Ser Educacional (SEER3) investor relations material

Executive summary

• Achieved strong operational and financial results in Q3 2025, with adjusted net income up 24.5% year-over-year and net debt reduced by 21.9%.

• Hybrid Learning undergraduate student base grew 11.8%, with total undergraduate base up 5.4% and medical school enrollments rising 12.2%.

• Cash generation post-CAPEX more than doubled year-over-year, supported by operational efficiency and disciplined expansion.

• Strategic focus on healthcare and law programs, course portfolio optimization, and cost controls contributed to improved results.

• Student base growth was supported by solid enrollment, re-enrollment, and a decline in dropout rates.

Financial highlights

• Net revenue rose 8.4% year-over-year, reaching up to R$514.5 million, driven by student base expansion and higher average ticket.

• Adjusted EBITDA increased 9.2% to R$102.3 million, with a margin of 19.9%.

• Adjusted net income totaled R$24.2 million (+24.5% YoY), with a margin of 4.7%.

• Net operating cash generation post-CAPEX surged 118.3% to R$104.6 million.

• Net debt/adjusted EBITDA improved to 1.08x, with net debt reduced to R$576.5 million.

Outlook and guidance

• Management expects continued growth in hybrid and medical school undergraduate segments, with a focus on operational efficiency and cash flow generation.

• Margin expansion is expected to continue, though at a slower pace than the first semester.

• Emphasis on improving average ticket and maintaining high occupancy rates, especially in medicine.

• Anticipates sustainable cash generation and further debt reduction in coming years.

• Expansion of health-related courses and regional footprint expected to sustain growth.