Ânima Holding S.A. ($ANIM3)

Good morning, everyone. Welcome to Q4 2025 and the year of 2025 of Anima Education Conference Call. [Operator Instructions]. I am Carina Carreira, IR of Anima; and we have Paula Harraca, CEO; Atila da Cunha, CFO; and Tiago Moraes, CFO of Inspirali. This presentation is being recorded, and it will be made available today on our IR website of the company, where you can find all the other materials of these earnings results. At the end of the presentation, we have a Q&A session. [Operator Instructions]. Before turning it over to Paula, we'd like to share with you our 2025 year. [Presentation]

Good morning, everyone. I'm Paula Harraca, I am CEO of Anima. And I'd like, first of all, thank you all for taking part following us, I'd like to thank your participation and the delivery, the commitment, dedication of our educators who are the protagonists of the result we're going to share to each and every one of our students who choose us and all the people that are part of the Anima ecosystem. So Carina is going to share the results with this video in the beginning. It has been trying to capture and summarize a year in a minute. Some of you have seen during our Anima Investor Day in the community recently launched university for creative economy at full speed in this video tried to capture a bit of the essence, the energy. All the images are [indiscernible], there's no AI. Anima is at full speed. So 2025 is a very important year to us is turning on to consolidating our strategy that we the third sustainable growth wave because it's only possible because of the people that are there and the images that give life to our value proposal every day. After this introduction, we can move to the results. I think we're going to share it. Very good. So we are presenting fourth quarter 2025 consolidated year as well. I as a, sports person, you know, I was a grass hockey athlete in Argentina, something that athletes like the most is to exceed records, and this continuous improvement that is never ending. In 2025, we delivered the best EBITDA of Anima's history, the best revenue of Anima's history. And we were able to have a cornerstone of over BRL 4 billion, growing almost 6% regarding 2024. It was possible due to the ticket growth in all our segments with the growth of our ability of intake, we came attractive again in our core business is very significant. It represents that we are growing again. What we proposed to do with it is Inspirali is essential in our strategy and good deliveries on all our business fronts, our profitability, as I said, continues to grow because we do an exercise is very disciplined of fitness management of our cost and our efficiency. We were able to increase revenue and our cost. This led to an EBITDA of BRL 1.2 billion growing over 11% regarding 2024 in the consolidated year with net of BRL 124 million over 45% for this year. All of this in a context that is challenging in which we were able to have healthy operating cash flow, BRL 1.5 billion, keeping our leverage at this level. We reached 2.49 and year-end, that allows us to keep our strategy growth that is sustainable over third wave. Moving on to the details so that we can dive into the businesses. I'm going to call my copilot, Atila, please. And now I'll be back with you for the closing.

Thank you, Paula. Good morning, everyone. It's a pleasure to be with you on this Friday to present the results of the year, very important showing the continuity of the core, the [indiscernible] of Inspirali among several other things that we're going to see in a while with the numbers for us. They reflect the work of thousands of educators. Here, we are just the [ spokes ] people of the thousands of people that work with their hearts and minds every day for the purpose of transforming the country through education, taking quality education to Brazil, for Brazil. And you Anima Educators, thank you very much and congratulations. Those numbers have the heart and mind and dedication but each and every one of you. Moving on to the number. On this first slide, we have very important piece of news for 2025, resuming growth and intake. So all the work of strengthening brands, quality, reinforcement, resuming this academic strategies, envisaging, reinforcing -- quality has been actually echoing in our marketplace in 2025 we resumed a growth of intake, 7% of intake, 5% in the semester, quite interesting number considering that we keep on following very careful regarding ticket. We look at a chart on right grow and intake, but also ticket growing with quality, not just to grow, but it's with quality, with revenue quality so that we can actually, at the end of the day, bring operating results that are increasingly now core business is the largest one in our business. It's been growing and driving Anima's expense. And it is firm in its trajectory of recovery. The other segment, digital or distance learning, we have the focus or working on quality, we have an offer that has been dedicating to better quality products with higher ticket prices and over the year, we had drops in intake, as you've seen, but was supported by the ticket within our strategy, making us to -- despite the drop in volume, we were able to sustain growth in revenue and margin expansion. Rating from the reduction in dropout rates. So margin increase is an intelligent work of our teams to use care for the money of students also in the core segment in the distance learning segment. We have despite the drop in volume and expansion of the segment over the year, knowing that as of 2026, we have the regulatory framework as of 2025 year-end. We have some impact of that in our results. So the segment has an impact. But since we have the core segment, very sound, consistently growing, we are very well prepared for this change with the legal framework, and we're going to address that in a while. I'd like to talk and actually turn over to Tiago to talk about Inspirali. So it's our health or medical school segment. And Tiago, up to you.

Good morning. Thank you very much. Thank you, Paula. And Atila, it's a pleasure to talk about Inspirali. Inspirali follows with great discipline and consistency looking at our ticket year-over-year, we grew 100% in the quarter, 7.8% if we reduce or take out the PVA, the present value adjustment, which is we would keep on growing quarter-over-quarter on the same levels. Our student base is growing 24% in the year, highlight to continuous medical education growing over 75% with the [ medical entrance ] net revenue growing 9.8%. We highlight continuous medical education growing over 50% compared to previous year. Again, it's one of the growth verticals that we have internally and also graduate studies growing -- and the graduate study growing, we have operating results of 9.1% growth and stable margins we had in previous quarters. So we kept the pace with great resilience. In addition to the financial highlights, it's important to stress our commitment to promoting health, linking our academic training. Over 2025, we made over 200 missions, humanitarian initiatives in our 15 schools after 15 care services in communities that are vulnerable. Linked to that, we have our health integrated centers carrying out over 250,000 services or visits so the spaces are [indiscernible] care, teaching and commitment to our society. I turn back to you, Atila.

Thank you. Great, Tiago. The work we carry out at Inspirali throughout Brazil is wonderful. It's worthwhile knowing in depth the transformation Inspirali makes in its communities. Going back to our numbers, they reflect a company that grows in all its business segments. We see consistency in the core, in distance learning in Inspirali. We see an alignment of strategy and we work volumes and also quality of revenue. We see all the segments, great operating efficiency, good use of students' resources. We know how difficult it is for our students to pay the their tuition. And this is embedded in the minds of our educators, responsibility in the use of students, tuition fees, seeking efficiency. This has led us to being able to grow revenue, expand margin and EBITDA. I think as Paula said, we have yet another quarter of record EBITDA. We know we have very high growth, very important growth. Those of you that follow us in the long term can go back to 2022. We were talking about this number about BRL 700 million [ some ]. It's very important growth, like BRL 1.2 billion, not only considering its magnitude, but due to the consistency and cost. As Paula said, sports people have to be constantly improving. And this is our philosophy at Anima. The next round has to be faster, and that's the spirit we share. Net revenue, even with a major impact of the expansion of the SELIC interest rate during the year, we are able to increase our net revenue quite significant of 45% our net income. This shows the health of our business, the assertiveness of our choices and the potential that we have ahead. Well, this bar hurts my heart the impact of financial expenses, even absorbing that our income increases. But what is bad in the past may be good in the future. We may see from now on, we have an expectation, obviously, depending on how things behave, the bar will shrink. As it shrinks, you can feel what the impact may be to our results and how we have been doing very important work of liability management, compressing spreads, extending the debt on the next slide, -- we have been very efficient in the use of resources and very disciplined in our CapEx, keeping our level at 5.4% of net income, investing in technology. This has been our main choice to improve students' experience to bring more efficiency to our business. This that on the left in systems and technology shows that, and we have attained the results that were expected. We have been bringing a lot of improvements. Our app is very popular, and we have optimized our process, the intensive use of AI in several internal processes, also bringing agility and savings. We've had, as Tiago said, we had 2 new Inspirali units that were opened in the fourth quarter for continued medical education. So graduate medical school in Sao Paulo and the other one in Recife, investing in the future, and we show discipline. And at the same time, assertive choice to where allocate resources of our investments. On the next slide, all of it together shows a company with high ability of cash generation. The bar on the left is what we generated after CapEx, working capital, payment of financial expenses, BRL 198 million is the basic math, EBITDA minus working capital, CapEx, financial expenses. And all of this is what generates cash, free cash. This is very sound company, very consistent with robust cash generation despite the 15% SELIC interest rate. We were able to distribute dividends and invest in growth. Over the year, we made important acquisitions of the minority at [ UNFG ], where we have 100% before it was 75%. And we bought 10% of FASEH. We moved from 73% to 84%. And we also acquired in the first quarter of this year in the explanatory note, we bought 10% more of FASEH. We have 94% of it in addition to we got other initiatives that generate potential new growth avenues, as Paula put it quite well, the first most innovative and best university for content creators perhaps in the world. The community academy allocating our resources, we have a cash position that us -- makes us feel very assured to face turmoil that we see ahead. We ended the year with BRL 1.7 billion cash position and we have enough cash to pay all our debt. The company is very healthy, generating cash, and we have a position that puts us very comfortably in a situation that we can pay our debt and our investors have to concern themselves and educators have to focus on what is important, which is deliver the best quality teaching or education. We keep consistent leverage that is organic, be disciplined. We ended the year below 2.5 with 2.49 of deleveraging. Our leveraging is old style EBITDA. So all the liabilities, installments and accounts payable vis-a-vis EBITDA after the payment of rent and we keep on improving consistently quarter after quarter, showing the resilience and soundness and ability of cash generation for our business. Paula, I turn back to you for our final remarks.

Thank you, co-pilot. Those results, as Atila said, reflect a trajectory. This is not just one quarter. When he shows this chart, you can make those charts for various indicators, economic and financial ones, leverage, EBITDA revenue, this great move that Anima has been making that we call the third wave is at full speed, sound, consistent with no techniques, no magics doing very well what Anima has always been and has known how to do, which is having quality education to all and scale our value proposal, and we continue committed to this movement. Looking at our revenue, we know we can take and we are taking our value proposal to more students. These numbers are about 2025, but this is 2026, at full speed. We are on a final lap of our growth. And we do this through prioritizing, as Atila said, this by [indiscernible] , which is the heart of our business of our transformation, which is okay, students and professor and teacher centered. We're investing in the development of our students, engagement of our students. We see our cases how many faculty members are taking part in all activities that we propose, keeping this responsibility in the use of our resources, students' money. Atila mentioned it. It's not a controller, not financial department control. It's discipline. It's the muscle. It's part of our veins, our DNA of all educators of our entrepreneurs that make the Anima system. Looking at the context, we're still optimistic. We know the scenario brings challenges, but great opportunities. They are happening. We remain optimistic. And this to us, it's a growth with no return, and we reinforce that our protagonism of transforming Brazil through education demands our future in education. We are building the future of education as protagonist and the future education, once again, I'd like to thank everyone because I know those results are very important. They sustain our growth trajectory in our third wave supports the results we're going to deliver in 2026. The result from the commitment engagement the ownership, competence, incredible team of educators that are part of Anima Education. So now Carina, without further ado, I turn over to you, and I'm available for the Q&A session. Thank you.

[Operator Instructions] The first question today is from Flavio Yoshida from Bank of America.

We have 2 questions on our side. The first regarding student base dynamics when we look at Anima Core to understand what we could expect for 2026, if you see a possibility of growing the base in 2026, we've seen that the dropout has increased a bit in Q4. I'd like to know how you see the dynamics for 2026? And if you could comment on the intake process that is taking place in this quarter? My second point is bad debt. And I'd like to have some color on what we should expect for 2026, if you see some room for improvement in 2026. You had improvement in 2025, even Q4 a bit above what we expected. So those are the 2 points. So dynamic of student base and bad debt.

I'm going to start talking about our time, and then I'll turn over to Atila to talk about bad debt. We -- our performance is very good, as I said. We started this intake continuing or keeping our strategy just as we ran 2025 with strengthening the brands even better. We prepared very well. We started with the planning, knowing that we had challenging challenges of the legal framework. And this is -- does not impact Anima. Much on the contrary, we see it as an opportunity. If you look at how we're doing today is the 13th snapshot until yesterday, 12th of March. We're doing very well on our campus. We are exceeding our own performance, exceeding market. In intake in terms of volume and ticket. Same in the semi on-campus in attraction and volume or intake and volume and ticket distance, there is a drop. Naturally, it was expected below the market drop because we had prepared ourselves adjusting, making all the necessary adjustments -- it's not significant when we consider the 3 business core, which is your main question, we're going to grow, we're going to deliver an intake. Let me add something. Something I believe the Anima and the team knows about that. I learned that in sports, a coach trainer that I had in Argentina, Marcella. Technical Director. You can only go through the white line at the maximum speech. So the game is done. We only celebrate victory on the 31st of March when our track ends in on-campus, semi on-campus. By on the 7th of May, we're going to be here together. I trust that we're going to present to you unless there is something very good happens. We're doing very well, nickly commercial cycle of growth in the core business, both in volume and ticket, and that's our strategy and your question. Actually, Atila, turn over to you if you wanted to comment on bad debt.

You've asked about dropout rates. Flavio is something that we've done late last year and is running and doing quite well. In our strategy, we created a cell that is dedicated to student experience focused on the journey of the student end-to-end. Many times what happens with freshmen, first semester, it's got to do with engagement challenges that are academic or monitoring and the lack of follow-up, where we hadn't that. And we created that with all the areas, all the teams, we do that with data. We have a predictive model telling us the chance of the person, considering the activity, the performance, all data-driven. I've been telling you a lot about that, power to the edge and data-driven with this intelligent cell that is working in dedication. We call it student experience for the success of the student to keep them with us and help them though the possible hurdles they may face in their journey, leading them to disengage or drop out. This is a strategic front of ours. We created an area. So we have a group of experts, and we're working very much focused on that, Flavio. Thank you for your question.

Atila, would you like to add and talk about bad debt?

Sure. Flavio, thank you for your question. We have been able to -- over 2025 to grow revenue and reduce 8% of revenue and reduced 4% of bad debt. We keep accounts receivable in the control. It grows in line with our revenue growth. So this is totally stable year-over-year. So we have a healthy growth and a drop in bad debt, great sign of quality of revenue. In Q4, we had a growth of 4Q over Q4. We have BRL 50 million of bad debt. Last year was about BRL 25 million. If you go on Q4 '23, it was about BRL 50 million. So it's a specific that does not reflect a trend. We follow very focused on quality revenue, and this has been yielding results. It shows that we have been able to reduce delinquency in our portfolio, which to us is a reason for great pride of the work carried out and assertiveness of choices. Some that are not in our hands. Well, we cannot promise the future. We'll keep on working to improve delinquency, more assertive collection. We've made changes working with AI to help us in the collection actions and selecting how to address each type of student. Our delinquency or default management team is doing a right job but we have very unexpected events. We don't know how the world will -- we do not make promises on the future on that. What we do is what we're doing. What we're doing, we keep on doing, which is paying attention to quality of revenue to have an intake cycle that does not use our technical tools to attract students, students start paying from the beginning. They start knowing what their commitments are. They know what they will have to pay. And we do not let go of our ticket. We bring students that are more committed to their choice and the university that they've chosen.

We are sold to our choices. And what results are we going to read from now on?

We'll see, but we keep on being very consistent and confident on our choices. If it's going to increase and decline, we'll work on it to be reduced.

Our next question is from Samuel Alves from BTG Pactual.

Two questions on our side. First, if you could comment a bit on the drop of Inspirali's margin in the fourth quarter, 100 bps year-over-year. If there is a specific cause and how you see the increase in margin of Inspirali from now on? Second question, a bit more encompassing regarding capital allocation. The company has been able to deleverage itself, removing seasonality in the quarter that is very consistent again in this sense. How do you see dynamics of dividends, environment for M&A, if there is room for CapEx? Organic CapEx improvement. A question on capital allocation.

Thank you for your I'll start talking about our margin dynamics and Atila feel free to add on capital allocation, M&A. The Inspirali margin follows somehow within resilience, Samuel. But what we have effect here, specifically the quarter, we have the PVA as a value adjustment. So we have -- from the accounting standpoint has an impact. As we grow the continuous medical education within the Inspirali. And we have a movement in sensitization that is small in terms of margin that should happen. And if you look at our student base, removing the [ Med resident ], we keep on growing in the graduate studies. As the pie grows, we -- it is expected that we have some sensitivity there. Atila, could you address the M&A part?

Thank you, Tiago. If you look at the debt chart, we generated cash. We distributed dividends. We invested in the future in new growth avenues, our base segment buying some stakes. And we understand the company is in a trajectory of a solid company that is eager to grow, that understands the importance of compensating its shareholders and the importance of reducing financial expenses, reducing its net debt. It's a day-to-day exercise for us to balance those 3 allocations. And this is how we should proceed concerned with a good use of resources, but without this mind that is unidirectional. -- our mind is a balance of a company that has to seek these 3 things to remunerate shareholders, reduce debt and so seeds for the future, be it in innovation and our core of this business.

Atila, if you allow me to do some follow-up. Do you have some target leverage for the company as midterm goal?

So well, we don't have a target leverage for the company in the short, mid, long term. We've had times in which we worked with net cash at times we work with, as you've seen in the chart, leverage above 4. But we understand that our organic capability. We've reduced 0.3, 0.4 always every quarter year-over-year. So we have this consistency of deleveraging. We've worked for years after years, 2.5, it was possible to have an M&A, set some growth and then deleverage quickly and resume this consistency and deleveraging strategy. Naturally, with the SELIC rate at 15%, we have higher pressure. If it were 2, the pressure would be smaller. Again, we have to follow -- our mindset is to follow balancing these 3 elements: reduce debt, invest in the future and compensation to our shareholders. This is our mind.

It's okay, Atila. You've answered quite well. I would just like to add that the sound position of the company gives us this possibility, Atila, that you're mentioning of deciding with intent. We're no longer in the position that we need to make decisions. We can make decisions. This is very good for our strategy to actually balance on these 3 points that Atila put quite well.

Our next question is from Mauricio Cepeda from Morgan Stanley.

Two questions on our side. The first is regarding the -- well, you mentioned Paula at the Investor Day. To me, it was one of the most important points of smart campus. If you could share with us the rollout, how partners see that, if they are adhering and the demand of semi-on-campus in those places that you're offering? And also, now that you have the first cycle over, what is the expansion potential that you see in the model? And if you see that you should have some CapEx or OpEx additionally in those smart campus. The second question on another topic. I've been asking companies on that in general is regarding [ ENEM ]. the examination if the industry sees some kind of judicial measures, if those sanctions could impact you and how you're preparing for the new waves of the ENEM, the medical school examination.

Thank you, Mauricio. Our strategy of expansion has already started. You can see the intake full speed. We started offering with 14 units that are being opened in this intake yesterday, we had UNIFACS and [ La de Pas ]. We had the opening of that. I was online. I was actually a participant on the on semi on-campus, benefiting from the hybridity at [indiscernible] the next 15 days, we have 14 units. You see, Mauricio, yesterday, I was talking to my partner there. She was present. She was so excited. We know intake is coming. So there are lots of learnings because this is totally new initiative. We have several variables that we're defining, adjusting testing, engaging brand positioning, product, pricing, partners, the right partner, the people that are on board, all the Anima team dedicated to enable this new implementation. So it is a really new avenue, bringing learnings, adjustments all over the place. Next week, we have an event at Monca with our current partners to have a learning session with them and new partners that are joining and what is cool in this learning process is that we are discovering things that we hadn't planned and things that we planned that are not working so well. So we are gauging. It's good and contributing to intake. Those are opening in the 4 areas of knowledge. So we are confident knowing again that the beginning of track, you asked about CapEx. It's not the heaviest in this thing. The model that we have made of smart campus is being light, providing through agility through partnership, having time to learn and adjust. This is new and innovative and also helps strengthen our offerings of this new modality that will officially gain the market category of semi campus. The market as we think about that for students is different, but this concept of hybrid education is working in our marketplaces, lessons learned in small campuses and our market is doing better and correction adjustment that we make. And the second question?

Anima examination. Tiago, would you like to comment on it?

Yes. Thank you, Mauricio, for your question. So it's worth mentioning that we are in favor of every initiative of the Ministry of Education and Evaluation, any kind of measurements that leads to enhancement of quality of our courses. -- despite having most schools with 3, 4, we had, unfortunately, our schools with Grades 1 and 2. This is not where we want to do. The Inspirali project is a quality. One, we don't want to be there. And you've asked how we are preparing for that. We've mapped out all the specificities of the schools that have the scores between 1 and 2. We have work teams that are in those schools working on those gaps. Another strength that we have is the use of the magical hesitant tool here to preparing students. So we are offering this program to 100% of students from the fourth to the sixth year. We're following them. We have a schedule of exams. We have robust work to ensure good results, and this is where we want to be. In addition to Anima, we have other evaluation criteria. Anima is one of them from the ministry. -- the schools with the ministry visits. So we always get high scores. So we always want to be differentiated in terms of quality. The other point you brought up is penalties as the ministry has not officially pronounced itself, there is nothing formal owned by the ministry. We don't know what penalties will be if there is a judicial measure. So we have to wait for something formal from the Ministry of Education to be -- to position ourselves, Mauricio. To add to what Tiago said, I'd just like to reinforce what he said because this to us is very important. Inspirali's Board. This is a serious conversation to us. The quality of the training of professionals is very important in all knowledge areas, especially doctors. Level of compensation and our Board of Directors is focusing on strengthening all kinds of that ensures the quality of medical preparation or training and, well, all it is that without question. We actually want to bring it as mandatory for students to be promoted. This is our approach for you to understand the and the tone that we give to it, as Tiago said, with tools understanding where we need to move up and raise the bar, course by course making analysis of micro data to help students to get to the performance they have to be, the preparation level they have to reach. This is a topic we take very seriously, Mauricio supporting, not against it, much on the [indiscernible]. We're in favor of all kinds of that ensure quality of students training.

Our next question is from [ Eduardo ] from UBS.

Two questions on my side. The first is more specific on the sale of portfolio of receivables of PraValer that is stronger in the fourth quarter. I'd like to have some color on the strategy of this front looking at the year, if the company intends to speed up this kind of early payment or if this is something more restricted to the fourth quarter? And this is the first question. And the second is on the offer on digital with the regulatory being an effect. I'd like to know the to have an idea on the portfolio of courses if the cycle of intake, if there's been any more structured measures on the courses thing that you stopped providing. So any color that you can provide will be very useful.

I start here, Eduardo. Thank you for your question. It's important to say there is nothing in this quarter done that hadn't been done in previous quarters, including Q4 previous years. We sold actually receivable portfolios, PraValer the same way Q4 last year, we did less PraValer, more credit cards. And so we changed a bit the dynamics last one. And we follow consistent in our trajectory, taking care so that receivables are quality are liquidity and that can be always -- can always keep turning the portfolio. So what happens, this was a sale of a portfolio with a duration that was a bit longer since the duration was a bit longer in this PraValer portfolio it has a financial impact that was provisioned in our balance sheet. It's important to say that an assertiveness of accounting is very evident once we have long-term receivable, we actually have the present value adjustment when -- so this present value adjustment was recognized there. And when we had that, what was present value adjustment became a financial expense and this value was the same with no impact to our balance sheet. So there's no change in the dynamics of working capital, neither for receivable. There's only consistency. This was done previously. And this Q4 2025 in the consolidated PraValer Card was less than what we did in Q4 2024. So what has changed was only that. So the portfolio has a duration that was longer. We had a reallocation of items with no impact to our bottom line or our financial results. I would talk about that. Well, Paula, feel free to complement. So we keep following our legal framework, the adjustment of our portfolio. Part of it had already been made in previous years when we thought offering medical courses for strategic choices. Now we have no offerings of our teacher training system engineering, and we keep on enhancing our products. We keep on working on quality, increasingly better in our digital education product. And we are firms betting on this segment on the courses that will continue and betting on a quality offering, seeking better quality, more value to students and charging more for that.

Atila answered very well, Eduardo. Just to reinstate that since this was a movement that was already in motion where he said we want to offer health, I think it was '22, '23 was the time ago. I wasn't here. It was a strategic choice geared to conviction. We believe you cannot prepare a professional in nursing that lives with human beings through a screen. You cannot teach them the hands-on practical part or they need to know technique, how to blood test in a passive way, watching a video or reading a PDF. So this structuring change happening in the market is very good for us, but it's very good for the students for those that are training. So Anima had been fought. We repositioned our digital strategy, as Atila said. Of course, this repositioning this new product rings ticket improvement, as you've seen in the results of the year-end will continue this year. There's a drop that is smaller than -- well, compared to the market, very much based on our strategic choices, knowing that our semion-campus offering is an educational experience. It's our educational hybrid experience is much more complete and what we prefer, you can actually provide an experience with interaction with exchanges with this power that is hybrid education, allowing better quality education.

Our next question comes from Vinicius Figueiredo from Itaú BBA.

I'd just like to start with a brief follow-up, the first answer that Paula gave to colleague regarding intake expectation for 2026. Some clients asked us because I think there was an understanding that ended up being a bit different amongst them. When we talk about intake that is better than 2025, we see that there is growth compared to 2025, it could be a growth that is higher the delta higher than was the 2025 delta. Just to clarify this point. Another point here would be regarding G&A. We had strong growth when we compare to the revenue percentage considering Q4 previous year. trying to understand the recurrence of this number, that would be excellent.

I'll talk about intake. That was your question. In the on campus, we're growing a lot. It's important to say that our comparison is not with the market. It is with ourselves. We are growing above ourselves, above the intake that we had in 2025. We are seeing that. And I'm confident we're going to deliver that. Our pace -- well, the commercial process are almost within our goal. Once again, white stripe, we're going to grow beyond that. we're going to grow in terms of volume and ticket on-campus and semi-on-campus. Distance learning, we have a drop hired for the reconfiguration of the offering, the Ensemble, our revenue grows. I followed -- I was following because we always say that our competitor is not another market player. It's Anima yesterday. This is our goal. This is our comparison. Of course, you are in a context in the market, and you have to look at your rearview and see what's happening. And we've seen crazy things happening, 2 moments, especially end of October, early November, and then there was a move of crazy prices. things after the NIM examination. We sustained our strategy. We follow and we monitor index price that sustain things we're over, we're doing very well. So this is what is most important that the planning of our process has been very well made based on a strategy that is much deeper and more robust, and we are getting the results. We're growing above the budget over last year. When we see the reports that we see that compare players, it draws our attention because we are actually on the opposite direction of what's happening. But it -- this is important to us. Education has no price, it has value. When you open a virtuous circle that you continuously increase and improve what you offer every day with listening to students, bringing professors and teachers, making campuses better, improving product. It works. This is the game we're playing. This is our game. We're doing well with the demand that we have, we're performing very well.

Just a brief point on G&A and had an improvement that was sequential and year-over-year, just the recurrence of this year.

Atila can give you more details on numbers. Our philosophy, again, is put money where it generates value to students and CapEx experience improving and enhancing our faculty, putting resources where we leverage our revenue in this virtuous circle I've mentioned. Atila, if you want to add, feel free to do so.

Vinicius, our philosophy is still the same. We seek increasingly more efficiency in expenses that do not add value to students that do add value to students so that we can get this surplus of efficiency to benefits that add value to students. So things that do not add are removed and things that add value to students are kept, and we'll keep on seeking efficiency gains. And sometimes revenue is a bit better, although you invest in quality, so you have operating leverage, you generate higher student base, you have efficiency leading to better results. All those things end up helping us in the margin expansion trajectory. The philosophy is this one, optimizing back-end strategy through technology, lighter processes so that we can use the money in the activity that happens on the campus.

The next question is from Marcelo Santos from JPMorgan.

Addressing the last question, the last answer. From the end of first semester last year, you started this that was more modest in terms of margin, in terms of reinvesting gains expenses where it doesn't add value to students where it does add value to students. Despite the discourses that you actually have been delivering margins year-over-year over the quarters. Is it something that we should -- despite having this idea of reinvestment, you have some left to increase margin. What would be the outlook of that for the forthcoming periods if we should see this dynamic? The second question is more specific on the competitive environment of medical schools. First, we see a summer intake, which all the seats or most of them should be operational, those that were given through injections. Could you comment on that if this is impacting different types of marketplaces? Just to understand or have some color shed on that, what we see ahead in terms of what's happening in medical schools.

I'll start here, and then I turn over to you, Tiago and Paula. Well, Marcelo, our philosophy when we draft the budget is let's stay in expenses to invest in costs. So if we can gain margin is because we see -- we have a revenue that is a bit better what we estimated, and we deliver operating leverage. We want to keep on working like that, having the cost below what planned and revenue better than planned as simple as that. The philosophy is present and the execution has to be better than the philosophy. Just a follow-up before we move on to the next. In this case, when we have the margin above in the 2 past quarters, was the revenue that was above budget or cost below budget, A bit of both.

Marcelo, I'd just like to reinforce the concept of the philosophy. It's a balance. It's a balance, and this is what we look at day after day. The most important that we seek at Anima, what we want and what we need, the goals that leads us to the future, where we need the resources, we need to take good care of them to make sure that we can attain our goals. So this mindset is going to give us that where am I standing -- is this generating value? It's intelligent cost management that we're creating this muscle, this discipline, ability to analyze with criteria, not letting something to grow because we have no budget. This is a mindset, not Paula, Atila. Everybody is thinking about that when we talk about power to this and data-driven this ability to manage risk, not limit yourself if you have good opportunity because you have no budget. So the ensemble of resources, time, money is limited. So they are available to leverage our funds. And if we work that well today, we do that in our team. The triple crown, we grew revenue. We courses, we have improved 41% margin. So this is a collective effort. It's a cult discipline muscle, an exercise that is day after day. This is the spirit I wanted to add to the answer.

And taking the part of medicine intake and there is this part of seats very much focused on market by market. But Inspirali is very resilient. We have very strong brands. And above all, we have a discipline and coherence that has been around for years. We're not fighting for price. We have a strategy outlined. And when that is put into practice, this brings a resilience to the business. So early this year, we had the [ NMA ]. We had a bit of turmoil. There was something new. But I think our team, our commercial team is very good. They were able to absorb that and that they are following the pace that we planned. So what Inspirali should deliver is precisely the same level of consistency that it has been delivering in previous years.

And our last question is from Renan Prata from Citi.

Actually, it's quite brief. Actually on Paula's comment on campus, this new growth avenue. I'd like to ask about the regulatory framework overall, if you see any kind of cycle of investments to adapt to the framework and cost, CapEx, OpEx, I don't know if you expect to have any kind of cycle of speeding up investment to comply with the framework, more focused on campus, but thinking a bit on distance learning.

We already have 85 campuses almost throughout Brazil with our network of partners with these smart campuses that we're starting to test. We don't need to make investments to the framework because distance learning is not our main growth avenue, not our main strategic driver. Our great source of volume and revenue looking at the core in addition to the source of revenue and profitability, which is medical school and its on-campus and our semi-oncampus. Our semi-on-campus is an experience just as if it is -- it's a mix hybrid that is very much on-campus driven. There's a lot of hybrid features. The semi on campus was important at Anima. It was the conviction that the world would be hybrid that the students would be able to modulate their learning experience the way they want it. The structure is available. It's ready. It is actually very important to our strategy because it is already an asset Anima has to strengthen on semi on campus as we are above the market to us, it's great because the assets are already there. It's just a matter of growing now. And on digital, on the contrary, as we said, we had the readaptation of the offerings in 2025, those adjustments that Atila mentioned. Medical schools were not being offered because of strategic conviction some years ago. So there are no negative impact to regulatory framework for Anima is a great opportunity, and we see that the structuring change is bringing strength to the new offering, a new market category that is that we've always believed in that we're now sailing the wave very well, Renan. Thank you for your question.

Thank you. With this, we close our Q&A session. Thank you all for taking part in our earnings results webinar. Our IR team is available. Have a good day, and see you next time. [Statements in English on this transcript were spoken by an interpreter present on the live call.]