mentioned someone else will have their life impacted through Anima or taking your kid to the college. And for me, it's about the 2 people that are very important in my life.

He's a great investment analyst, but he also learned to do it with the heart. His spreadsheets have heart because where he is, he was taught to do so. But him and my wife have diploma signed by me here and this is pretty cool. Are you feeling what I am feeling? No, you're not right. But I am. I'm feeling very emotional to be here because I make my day like this. I take this to my team, to my peers. I'm holding myself back because I have one peer here out of all of you and have this exchange through our eyes. And whenever I say something, I can see his eyes glitter, which is [ Rosero ] and [ Rosero ] specifically is a man who makes things happen. I will talk about how powerful he is and he does this in such a low-profile way, such a silent way. And man, you're amazing. Thank you for your emotions. In this process of technology, throughout the process, we spoke about some numbers, 10% of the registrations are made with AI without human intervention. This process connected when we take it to the edge. And we do this movement of taking the student to the enchantment process. It's great. And this is the first step of potentializing for 2026 lease qualifier with twice more conversions, reduction in 75% in the time for transfer analysis for those students that are studying in somewhere else and want to come study with us. And this number is powerful. And I want to say that things that are happening in our ecosystem started with mouth-to-mouth of viralized thing for people who are still blind to be here, things are going too fast. Maybe we won't have enough buildings to hold these people, but we'll be doing this step by step. In this screen, we have an infographic with some important parts. And I'd like to thank specifically by this work by my friend, Bruno, our Technology and Digital Transformation VP. He's been helping us with everything on technology, AI. It's either Bruno or [ Gerlise ] and they have this -- they are powerful. They have the idea of scaling, of talking the local language. And when we talk about volume, and we needed scaling, we need a root process. 70% of the process is completely frictionless. And this is a revolution. 70% the whole process from students showing interest, documentation, IDs, paying, we can do through WhatsApp, we got -- we went streamlined and was important for us. This process, contract, registration, payment, this was -- this sped up, and we improved in 70% in 6% the conversion, and we have the potential when we help our customer support with AI as well to speed up, to accelerate how we help our people and we have high-tech, high touch. We do the same speed from registration to campus. And so in the campus, we have a huge potential for conversion. And we also have -- we have the traction journey, the conversion journey, the enchantment journey, everything with technology, and then we have onboarding. And this is a fantastic job we've been doing. We've actually been doing this thing of embracing the student from the first day of the registration, and we do this technology and humanity, high-tech, high touch, and embracing the students with all stakeholders from older students, professors, all the onboarding, VPs, all areas acts to make sure that the students feel embraced. We have 100% data-driven process to -- and we know students, when they talk to us, we know who they are and where they're coming from. It's completely customized. We are using information that comes from the Anima and it feeds us with data and we make it more customized. We have 400,000 students being more and more customized. We started this onboard. We have older students helping with humanized focus -- human-like focus in all our onboardings. We have an eye-to-eye conversation with the students saying whatever you ask we are doing. We have evaluations to -- for satisfaction of the students, making sure that we delivered what they wanted and sometimes we deliver things that they did not ask for that goes beyond. So we have this -- we believe that possible we do right now and impossible will take a little longer. And we have NPS system implemented and predictive NPS is being developed that goes beyond NPS indicator. We want to follow up satisfaction to change the mindset. We change our mindset quicker when we understand that the student is making a request that we haven't noticed yet. It's impossible to see everything, but this is our way to make sure our heart sees everything. And our dream is to make sure that every -- at every class, the student gives us feedback. And I'm talking to -- when I talk about onboarding, I'm talking about satisfaction and the classroom is unforgettable and we have less and less friction in interpretation and to avoid the communication and to reach the student. And this is academic evolution. It's important to say we've been doing a shift when we are looking into education and future of education. We have a change in behavior, these generations, challenges, not only in professional area, but also as citizens. And we have to follow up. We have to catch up actually. And what we've been bringing as far as technology and AI to gain scale, speed in analysis and in university, making a difference in a customized path. And well, we have iERA, our AI agent. She is scarry, she is powerful, she is amazing. She is an AI agent with this very thorough that offers support to the students in all dimensions. So when the student makes an exam and gets a feedback, they will not only receive the feedback from the test, but also it will be connected with the entry assessment from NM and iERA showing that his work could have been better because of the way that this person is studying. We are talking about the data or teaching ways. It's not only about the way I teach, it's about the way I learn. And the way I learn is customized, is individualized. It's like thinking that in my -- it's knowing that each person may take the same path, but each one will take their time and they will take their own that back, they can carry. And so this is the personalized path. And that's why our model that uses a lot of neuroscience connected with our courses within [indiscernible] help us look into different forms of learning. And how will I take care of the students instead of how I teach. So today, we have 750 curricular units with iERA. We have iERA skills assessment, like I mentioned, it's not just about grades. It's about the students' behavior, what they are going through by messages. So it's a complete competence feedback. We also have practical life. We have practice and theory over 170,000 students in practices in over 1,000 companies living and experience and practice, like seeing the career they choose in the beginning of the course. And if they want to change the course, they can do so. And a reduction in the time of production and cost of production in 30% and 50% with a lot of technology and AI. It's not removing the protagonism of the professor, it's removing the professor from things that do not make sense to them. This is the moment of truth for the professor is when they are with their students. And so they do not need to spend time, to waste time correcting exams. We do that for them, high-tech, high touch. And with these challenges and with this proposal, in this year, we have an assessment by the Ministry of Education in Brazil. We got 5, the highest grade because nobody is doing what we are doing. Professors, we are investing and taking care of them. We had an increase in research. We have 29 projects sent to 9 organs of -- we have over 4,000 hours in continuous education. We have [indiscernible] fellowships, 83% of professor engagement. These are teachers participating in our curriculum in our plannings. We also have the hub, the professor hub used by 52% of our professor base. They're engaging, they're participating. They're using our technology to their favor over 2,500 materials produced using iERA. AI helps the professor produce with their name for them with their knowledge. We are now removing their power or their name, 600,000 corrections with the help of AI as well, putting the power where it needs to be put. Following up on the student's journey, we have attraction, registration, onboarding, academic journey and then out of the classroom, they are a customer, and we have to improve the support, the service. And then we have this quiet man here, [ Rodrigo Rossetto ] We have average time of waiting 74% quicker. We have a lot of intelligence, but we also have a lot of hearts bidding in Jose's team. So we have quicker support. And we can see that in our dashboard showing that we can -- we're doing everything we can to take care of our students and make them wait makes no sense, right, and we want the students to not look for us because our journey has to be streamlined. Assessment of good and great. There's an improvement of 25% compared to last year in this journey, it was an incredible leap. 70% of solutions in the first contact, check out this improvement, the students talk to me once, and I'm able to solve at the first time I talk to them. And before reaching 100%, our idea is to make this journey streamlined and that the student doesn't need to look -- talk to us that they can do everything by themselves. I mentioned that there are things that work that generate outcomes. We talked, for example, when the students go to the campus, when we are able to make the student go in person, our pioneer brand, Una, it's hard for us for the student to go to the campus and convert because they not necessarily move around. But when I have this movement of converting students through telephone, Una Capital, this is 15% in the capital but in the inside, it's 60% because we are able to take the people into the campus because sometimes the campus is part of the city. We have a campus in the state of Bahia next to Sergipe -- some of you -- it's a city called [ Maripiranga ]. The only theater is there, the gym is there. Everything is in that city. Everything is connected there. And the conversion in [ Maripiranga ] is completely there. So when the student steps in, the campus converts. And everybody, the mayor, the owner of the store has been graduated in our college. So next Investment Day, we'll be doing [ Maripiranga ], and you'll be feeling what it is to transform Brazil through education and with a real case. And we do this power to the edge journey. We are talking about -- we have this PDC. This is a plan, do, check, right? Our P is presence. Our D is discipline. Our C is Care -- C is check, right? This is the moment we take care. When we go through this journey of looking at results, we're not looking only at EBITDA and revenue. We're looking and saying we are connecting with more revenue with better things for students, what I'm doing for the professors when we look at our P&L. And when we speed up, we are doing -- we are going to front. It's like when you go backwards, you turn off the sound, you pay attention, you are completely present. You cannot lose the presence of the place where you are. When we drive, we should be with the same presence as when we drive backwards. And with all this, we take a look at the satisfaction of professors and employees and students in this journey, we are talking about results. And still, we connect with the students the next day because it's no use generating numbers, P&L if the next day, the student is not satisfied, does not connect to the course, if they don't have the best students to the market. And it's important that 80% of our students are already working in their area, which means that we direct them to their actual areas of work. So we -- everything here is an opportunity. If we have any problems, we look into these problems as any challenge and any opportunity that we need to do. We can be different. We can -- we have quality. A lot of people didn't want to do 100% distance learning and people wanted to kill us, and we needed a lot more Anima in this country and really needed a lot more people that were powerful as this team that are my colleagues in this journey.

So the future started for us well, back in 2003, but we -- the world is connecting of what we were thinking about back in 2003, and I put myself into 2003, and I was connected with all of you at that time. So then we are now talking about the innovation, human connection and this very clear purpose of the -- of our journey. This is going to be throughout our journey. You can close your eyes and excel. You will see the number without typing. So you see the cell pulling. [Presentation]

Well I just showed you what we are doing is different and of course at the end of the day, you just might be wondering where are you taking us and the numbers of this year in all the quarter meetings where we are reaching. So we are then -- we are growing, we are increasing our revenues, increasing our brands. And as I mentioned about this and the 3 examples of NPS and the turnarounds that we had in the short terms [indiscernible] 47% MPC only could achieve in the South, 80%, 50% NP, one brand of each region. The NPS is growing because it's a work that is strong, looking at the students because if we miss out discipline considering costs and the operation on a daily basis, it's not only about costs, but our profits in all the indicators, qualitative indicators, we are on the right pathway. So my final remark is what we are doing as a revolution, so just get on board with us and you will fly high with us. This is really strong. Thank you very much. So now we have a break. And then when we come back, it's about what we are creating as more ambitions, and you say, wow. See you soon.

It's going to be 10 minutes break, and then we will return. [break]

Okay. Acting in different areas, I have been in innovation, in distance learning, in the idea of changing strategy back then and [indiscernible] was in operations, and from second semester on, I mean the expansion process, challenge, like [ Abilio ] mentioned, we have some number and probably want the numbers to write in your spreadsheet but I am talking more about other things. So, what like my colleagues mentioned is it becomes easy, expression becomes easy when you have quality DNA. So we are talking about this a little bit and why we wrote DNA in here because this is intrinsic. It's within us. It's not something that has been developed, it was -- we were born with it. So it's easier to act in this way. To remind you, and I know you follow the market, this is the chart you see frequently. This is the 2024 census, and we have new entrants, especially we have -- especially for distance and in-person learning. So this process from 2013 to 2024. And why am I showing this? Because this has changed, this dynamic in the industry has changed already. And why has it changed? First, because blended learning is not the future, it's a reality. Blended learning has risen about 20%. And it's important to check that in the Southeastern region in Brazil, it has a larger increase and has a lot to do with our strategy and our positioning. So first point that has changed is this. The second one is that although many people in the market are talking about new regulatory milestone of the distance learning, it's actually the new regulatory milestone of education. It didn't propose changes in quality for distance learning, it has brought relevance for education as a whole. What does it mean? There are 4 main points I'd like to highlight. The milestone created the blended modality that didn't exist. Let me remind you that last year at Anhembi Morumbi stage, I was talking that a milestone was arrived in May and it was effective in September, 2 months ago, right? So it created officially the blended model. This milestone prioritizes quality. It focuses in improving learnings. And what's important because this is the basis of our growth strategy and also segment portfolio puts portfolio in specific modalities. And another thing -- and I think I heard this about 10 times today, valuing the professor. We mentioned this last year, and it seems like we were writing those milestones. Everything [ Abilio ] said here, Paula said, Marco described -- actually, the framework described. Just to -- just as an example, for those who are not so up to date, we created a blended modality. There are some courses that can only be offered in blended or in-person. So this is important. There are some courses can only be in in-person like nursing. And that means removing courses from online learning, from distance learning. So removing courses from this portfolio. And this topic is relevant. And what did I mentioned the education framework because we are being more relevant in all modalities, all modalities are needing more in-person situations. And these changes from -- if you consider a study by a bed, we'll configurate 4 million registrations that will migrate from modality being kept -- keeping in-person learning as very relevant, but there's another relevant detail. This reconfiguration is not steady. It's not linear. When we look into the cities, over 5,500 cities and municipalities in Brazil. In large cities, in capitals, you can see that this model is better accommodated because of the viability in the same way that we had a lot of distance learning models in smaller towns. But blended learning has another configuration. And where is this market, especially where we are at, especially where we are at, I'd like to say? So when I said right on this stage last year that we were prepared, why did I say that for this framework? Because this competition, this market, and [ Abilio ] said it about power to the edge, it happens in the local market, not as much in the national market. In-person model may see more -- a bigger force in the local market. And the power to the edge of the brand is much more relevant in this kind of market. We didn't do that because of the framework. We did it because we believe in it. But the framework came and just set it. Our structure was done. In-person learning is not something that we have been defending right now. We've been talking about it for a while. And I don't need to reinforce how much we value quality in learning and the academic evolutions we had [indiscernible] arrived to improve make us even better to act because quality -- it's because we have quality with efficiency in general basis when we say we are prepared. This is a fact we were prepared when we hit this milestone. It was 2018, 7 years ago, probably you were not even graduated, right, by the age of you, I think. In this interview was Daniel mentioning that we wanted a hybrid model in 2018. He was considered insane. It was a model that wasn't even distance learning or in-person learning. In 2020, another article we published -- that was published talking about the quality of blended learning. We had numbers. We had figures in 2020 already. A lot of people say, okay, we are prepared. Yes, we've been prepared for a long time. When I came here, we were already prepared. This is nothing new. Nothing we started say now. But we are not -- this -- we didn't stop just that. We wanted to do more. So we evolved our campus model to accommodate the academic matrix and the regulatory framework. We introduced a new distance learning model and we made expansion plan. So these are some pictures of the campus model using the quality of Anima to these places where we are expanding. So this is just an example of our smart campus. So we've brought all the quality of the in-person model and then we replicated on the premium distance learning model and especially bringing the dual experience, which is the experience-mix with organizations for the distance learning. So if you would like to learn more and Professor can explain to you. But then Premium Learning, the volume decreased, but then the ticket went higher and the revenue as well. So we've then increased the revenue in the -- for distance learning. This is not what we are going to do. This is already working since last year. So it's not about the future, but it's about the present moment. So then with this whole story and everything ready. So okay, it's easy, but how can we expand? So let's just expand and where we are now and going beyond. So this strategy of expansion is based upon two pillars. One pillar, is to potentialize our experience or hybrid experience where we are. Why? Because of what I've mentioned. Well, places that we have infrastructure, and we are well positioned up on the market. So the first point here is to expand where we are. Atila mentioned the power to the units, directors and to expand where we are. So I'm not going into the details because Atila already mentioned a lot about this and explained. So this is what we already know. And the second one, with this opportunity, we can also go to other places. We can expand to other places. But even though considering this scenario, this is not something random or with no science. So on this video here that you are going to watch, we've used artificial intelligence. It is a tool developed by ourselves, artificial intelligence using public database and our own database where I'm able to ask AI where is the best way I need to go? This is a sniper trigger. So we are deciding all the possibilities of expansions using these tools and state-of-the-art technology and also knowledge. I know that there is the international affairs here team. The data are here, but they are not true. I have changed. So you see here maps and so on, but the tools, but then we have a notification in order for distribution. And here, I'm asking AI, what is the best CD considering a certain screener that I chose, and it's going to give me the answer. So maybe I'm able to have all sorts of analysis with this AI. And as Bernardo mentioned, we are using AI not only for quality efficiency, but also in order to decide the expansion. So AI is good for all. So then we are able to have a range of the municipalities. So we've studied 5,000 something municipalities, and we focus on priority. So at this moment here, we have 62% more units with hybrid and semi in-person than last year or the intake of the beginning of this year. This is not a spoiler. These are information that we have already available on our website and all the number of enrollments, 62% more with the offerings of the semi in-person with this model of SEVEN LiTE. This is a model in partnership with partners of hubs and other partners that we are evolving this business. It's a partnership and it was not agreed, but we also invited [indiscernible] group of entrepreneurs. A pool B is not here. So we've called to a meeting 40 entrepreneurs for this -- for the presentation of our model and 80% from 40%, they signed, they agreed the vision and the compliance letter for this at the same day. So this shows what I mentioned is about expanding with this quality is not that difficult. So to conclude, we've mentioned that this is the future of education. Who grows on this scenario? Those who have quality in the DNA because since 2003, those who since 2003 believed in this because those who focus on hybrid, on quality, those who always trusted this. So you can see the spreadsheet and the numbers that are quite good.Thank you.

And then to conclude our expansion, my friend here has got a good news. He's the owner of the house. Thank you.

Good afternoon, everyone. Anima is quite different, right? And the Investor Day, I'm here -- I'm Reynaldo Gama. I've worked for 15 years in the financial market. And for 6 years, I am here in this Anima ecosystem. And 3 or 4 months ago, I was leadering HSM and Singularity, and it's just amazing. And after 6 years, I get really surprised. We all get very surprised together, and Anima is different. It is different and the investors, so we just follow this flow. I'm here to talk about the this newness Anima impresas. But to give you a context, once we see the education and capacitation, corporate education data, we know that we have BRL 800 billion up to 2035, considering the market research. This is a market under expansion. And in Brazil, it's not different. We see that this is growing year after year. We have some studies, but there is no appropriate study, but this is a market that has been growing quite a lot. And we see that 14% considering the ticket per collaboration and also in terms of hours of capacitation. And obviously, this seems to be pretty obvious given the reality that we are living because when we see the news, we see that there is -- the demand for capacitation is giant. It's huge. We have the economic world forum 2030, but 2/3 of the population, they will need to have a capacitation. And we look up on this and this upscaling, the scaling due to all the changes that we are following on the market. And as it's been said here, all my colleagues here, Paula, this is a very attentive look for the almost for 100,000 dreams, but also what happens next, the live learning, this capacitation, deskilling, it never ends. So we've been seeing that for mind a gap is how we ask for this because organizations, they it's about this acceleration with all these products and services that we can deliver within our ecosystem. So it's about false graduation, specialization, team building our whole portfolio integrated in the corporations and seeing the requirements of corporations. And the world is unifying this market. And what we see strongly outside abroad, but unfortunately, not here in Brazil, but it's pretty obvious and important. So then when we -- Anima acquired HSM by the end of 2013, the live learning and this context. So we've then gained maturity and other areas of Anima as well in this relation with companies. When we see these customers, those who are buying, it's almost 5,000 active organizations within Anima ecosystem. Organizations that are purchasing any sort of product or service anyhow, whether MercadoLibre, HSM, and then we have 21 different segments. And the estimation per portfolio, it's almost 1 million of collaborators within these organizations for the -- for this up-skilling, re-skilling, this learning that is pretty live and also to take this to our students. And then when I mentioned the organization, so here, you can see that you can have this picture. These are huge organizations and we started to get a contact with and they have a different look considering education and the academy relation. So we've seen some years ago, corporate university. So many organizations and Daniel said that we are going to have universities/corporations and doing what they know to do. This is our core business. This is what we know and seeing that through the time, the Singularity, the HSM, MercadoLibre, how can we orchestrate all of that and have a broader view, more systematic that we can have a scale. It's about a professionalist that is going to turn into something pretty unique on the market because when we take into consideration the education market, B2B is not something -- well, we just look to other sectors, telecom and the banks. There is no something specific. But here it's about what don't we have this ecosystem, not only to sell more free courses, but when we talk about research, consultancy, advisory and added value, this is why we need to take this systemic look. Okay. So HSM is the shrink of HR, HR of the HRs. 80% of those who buy HSM are the people areas. Atila mentioned no pulse. We can say the demand of the work market, the labor market, what, they need this morning, I was talking to this large company, and they need environmental engineers. It's a huge demand. And then we get to feel this at the entry level, and HSM has a relationship with our students. I see school bar here. Many journalists work at the dossier of the magazine, HSM management. And Singularity creates futures. It's a school to think about futures. We talk about foresights quite a lot and Singularity thinks in the future. It's within the C levels of the company, think about foresight. It's consultory area with AI, thinking about how we can bring this into our technology courses? Then we have Learning Village, our Hub, our -- the place where we have over 30 start-ups and companies that are looking into open innovation. We take professors, students. We connect with open innovation. We have events. Le Cordon Bleu is the house of flavors and knowledge. We've been having a project -- a unique project, the culinary village for events, team building, networking, dinners. We take executives there to -- within our graduation -- the graduation ecosystem, we have, for example, with the culinary under graduation, we have a double certification, we are in Le Cordon Bleu and Belo Horizonte was doing the same. If it brings value to our ecosystem. And I can see Fabio over there. We are here at home. We're going. This is our new born, which is community. It's a project. Anima is different, right? We are always looking to a side where nobody sees the invisible. This place we've been talking is the [indiscernible] a place that is transversal. It's the first school for content creators for the new economy in the world, but it's transversal. It impacts every area of knowledge. Architect needs -- the architect needs to know about storytelling and content creation and also the doctors, dermatologists, administrators, lawyers. So it will be transversal to all of these people. So in our programs, we are also offering teachers. The biggest influencer in the world is a teacher. Everybody has a story of a teacher who's impacted their lives. And we have 10 teachers from our ecosystem here studying. So teachers are also students, and so the community is transversal to all things, and we have this new -- this vision of content creators, but we wanted to go through all knowledge areas. And this is the icing of the cake -- is solutions to all of the others is that the whole country for this specific education. We were talking about environmental engineering. A mining company was talking to us. We were talking before with an entrepreneur that is going to be launching a park and no fires here. And we are talking to all of them on how we can approach these things differently in a one-stop solution. When we go into the company, we need to act from attracting the talents. We have cases of a large bank hiring 20 interns within the dual program, not only attracting, we're thinking about retention, developing, et cetera, in this one-stop solution that we act from basis to the top of the organization in a unified way. When we talk to people area, I can see Karen, our person who takes care of us when we think about one-stop solution and we talk to the companies, you can see that we solve everybody's problems in an integrated way. This is pretty cool. And we noticed it's a way of us to manage this in these 3 months to get this -- and I want to get Vila's energy. When we look into the future, we get pretty excited. First, because we believe in it. We got this maturity with HSM, with Singularity. And now it's time. We are ready to act and do something completely different in the company selling solutions. They are integrated, different with research, consulting that go beyond from the courses and the products that we offer now. I finish here. Fabio, I'll be bold enough if you allow me to. We are in the space that was launched in June 17. It's pretty new, and there's a lot of potential and you're going to go for some site seeing. This is like a studio, a film studio and you can see how powerful it is, not only to aggregate our courses, our knowledge areas, but also to have the B2B view and point of view of Unilever Art, this new way of telling stories of creating. We're going to be seeing here when you go sight seeing, I recommend you after the Q&A for you to stay here. It's impressive. Myself, [ Fabio, Cocino, i can see Fabiano ] there. We've been -- we've been working extensively bringing people here. There was an event here with iFood and MercadoLibre with over 1,000 people. You can see the students, it's impressive, professionals, 16-year-olds, 18 years old, people that are already graduated in healthcare. It's impressive to be the diversity of these people and how powerful this place is. We have over 50 people connected, 50 companies connected, over 100 events that have been put together here, and we have over 1,000 new creators. So I invite you to stay here and get to know this space and now I have the honor to have this duo, it's kind of hard at this moment. It's getting easier because it's -- every speaker that comes here, they just go and talk and talk and talk and then it gets easier and easier. We just have to kick to the goal. But anyway, I was here in city and there was this rain, seen rain and sometimes the energy just falls here in Sao Paulo. And I thought that if the energy goes out in Sao Paulo, the whole city of Sao Paulo goes out, okay, but Belo's energy is going to be high still. So let's have Paula Harraca and Daniel Castanho. Please let's finish. The floor is yours.

So I'm the one who needs to say good afternoon, everyone. I was in many moments when you were talking, I was quite emotional. And I got like this because I was thinking, I think Anima is in its best moment ever. I think in the beginning, some of you were here, and we started restructuring some schools. It was a turnaround. It was a fight, it was a war. It was complicated. And we were in that journey and then we had to start IPO. And if you ever went through that, you know how crazy that is. And then you have a crisis in Brazil. So you went through IPO. And when things start to get better, you have got COVID. And then there's Laureate integration. And then I have -- I saw each one of the speakers talk. I can tell you with conviction, Anima has never been so well with such a cohesive, so great team based in data. They're able to make choices in a very coherent, very logic way based on heart, yes, but integration of the heart with the brain, with the intelligence, not only emotion and not only reasoning, it's something in between. Look at the people in here. We have never been so well prepared, so integrated and so cohesive with such a well-chosen agenda, well determined with such conviction. We hear Albillo. You can see the person there leading. He needs to be passionate about what he does. He has been saying about it. And when you see Atila talking, you'll see him talking about the brakes then the brake is what makes us be brave enough to speed up. And Jon is going to talk about the changes in academic area. And then Brunacca talks about intelligence and technology. We were -- everybody talked about what you do men. The current understanding that it's impossible to do that without people that are committed you with customer success, Bernardo with expansion. I'm talking to you because Bernardo is the main CMO. He looks at me and say, yes, this can be done. There this, you should forget. So we should know later. But I can mention so many others, but when we look and see so many projects that were still and now they are moving, we are happy. What happened at Anima is not an evolution. It's a revolution. It's a silent revolution, like Paula mentioned. It's something that to see -- to be able to see, you have to look on a different angle. HSM's theme this year was trend and essence. And the final conclusion we reached is that if you're able to see the trends and trend is nothing more than anticipating time, anticipating something that will come and will change, transform society. And the only way to see more than others given that data is available is using Essence is something from somewhere else. And this is what Anima has. Anima gives you trends and essence. It's a different place and it's an incredible place based on one thing only. No, I don't think one thing. I would say a few concepts. In a conversation with [indiscernible] last week to understand the future of education, you know what's the future of the school? He said some things. The first was school is the place to learn from mistake because if you learn from mistake, you are always evolving. This is where you can teach that you can learn when you make a mistake. Any amazing person that is in a great place, they are well where they are because they make mistakes. And if they are well developed, it's because they learn from their pain. Another thing is to provoke learning lovers and engagement and making people know why they are learning? What they are learning and to have balance on adverse situations. And when I asked them, he said -- and I asked him when school happens, and he said school happens during recess. And what we showed you is, recess. For you to be here to understand where Anima is going, you should have walked in from somewhere else. And in that way, you are able to understand what is Anima and what we are doing. And there's no problem next year, we'll be showing you that we are in the right path. In the next year or so -- and you can believe because we do so. And we have this craziness of imagining with these passionate people that we can do something different, and we are doing something different. We can -- we could have a presentation today continuing showing the figures that Atila mentioned, as it reflects of what we've been doing. We talked about percentages. We could do this whole presentation of amount of WhatsApp messages, the time we are [indiscernible] the information, the cities Rogerio has addresses of new campuses. We can say all of that. But what we chose was to show the recess, what's behind it, not necessarily the classroom. And it's a little bit of this moment we are in, that's very unique and very special doing very different things. And I just want to give an example, Paula, that makes things more physical when we created Titans. What is it? Because Titans changes shift in paradigm of schools when you create something. And this project is nothing more than in the last year of the school, the students can do an application, an assay, a business plan. We analyze the grades and they just do their -- in the group, they do this 3, 4 to 6 students and they do their application. And if they apply -- if they pass, they have a cash back of everything, of all money they paid. So they can create their own startup, and they can refer some friends and to be part of this group, creating the application, and they can refer some teachers to be part of the investors. We're doing that. We want our students to have start-ups to have -- to be investors, to change the mindset to stop just studying for exams, but also studying for -- to be successful. And so you work with a core idea in an institution, education institution, there is desire to learn that's wanting something more than getting a job is being an entrepreneur. This is not -- I'm not talking of having a company. It's an entrepreneur. It's having a purpose of what you really want to do in your life. This is one of the projects that symbolizes what I am calling a silent revolution in which many factors are working. Solid -- financial solid, some technology companies and all the process, the amazing service with the support with the students. So I was there. I was really touched -- sometimes we believe we feel, but when we are there seeing everybody talk in a way, you have on that call that we are in our best time. Congratulations, everyone.

Congratulations to all of us, yes. Congratulations to us. Daniel before our last message. So in a sequence of your feeling as the founder of the company, and you see it in its best moment. There's a symbiotic dynamics that makes me falling love with it is that people transcend the companies and the companies transcend people. And that if we are here today, it's because of the many people who are part of this trajectory. So thank you, Marcelo, who was very generous mentoring with me in this succession process and showed me real life, how Anima takes care of relationships. So I got here and I sat down with everybody, all the founders of these schools that trusted us to do our job. So thank you, Marcelo, very much. Ricardo, who's watching us, Ricardo Cancado, with whom I learned a lot, who was very generous, Daniel too, all members in the Board because I know it wasn't an easy decision. You told me Anima was your daughter, and I feel a little bit of the mother of this team. I was -- I found [indiscernible] HSM, and he said that the leaders are like challenging mothers. Sometimes I had to look and say, no, you can't. Feedback you have to do in the no. I do it like I do with my daughters. When I have to do it, I do it. This is how, this is rescue recover this Anima has believed from the beginning and go back into believing it again. I saw that and we noticed that we went back from it. We pushed away from it a little bit. And in this essence, is where our power resides. And also we did this exercise of braveness, self-esteem in our ability to change. And this is what it's important because the most difficult in human changing is not changing per se, is being able to change a frozen image. And we are living from a cycle that Marcelo gave us with a lot of challenges. What is the third wave Anima? What we need, what we cannot give up, et cetera. We are watching everything that changes, but we also have to be careful of things that cannot change. So for me, maybe one of the words that are hitting heart or talking about the heart, the heart knowledge, Sarah is somewhere today, my daughter, she's 9-year-old, and she is a source of inspirations and she has a direct channel with upstairs. And she said, mom, everything I think, I feel before in my heart. So when we align this, this and here and doing everything flows. And so everything is streamlined. And so the streamlining Anima is meeting the balance between Daniel's chaotic mind, which is amazing and collective, but him as a visionary man in this transformation project and make it organized that can transform dream into do. And so we are doing this pretty well as a team. And how do we do everyone with their power. Abilio said, Rodrigo in his place, I'm going to show the whole team because they will be joining us. But talking about dream again, Daniel, you asked me what's your dream Paula? Because you said that I'm a dreamer, but I like to dream with open eyes. My dream, if I ever look back is noticed that we were able to create in this team, Guardiola's Barcelona because for me, this is the best soccer team ever. I lived in Spain back then, but I didn't cheer for Barcelona back then. And they had the best players, but they are not the best. They didn't have the best stars. It was the way they played. It was so beautiful to see them play. So they passed on the ball to each other, maybe to their peer because the peer was in a better position. It was not about egos. It was the mission above everything. There's Anima over everything, and this generates the will to be here. It's so amazing to be in a team like this, a high performance, but also highly human, [indiscernible] humans, like we said, sorry, like you said, Abilio. But this is character. So if competence is good, but the person that doesn't have a good character, so send them away. So this is what makes the feeling -- I'm big enthusiastic. When Daniel, when he met me, he said you're very enthusiastic. Yes, I am. It's about ultimate and the confidence, the feeling. We are pretty confident because even though considering the turbulences, 15% of interest rate, we are keeping up with it. If you have a better commission, well, we'll just fly, but we can't count on this. It's about our internal force of our strategy has been built up on the potencies, our right to win because it's just -- it's been built through all the time and all these people, it's a very strong culture that it's now -- the revitalization of it, and we had a culture to tolerate that and now anchor in our strategy and knowledge because trust is the foundation of all. The future of humanity depends on reestablishing our trust. It's about trustworthy. Humans are trusting more in AI than in other humans. So that's why we are proposing ourselves to do things differently and do the difference. Yes, because, well, we have the organizations that are just okay and those who are understanding. And those who are understanding, they are ordinary. So -- and they are the organizations that they have the extraordinary organizations and they are the exclusive and inclusive. And the exclusive, okay, they have a small share of the society and inclusive ones is that somehow you impact -- it impacts the world, the humanity as a whole. You have the inclusive -- they are committed to what they agreed and the extraordinary and inclusive ones, the extraordinary, these are the ones that transform the world. And I think -- well, I'm absolutely sure that Anima is not exclusive, but inclusive and extraordinary. So these are very important for the society. We can only do this with extraordinary -- ordinary people with such an integrity and the purpose. It's not only about imagining or saying something that is going to look nice. It's about trusting. And one of the things that make the organization is not to be well succeed or if they have a performance that it's pretty low, perhaps it's because you dream big and you don't have the correct professionals or you have the very good professionals, but you don't dream big. So -- and perhaps you have both things, but you are anticipating. You are something that inside that idea is beyond the time. And perhaps it was the case of Anima at some moment, and Rogerio mentioned about this because -- we thought that we shouldn't provide the distance learning or help or whether we would need to do something different with students or in another campus or a totally different curriculum or that we've acquired HSM, B2B, well, an amazing team, an amazing idea, but we were upfront at the time. Even though ideas they were upfront, but they kept on this, and now we are able to manage this and who knows where Anima was some years ago, and now the market is just starting to see it clearly and what we can do, that provokes us and challenges us because we need to have this look for the future, right?

Yes, we are always there. Yes. We want to multiplify our impact because we truly know and yesterday night, we went to dinner with foreign investors. And I don't know in the world, and they have investments throughout the world. I don't know any educational project with that impact and this quality scale. So that has got something really nice that makes us believe and trust and the confidence that we need. It's almost a moral responsibility. It's about this accountability and taking over all of this. So it's also about to keep trusting and it's not only good for us, but in Brazil is to make Anima into the ecosystem for students, for companies, for all who believe and who trust in our value purpose. And before I finish -- well, you're talking about the future, the quality, the impact because Brazil and this place here, the Learning Village is a spoiler. We have had some conversations about it, and it was a spoiler of what is smart count was about. So this space here is a spoiler of the future that we envision towards education. And what Reynaldo introduced, and as I said, those of you who had this perception, who knows the future of education goes through there, the different format and what we do today, the [indiscernible], the interaction with markets, the mind gap. And at the same time, who knows is a spoiler of where we are going. Well, you like spoilers, right?

Well, who knows? Perhaps. And Reynaldo mentioned, well, as abroad, living in the United States, Canada, Europe. But the public system works there, and when we see that working pretty well. But here in Brazil, our reality is different, 80 and 20, we have this opportunity. And the difference is that we are living that. And it's about this capacitation and well directed.

Okay. So I'm just being aware of the time here. Okay. Just one word before I call our team here. The gratitude is something that I try to keep embedded myself. And we oftentimes, we forget about it, the gratitude, and I always wake up and I just think -- think of God. And I thank God for being here in this place because it took me from a mother life, and it just applauded me to here and I exactly where I was mentioned to be with the correct people, and it's about it [Technical Difficulty] and this accountability. Well, I practice yoga, [indiscernible] I'm very competitive. Well, high level, it's high level gaming and the change that is happening, that is this exams last year and the cherry model that we had at that meeting. This is an energetic moment. Perhaps the main change that is behind, it's a very good energy because there are some days that I just get back home, feeling exhausted. I just say bye and I just shut down. So -- and I've learned on how to work with brakes because holidays are really important. And I'm going to go to Barcelona. Marcelo was in the Sagrada Familia or Cathedral. I'm going to -- he's there and okay. So if you put on the axle, well, it's extremely important to have a vacation and holidays. We as humans, we are not perfect. We can improve ourselves, and we can help one another and then helping one another, we then believe that the society is going to be better and that we need to play fair, and this is what we are doing. So that's why it's [indiscernible] awesome because we are building a better society, not only teaching students, but also thinking about the society. Well, we want -- we need to thank the name of the Council and Executive Committee for having you. Thank you.

Carina she's really good. She's just a machine [indiscernible] and what is good is that team, it surprises you. Last year, we were just typing on PowerPoints up late at night. So we were now having talks. We were having our narratives. Okay, Chris, we shed our other lives, our Communication Director this 360 communication transparent. So we have [indiscernible] in the back, our communication manager Deborah, Deb over there, each one on side of the auditorium, our whole team who made this event happen. Of course, we are going to Q&A before calling the team. You're pointing the team and then we call them. Just to actually wrap up, you can place the chairs here while I'm finished. So we don't get this awkward silence, right? Silence sometimes is important. Okay. I think the difference when we look at people, and I mentioned this during dinner yesterday. We have people that are competent, intelligent, and they have multiple intelligences. You have to be excited. You can't only be intelligent and be kind of dead. But you cannot -- it's impossible to be just very excited and be not intelligent at all. But you also have to have integrity and values. And the first two, without the third are very, very dangerous. And I'd like to thank the presence of people here on Anima Day that have invested in us or want to invest or are here just for curiosity to try to understand what these crazy people are doing, or what do they intend doing of transforming Brazil by education, and knowing that Brazil goes through this that if we are -- this country becomes more fair with more empathy in a way, we contributed to it. And if it's the opposite, we are beauty of it. That's why we say that our proposal is transform Brazil through education and transform education in Brazil because education goes through us. And I'd like to thank everybody who have been here day and night that could be anywhere else, but chose to be here to contribute, to evolve, to learn to be part of this. I'd like to thank -- and I'd like to thank everyone who are betting, who aren't betting yet and who are just curious to learn what we are doing and decided to come here with us. I think more than betting is believing because we don't bet without knowing, then later, you add it, okay? That's beautiful. You say that about thanking everybody for being here, for listening to us. But let's remember thanking our teachers and students because that's why we are here because of them. And there was another day I was right [indiscernible] was there. We were with -- in agreements with investors. I entered with a microphone. My image didn't show. It was weird. But anyway, we were playing Ping Pong and the [indiscernible], we're going to have a rematch and we had a service -- a student service room and the whole family was there. The father, the mother, the 2 sisters, grandmother, grandfather, the whole family was there. And we ask why and we're talking to him. Everybody that had the -- litter in the eye, and we asked why they were there. He was going for -- he was registrating for engineering and the whole family was so excited. And when you see the whole family, so happy, you can see how big it's our impact every day that we do this every day with love.

Okay. So let's call out for our team. Okay. Now it's our Q&A. So I'll be asking our Executive Board to be part of this to exchange information with you guys. So please, Rogerio [indiscernible], everybody, please. Everyone you saw this last year. You saw how our teams collated [indiscernible] is in Barcelona and [indiscernible] is taking care of our core, Rogerio taking care of expansion, [ Renaldo ] and the companies, [indiscernible] take care of digital and technology caring people, culture and well-being that we show with no larger strength for in science [ happiness ] science. Even to our educators. [indiscernible], Bernardo and Rodrigo. Okay. Let's do it. Okay. Are you doing the moderation here? I just suggesting that if you ask any questions, please remember to introduce yourself first. Okay. We have a lot of hands raised. Okay. Do we like teams in order.

I'm Lucca Marquezini from Itaú. I'm focused on cash allocation, thinking that the company has delivered organic leverage in the last semesters. How is it going to be in the following months? And how does it work in the adaptation CapEx with the regulatory framework? And how does it help us?

Thank you for the question. First, we answer your question by remembering the slide on financial robustness. Then with that, we can deleverage the company, generate cash. We think M&A has always been our genesis throughout these years from 2003. We grew through M&A, something that generates value, which synergies are easy to be captured and are very evident. But like we have to do like we've been doing in the last few years. Marcelo has always said that we have to find the balance between return for the shareholder and deleverage. And that is how we have showed our results, and we want to balance these 3 dimensions of our business. Okay. The next one.

I am [indiscernible] Morgan Stanley. Two questions. With the regulated learning, what do you think could be a competitive differential since you come from this regulatory learning? And the second is you mentioned expansion on blended learning, your relative positioning because other groups are on a basis that is very spread and your strength was more in-person learning than distance. So what do you think was -- what you have versus who had a native footprint?

Okay. Thank you very much for your question. And about the learning. First, our vision for the future is that -- this is one of the shares of the economic market in Brazil that has gained a space, and it will keep gaining this space, and we need to have a plan on this. And how can we do this? We deep dive into this along with [ Renaldo and Rogerio ] with the life of learning, and the nonregulated, and also the regulated exposed courses and so on. And also the credibility to deliver these courses. We need to have tests. We have credibilities that come from institutions and those who come from creators. And so that's why community fits into these options of live learning and -- and considering the credibility from the brand side, we truly believe that we have a vertical brands as HSM and companies and all the brands that [ Renaldo ] mentioned. Another brand that is important for us, the lifelong learning for [indiscernible]. And the brands, not only our local brands, but also the vertical brands will help us to work up on the lifelong learning for this nonregulated.

Just to add, considering the expansion, I've mentioned quite a lot about this. But to say that we've been talking about this subject for a long time, and it's about the highest competitiveness on this market, more opportunities. And third is that we need to see this in-person modality that is going to be growing. And that -- this is an opportunity that is closer to the in-person instead of distance learning. It's not the next step of the distance learning. It's almost in-person. So if you look for this for the regulatory, the same in-person 60-40, this is blended. So the fact that it is not very linked to distance learning is exactly what is allowing us to expand even faster considering others. We do have other -- the closing of poles. I'm not going to mention about the competitors here, but we have many poles or hubs. So this is the difference that we are positioned now. It's about growing. Just to complement this because your question also answers our capacity of being there and our doors are directed for this quality education level and the distance of community. We have also the infrastructure. So we have always been very close to the in-person, the learning, and this milestone that this is what we have also trusted. And we've prepared for this and this purpose of this distance learning as well.

Just to comment because your question, I would like this to be reflected up on another angle. What if -- do they have other hubs or how many hubs each group today, or each educational institution has?

They will be restricted to a few courses. So what we are -- what we think here is that it's a new era, not only about distance learning, but the education overall. And we are pretty prepared because we've been talking about smart campus since 2018. And we have projects, we have design. So what is the future of the campus? Why do you go there for -- for everybody to be seated and just hearing? Or we have maker, health creator, health learning village. We've tested what worked well, what didn't work well, the startup, it's quite of innovation, classrooms, podcasts. So they will be there for this. So when you see this future of universities, I see on the opposite because nobody is well prepared just as -- just like us. And those who have a number of hubs, we are prepared. So our focus is in the expansion and not solving the problem of previous legacy.

We're saying that we had 800 hubs and now we have less than 500 jump, and we had this work of cleaning, taking a good look Anima. We had -- we brought the old values and we brought in a new strategy that's more of a sniper, which one had to be with a brand and which partner, and it's not a hub anymore. It's an academic center, and they have the [indiscernible], the AI. They have specific elements that just go on board with Anima's proposal. Okay, [ Jackie ], for example, [ Jackie ], we have this integrating the experience of distance learning because for us, it is not just distance learning. It's an experience that's master class. We have undergraduate courses. The student goes into the campus in-person if they want to. So we go beyond this classification because the market sees as in-person landed and distance learning. But we have this more flexibility in one and the other and have a professional practice, for example, with big companies. And for example, with engineering courses, we have companies that come because we have -- we are offering specific needs for them. So we have to think from a different point of view to see this new dynamic that how powerful Anima can navigate this.

I'm Gustavo Miele in Goldman Sachs. Congratulations on your event. I have a few questions. First, I'd like to ask about medicine industry. On the regulatory restrictions on undergraduate course, of course as we see educational groups in going in opportunities more in continuity education. That's something that you mentioned. So I would like to talk about competitors' scenario under graduate courses. How do you see your competitors? And how do you differentiate in relation to them? And the second question, I think I'd go back to blended learning in a different point of view, taking from [ Rogerio's ] presentation on the pillar about expansion on blended as going to new municipalities. So how do you define the main criteria to choose a city to expand into size of the market, maturity? What do you think? I'd like to hear a little bit more.

Okay. So on our side, on medical continuity, education is a very competitive market because it doesn't have a limitation in spots. What do we do to differentiate? We created two hubs, one in Sao Paulo. It's a new building reformed connected with our principles and values. This professors are conceptual -- are known doctors. We have 11 floors dedicated to medical, education and the products are attached to our quality. All courses are with long-term, middle and short-term courses. And we want to position differently and just -- not just in prices, we are not looking into auctions. We don't want to be there. You can see our figures that our student base is growing. We have high double digits with 50% increasing. We have new places we are expanding into. And so we are well designed, but we are all attached to quality, and it's just about opening new hubs or campuses, but we are very disciplined. That's why we are following in this path.

Just to add, [indiscernible], if you allow me to. We had this movement a few years ago in other careers. And as Anima, we saw this in other -- we had a huge expansion in other areas like engineering and others. So you would do this to -- like -- this to -- you wouldn't say where you did undergraduate diploma? Now you would go to any undergraduate course and you would to go to a graduate -- a good graduate course, and that would be a differentiation. And the other thing about us is that we not only have a good course, we have a good community, a medical community where we interact with the people who are taking this cohort around a very strong brand.

Okay. Now for the second question, thank you. I was going to -- I wanted to talk about it by the time you didn't allow me to, but thank you for asking. But when you saw the AI being executed, we don't look into 10 cities. We're looking into 5,570 municipalities. And then we started filtering them down with GDP growth rate, et cetera. That's public data of each city. Then we had other layers, growth in higher education. So we had to be more and more of a sniper where we have portfolio, the strength of the brand. If the city is closer to where we have brand strength, it's easier to expand, offer presence and that gave us priorities. And so we came from 500 -- over 5,000 municipalities to about 100 cities at first. This is a first more logical job. If I filter -- everybody here filters it, we'll probably reach the same amount. And we chose the ones we wanted. And Bernardo as our leader in strategy, he chose nonobvious cities. And this list we have obvious, but what about nonobvious, in our expansion that was conducted by Atila and Marcelo. We know that there were cities that by data, it wasn't illogical. But when we got that, it wasn't nonobvious. But gave us huge opportunity. And if you look into public data, you can see that. So we had 2 blocks. So one is obvious municipalities and the other is a list of nonobvious municipalities that we are expanding into. And third, I forgot to say, a lot of the point of view of the guys that are on the edge, [ Vinicius ], the who are -- two of our brands, I sit down with them and I ask them if it makes sense? Sometimes they tell me no. But it must make sense for those who are part of that place, who posts in their place, for the nonobvious municipalities as well as the obvious one. But there's a huge work behind public and private data and AI, which helps us a lot because I can ask it and it helps me. Gustavo, Anima grew that way. Half the growth of Anima was doing that. So there is an expertise behind that. The advantage today is that the growth that when it's working with these partners -- with the partners, we choose very thoroughly with the same values and know these territories, and give us the opportunity to speed up our strategy using this change in the market.

Congratulations on the event. I'm Eduardo from [ UBS ]. I have one question by medicine. But more on undergraduation programs, especially looking into spots of Anima's that's been reaching a high level of maturity. And I'd like to know the next step of growth, especially looking at M&A, marketing that's been warming up, if there's any organic growth strategy? And what's the profile of assets that make sense for the company, something that's preoperational that you could plug and play the Anima quality from [indiscernible] or something with a history that's more consolidated. And the other one is for company -- Anima as a company, monetization, what -- how do the agreements, the contracts work, if it's long-term projects. I think anything on that term can help.

Okay. I'll start answering the first part on medicine. Although our maturity is almost complete in spots, we want to keep price positioning that is healthy and high occupation of our spots. Although we are in maturity, we want to be here because it's the strength of our brand and for medicines value of what we have today. I'm going to say with my Professor [indiscernible] in front of [ Rogerio ], organic expansion is -- it has [indiscernible]. It's illuminous. It has choices of municipalities, potentials of the area. For us, it's contingent. It is modern. You have to look everything around because something you think is going to work and it doesn't. Sometimes you think it's not going to work and it does. sometimes Anima goes there and buys a larger company that's large. So we need to have a philosophy quality DNA. We have to worry about good places with strong brands. Schools with teachers and students that are committed to quality. This is the most important on the daily life. I can talk about Anima companies. The beauty of designing it in having a one-stop shop solution is that we have solutions for everyone.

So we have [ science ] programs and we have an immersion for 1-day immersion for people's development, B2B or B2C, or the manager, the leader of the organization just puts the hand up and says, well, I want to have 2 or 3 vacancies here. So there is this focus up to programs, and in company programs, that when you are working with the whole leadership of the company, a big telecom, we then had the education for 5,000 people. So you have for all profiles. Since the immersion in company programs, consultancy, we have seen this. A lot of consultancy and you have inspiring and discovery of AI. And now for experts, we have an implementation of AI, consultancy. So it depends on how -- what the customer would like to have a specific journey that can take 2, 3 or 4 years, depending on the requirements and the model. So it will depend on what the customer would like to have, the requirements and the program. But on average, these are programs of 6 months duration. So -- or 3 years. So it depends.

Another I would like to mention because we have Anima Empresas [indiscernible] automation, HR from HR. So most part of organizations, they have these challenges skilling, upskilling and so on, all organizations. So -- and on the other hand, our [ CB ], we have from [indiscernible]. So you have a teacher in home and you have a case from the organization. But can you imagine, for instance, through Anima Empresas, it's an open door for organizations when you are helping and you are a partner of HR, HR as a whole, then you have this capacitation and the this level, singularities, other levels and so on. So what is the possibility of this organization and HR is working with us? We are just opening for trainings with our students and hiring people for our organization. So this sort of relation is incredible and perhaps we need to explore because if you have the business model having this real business model, but there is also a value proposal per se, and it's integrated in this ecosystem. It is just as great the differential. It's not a store, of course, its the HR from HR. I work in HR. So you have 30,000 collaborators, and you see that engineers are missing. We had the conversations on this level. I went to talk with a colleague of mine in the industry and then I asked how was that and he was a technical. No Engineers, it's me -- well, we have -- so we are just designing a program with our academic team and we went there to the plan and understood how it worked. Well, I never could have done that. It's about the content that they need and it's the breach. So that's why it's the gap. It's about the competitiveness, innovation overall and the background. So it's important and also people who have these competencies. And for this recruitment, we know how it works, but it -- it should come from a certain group. It's a quality of professionals, resilience, teams and capacity, learning capacity, the learning capability. So they know the capability they have to learn. And it's also about learning, the learning model and the willingness to learn more. So this competency that academy developed with the structured manner, hearing the pain points and addressing these pain points in this B2B relations we don't need a marketing. If you have a good case and [indiscernible] showed -- okay, 6 years, more than buying capacitation program is about trusting on Anima, considering the needs as well as a career, a more linear career, a younger for the pharmaceutical industry or any other area.

Flavio Yoshida from Bank of America. So you brought some messages here, and I think that one of them is the quality pillar, and I understood that it is a negotiable and there is also the growth. I would like to understand to what extent do you think -- do you balance these 2 pillars? Because oftentimes, we see that quality pillars, they brought more cost and it has to be covered and it also compromises the growth. So I would like to understand the limit of the quality growth, the priority thinking on the growth.

This is the question that anyone here could answer. This is incredible. This is the essence of Anima. There are questions about, well, financing -- well, this is really nice. This is the essence, anyone can answer this. Well, first, because [indiscernible] is the price versus quality and the revenue. So we were very brave and we sought the quality of this revenue. And this has been demonstrated throughout the time, and it's quite valued. And [ Rogerio ] also waived the volume of distance learning in order to have a more correct strategy. And at the end of the day, is Daniel's inspiration. We just do what we believe the result is going to come anyhow. If we believe that education has to be quality blended, with care being concerned, the result will come anyhow. [ Rogerio ]

Thank you for your question. I don't think these 2 things are the opposite of each other. I think we can deliver a lot more quality, even reducing cost in many industries. [indiscernible] has a very good example. We can offer -- we can reduce costs, we can -- offering quality, reducing time and service, customer service. Did you see in academic, 6,000 questions answered exams corrected. You take the time that the professor would waste correcting exam, but instead of that, they would do something that would be so much better. And this is the main vector for growth. If I go with edge quality, I can get more people. The company will hire more people that were graduated there, and I can have a cycle, virtual cycle. And I'll have an operational leverage that's going to be quite big. And if I have a lot of many students in a classroom, I have operational leverage. So if I have more students, I have less cost, more visibility and a virtuous growth cycle. We have always mentioned this. If you have to go to the doctor, you choose the best you can. Maybe you cannot afford the super, but you can go to the best you can do because it's life. And sometimes if you can choose the best, it can be the last one you choose. And in education, you will choose the best student -- the best school for your child. The same for college because it's for life. You won't buy the best suit, or best car, or the best watch because it's not for life. So what we do is we work with dreams. When we have an incredible project to educate teachers in public schools is that because we thought that we defend it that could not exist in the distance learning for [indiscernible] as much as it couldn't exist for medicine. And so like [ Bernardo ] said, the value, growth and quality we are adding, one is dependent on the other. And the best we can do, and maybe later, we can have programs of fellowship of financing, but we know that we have our value. And within this concept, we are positioned, and the challenge is how to show what we can deliver. And maybe these will be some things that we can show because we are more mature. And how to guarantee this quality? Being able to show you are doing something differentiated, marketing value to the edge, talking in local language, being close to the community. This is a challenge. The UC delivering companies and something like what I do when I thank [ Paula ]. We need two things to empower the edge. To have a database and data analysis and understand the effective logic of Anima as a whole, being able to compare what is now working, what's not working and having this suit of data you can empower everyone. And we say we consider each companies of ours as a franchise. And [indiscernible] talked about academic KPIs. [indiscernible] talks about KPIs on students support and et cetera. And you have possibility of growing, expanding in other ways. And then Rogerio knows he can expand and open 100 units because we have integrated data. We are able to empower, know the profile of the schools and [ NP ] for example. In [ Natal ], the city of [ Natal ] we have excellence in academic. But the same college in [indiscernible], we need someone who is a good salesperson. You have KPIs, you have data, you have quality control, what works or it doesn't. And we have possibility of expansion and guaranteeing quality. So we have the why. Education is for life. We cannot deliver less than the best. My dad is here, and I learned from him because he has a school. He said that school is for life, education is for life, I cannot deliver less than the best. And the other side is how to do it.

Okay. Just to control time, we are over a little bit, so we can have 3 more questions. Okay. [indiscernible] Daniel, please. This is amazing guys. But just for you guys to know, we only have 3 questions.

I'm from Citibank. I'd like to hear a little bit about the new product that starting in 2025. And I want to know expectation, acceptance and going along with the quality, how to show the students the differentiation, for [ Rogerio ] an expansion, I think it's clear there's a geographic expansion, new municipalities, but also a penetration in the existing hubs with installed capacity. And so I'd like to understand a little bit more about geography and penetration in the basis.

Okay. Great question. I think a good thing is discussing framework with communities of distance learning and they set a framework. The framework is bad. And some people like it, some people hate it. Some people see very [indiscernible] things. And I know it's pretty simple what is written there. I have all kind of modeling of framework. And I think this is the framework that is the most simple to convert in considering the hybridity, this crazy guy invented in 2018. So this math in product positioning and to guarantee, to improve quality and expand scalability without an impacting ticket. When [ Rogerio ] talked about [ Studio Synthetic ], it was about AI to accelerate qualification of the learning material. The new framework requires the institutions to have an educational identity. And we know the mindset that is more to quality, connected to in-person and to material. And it brings pedagogical identity, scalability in content production and will deliver learning taxonomy. And so it's a bet that's very important. We have a composition of taxonomy that a lot of institutions talk about [ Benjamin Bloom ] that comes from 1950, curricular learning matrix. So we are following in this perspective to qualify this product as a new experience. And you saw that we will have a mediator, not only the region professor and already work with 2 professors. And we learned throughout this time to how to do the composition throughout the experience using the region professor, the mediator, in-person and mediator in distance learning. We already consider this. And so the behavior of the new product only had an addition of quality than of basic metrics of how we operated. Your second -- regarding your second question, we use many criteria, not only AI to select municipalities, but also partners. [ Jackie ], who's on the back there and [indiscernible] over there. I think we said that we've been -- we were waiting for regulatory framework to start doing things. So when we bought Laureate and when the movement was not just waiting and just let the hub be still. It didn't work It work -- it works, but it's not part of our DNA. And I can say it for sure, with conviction because I was leading distance learning. We were -- anyway, we weren't waiting for the framework, the regulatory framework. We have been cleaning our portfolio. So we called to a meeting the 40 best golden partners. I didn't invite anyone. People invited people with infrastructure, understand education, they have capacity, et cetera. So there's a selection of partners considering this, and this is the first movement. There are others, though, that will come, as Paula mentioned that this -- the next lab will be much faster. So we have been reached out by a lot of people. We have been seeing that not only us have intention, but the market are intentional towards us. And the entrepreneurs, the company owners started noticing this after the framework came about. So the first lab was fast. The second is going to be much faster. Another thing, we have a geographic expansion but there are municipalities that can hold more than one hub where we have one of our hub. And so we have modeling of how we can add a hub in places where we are already present. All of these municipalities, well remembered. All of them are georeferenced with local flow already mapped and chosen with georeferencing tools. This is what -- what he's mentioned is very elegant as well.

I'm [ Maria Eduardo ] in BTG Pactual. I'm going to insist on a point in your expansion plan. I think not all can be shared, but if we can quantify, you mentioned the first phase and then you probably will go to a second. But what is the schedule that you estimate for this product? I know you mentioned a few times. So with the partners with -- about the partnerships, but can we give us numbers that can be sensible?

We have we have the IR International Relations Director. If I can allow them, they will put all of the plans here. So we are -- we believe a lot in this project. But on the other side, it's an innovation. It's something completely new. We -- there -- and as we there, we get bolder, and we can say that our expectation is very high, where we still grounded. We have designed the product. The academic team created a very solid product. Rogerio's team made a selection of partners in places that makes us sure that we are in the right path. But also we have the competitors that are running behind. We also have a new dynamics where many hubs will have to adapt, and we don't know how this will happen. So it's quite hard at this moment to add any outcast -- any forecast. What we can say is that we are confident, we have prepared, and we are giving our best and the results will be seen throughout the year next year.

So let's move on to our last question.

I'm Marcelo Santos, JPMorgan. My question is about V2A. And I believe that in some years, you are going to have an assessment in order to know to what extent you advance the number of processes? What are the metrics that you're going to use in order to judge this and to rate this? What are the main items that you are going to take into consideration for this assessment?

Well, considering the different dimensions that we are taking into consideration, if I needed to choose one is the size of our impact, the generation of the value of Anima. It can be financially dimensioned. And of course, we are taking this into consideration as the revenue and EBITDA, but also the impact that one can provide up on the society, the number of lives impacted. How can we quantify this transformation, right, Daniel? And when we were on [indiscernible] having the -- we had a live and then we were just celebrating. And okay [ 1850 ] and now [ 900 ]. So it's difficult a number. But the financial perspective, the revenue, the EBITDA is this one, considering the size of the impact. As Bernardo said, the more lives that we impact, the better the business is going to be, and it's going to grow considering this dynamic, we have 2 different sources for generating the value and also the profitability leverage, medicine courses and so on, the ticket that performs higher. So -- and also this window for the growth -- right, [indiscernible] and this depth, our strategies that are very important and companies and this locational of potency that Anima has got, and we will just keep having this. The way we double it, the way we grow and generate this number, part of this is conducting really good and really well. And don't overestimate this because we will do really good and Anima, post integration of it, and we will have this clear view and more constant. So that's it.

Considering this growth and we saw in the administration council all of our areas and ecosystem. Is it possible for new business area, B2B to grow and double its volume? It's impossible. It's going -- it grows and increase more. And...

I don't know. But post graduation, yes, we can double it. So we are going to work up on this, and this is quite difficult because it depends on other factors in order to double the number of seats that we have. Well, with or other courses, we have the possibility -- different possibilities, thinking about something to inspire service. So we need to have this inner look, but it's possible. It is possible for us to increase the number of students, and our ticket, and the x percent plus ticket. So you have this giant impacts, polls, this new format in the number of campus, we can also increase. So it's possible. And when we see these different factors, we then have this plan well structured. But doubling Anima is not something that is interior or it's just a speech. It's something that we have a timeline. We have the administration cost, we have the capital flow allocation, everything is designed. But what I can say is that when we see the different areas, we then know what we can double and to what extent we can do it. So -- and I don't know if it's going to be the lifetime of students, lifetime learning, or if it's going to be on the ticket or campus, but this set of things, we can have this analysis that we are working very strongly on doubling. Given that this concept is very meaningful, considering our performance to improve and impact the quality of service, academic quality, the reputation of the brand and teachers and employees or hearts and souls that are in favor for our success, which is the final criteria. So it's about amplifying our impact. So I'm going to finalize it. We are not what we are together, but what we spread and what we would like to spread even more in a very careful manner. How we can do this. We are very proud and this proud comes together with a team this responsibility when we look back, it's about why we did all of that and why only that. So this allows us double it. And it's about what we can learn and what -- where we've committed ever so that we will be more confident to double it -- to double the numbers.

Thank you very much for each and every one of you who are following very closely, who are very curious and confident considering our journey. And I'd like to say, [indiscernible] was just mentioning here, what makes us to get out of the bed, what moves us, what engages us is knowing that we are impacting, that we are truly impacting and we are building a better society. There are people who just look at the journal and the news and just starts crying. There are people who just stopped to watch the news, but we want to put the successful cases on the news. It's about the confidence. Trust, trust in others in a world that is living up on the crisis of confidence because these people are just believing in more algorithms instead of humans, but we need to rethink. So this is our -- and rethinking in a humanized manner. So we are all here as learners. We are here as apprentices and we learn every day. So it's about the apprentices and living this world even better so that we do what we do. This is the best way that we can summarize the story that you've seen today, which is the beginning of this journey and perhaps it is in your best moment, 22 years old, so you can protect your life to the society. And it's about the confidence in want to change. So you are seeing this opportunity, to -- turn trends into opportunities and you are not alone. 15,000 educators who truly believe in what they do, who don't just work for money, but it's important to finance this project for transformation for Brazil transformation, which is called Anima [indiscernible]. So thank you very much. Thank you.