Ser Educacional (SEER3) investor relations material

Executive summary

• Net income grew 74.0% year-over-year to R$75.9 million, with adjusted net income up 58.1% to R$81.9 million and net margin improving to 13.0%.

• Net revenue increased 8.1% to R$583.8 million, driven by on-campus undergraduate and medical program expansion.

• Adjusted EBITDA rose 10.1% to R$158.2 million, with margin expanding to 27.1%.

• Net debt decreased 35.4% year-over-year to R$427.9 million, reaching the lowest level since 2021.

• Operational cash generation post-CapEx increased 45.2% to R$109.6 million.

Financial highlights

• Gross profit increased by 11.3% year-over-year to R$364.6 million, with gross margin up 1.8 p.p. to 62.5%.

• Net revenue growth mainly from on-campus undergrad and medical programs, now 81% of total revenue.

• Cash conversion reached 84% of EBITDA and 70% post-CapEx.

• Net operating cash generation post-CapEx rose 45.2% to R$109.6 million.

• Financial expenses fell 4.4% to R$84.3 million, while financial income rose 14.9% to R$30.3 million.

Outlook and guidance

• Focus on operational leverage, technology implementation, and organic expansion, especially in health and medical programs.

• Plans to expand medical seats and open new units, with intake expected to begin in 2027.

• Commitment to reducing financial leverage and maintaining a 30% dividend payout policy.