Yduqs Participações (YDUQ3) Q2 2026 earnings summary

Executive summary

• Delivered consistent operational and financial results in 2Q26, with premium courses and all business units contributing to growth and profitability despite macroeconomic and regulatory headwinds.

• Achieved record student intake and high renewal rates, with Idomed and Ibmec showing strong expansion and market leadership.

• Returned R$780 million to shareholders since 2024 via dividends and share buybacks, representing 37% of market cap.

• Continued recognition for ESG initiatives, including international awards and increased female representation in senior management.

• Completed major corporate restructuring and acquisitions, including Unifametro.

Financial highlights

• Consolidated net revenue reached BRL 2,900.9 million in 1H26, up 1.2% year-over-year; adjusted for DIS, NOR would have grown 4.1%.

• Adjusted EBITDA was BRL 904.2 million in 1H26, stable year-over-year, with margin at 31.2%.

• Adjusted net income was BRL 164.1 million in 1H26, down 11% year-over-year, mainly due to lower DIS participation and higher Selic rate.

• Bad debt as a percentage of NOR improved by 1.5 p.p. year-over-year, reaching 11% in 1H26.

• Leverage declined to 1.55x net debt/EBITDA in 2Q26, with a target of 1.0x by 2027.

Outlook and guidance

• Guidance for FCFE and EPS in 2026 reaffirmed, expecting normalization of DIS impacts, operational improvement, and Selic rate reduction in 2H26.

• Targeting net debt/EBITDA of 1.0x by 2027.

• No impact expected from new tax regime on 2026 results as regulatory details are pending.

• Gradual recovery in Semi On-Campus ticket and profitability expected, with more significant improvement in 2027.