Ser Educacional (SEER3) Q4 2025 earnings summary

Executive summary

• Achieved 112.1% year-over-year growth in adjusted net income, reaching R$76.9 million in 4Q25, and a 29.8% reduction in net debt, with leverage at its lowest since Q1 2021.

• Adjusted EBITDA margin expanded by 2.9 percentage points to 26.3%, with adjusted EBITDA up 22.8% to R$150.4 million.

• Hybrid education and medical school expansion drove robust cash generation, operational optimization, and consistent profitability.

• Six new units became operational, with further expansion planned, focusing on healthcare and law programs in non-capital cities.

• Dividend payments of R$61 million were resumed, with a semi-annual policy targeting 30% of net earnings.

Financial highlights

• Consolidated net revenue grew 9.4% year-over-year to R$572.9 million in 4Q25, with hybrid learning revenue up 12.3% and digital learning revenue down 7.0%.

• Adjusted EBITDA rose 22.8% to R$150.4 million, with margin expanding to 26.3%.

• Net income reversed from a loss of R$30 million to a profit of R$74.6 million in 4Q25, with recurring profit nearly doubling.

• Net operating cash generation post-CapEx increased 227.9% to R$74.5 million, driven by improved payment punctuality and receivables anticipation.

• CapEx decreased to R$23.0 million, representing 4.0% of net revenues.

Outlook and guidance

• Strategic focus for 2026 includes organic growth, new unit openings, medical course expansion, and operational efficiency, especially in healthcare and law.

• CapEx expected to return to 5%-6% of net revenue, supporting expansion and new unit openings.

• Dividend policy reinstated, with semi-annual payments of 30% of net earnings.

• Leverage target set between 0.6 and 0.8, balancing growth and shareholder returns.