Ser Educacional (SEER3) investor relations material

Executive summary

• 3Q26 net revenue rose 3.2% and adjusted EBITDA 6.7%; net income increased 145.1%, cash generation strengthened, and net debt fell 36.5% YoY.

• On-campus enrollment grew as digital enrollment weakened; higher-value health programs, efficiency and disciplined investment remained strategic priorities.

Financial highlights

• Net revenue was R$531.0M, up 3.2% YoY; 9M26 revenue increased 5.7% to R$1,736.8M.

• EBITDA rose 6.1% to R$136.5M; adjusted EBITDA increased 6.7% to R$109.1M, with a 20.6% margin.

• Net income reached R$36.6M, up 145.1%; adjusted net income was R$39.2M, up 62.4% YoY.

• 9M26 adjusted EBITDA increased 9.5% to R$448.1M; operating income rose 7.8% to R$80.2M in Q3 and 16.2% to R$370.5M in 9M26.

Segment performance

• On-campus undergraduate enrollment grew 1.7% to 185,379; medical enrollment increased 3.9% to 4,137, with 1,001 annual medical seats.

• Total student enrollment declined 8.6% to 323.9K; combined DL and Semi On-Campus enrollment fell 22.0% YoY.

• On-campus undergraduate intake fell 5.8% YoY, but rose 2.2% excluding PROUNI; DL and Semi On-Campus intake declined 31.1%.

• On-campus average ticket increased 6.0%; total net tuition ticket rose 11.8%, while DL and Semi On-Campus ticket fell 2.8%.

• Health courses represented 65% of on-campus and 51% of total undergraduate enrollment; on-campus education reached 57.4% of higher-education students.