Ser Educacional (SEER3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue rose 3.2% YoY; adjusted EBITDA increased 6.7%, adjusted net income 62.4%, and post-capex operating cash generation 13.9%.

• Net income rose 145.1% YoY to R$36.6 million; on-campus undergraduate enrollment grew 1.7%, while total student enrollment declined amid distance-learning classification changes.

• Stronger cash generation and lower financial leverage supported a 36.5% YoY reduction in net debt.

Financial highlights

• 3Q26 net revenue was R$531.0 million, up 3.2% YoY; gross revenue increased 5.4% to R$1,303.3 million. 9M26 net revenue rose 5.7% to R$1,736.8 million.

• 3Q26 EBITDA rose 6.1% to R$136.5 million; adjusted EBITDA increased 6.7% to R$109.1 million, with a 20.6% margin.

• 3Q26 net income reached R$36.6 million, up 145.1%; adjusted net income was R$39.2 million, up 62.4%.

• 9M26 operating income rose 16.2% to R$370.5 million; adjusted EBITDA increased 9.5% to R$448.1 million.

• 9M26 net income rose 56.4% to R$218.8 million; adjusted net income increased 45.5% to R$236.5 million.

Outlook and guidance

• Strategic priorities include opening and maturing units, expanding existing units and adding medical-course places, alongside academic quality, portfolio optimization, high occupancy and automation.

• A 30% semi-annual dividend payout is a policy target; a further R$26.0 million installment was planned for Q4, taking shareholder remuneration tied to 2025 earnings and 1H26 to R$113.0 million, or R$0.8831 per share.

• ENAMED-related restrictions may affect 2027 medical recruitment, including a potential 25% reduction in authorized new intake; mitigation measures were underway.