Ser Educacional (SEER3) Q4 2025 earnings summary

Executive summary

• Adjusted net income surged 112.1% year-over-year to R$76.9 million in 4Q25, reversing a prior loss.

• Net debt reduced 29.8% year-over-year, with net debt/adjusted EBITDA down to 0.90x.

• Operational optimization, organic growth, and financial discipline drove robust cash generation and consistent profitability.

• Student base grew 4.0% year-over-year to 343,500 in 2H25, with hybrid learning up 10.4%.

• Expansion in medical schools and hybrid learning contributed significantly to growth.

Financial highlights

• Consolidated net revenue grew 9.4% year-over-year to R$572.9 million in 4Q25, driven by hybrid learning and medical school expansion.

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

• Net operating cash generation post-Capex increased 227.9% to R$74.5 million in 4Q25.

• Hybrid learning revenue increased 12.3% to R$463.7 million; digital learning revenue declined 7.0% to R$85.9 million.

• Board approved R$61.1 million in dividends, to be paid in two installments.

Outlook and guidance

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

• Management expects continued growth from hybrid learning and medical school segments.

• Dividend policy targets a 30% payout semi-annually, with R$61 million paid.

• Continued emphasis on reducing financial leverage and optimizing course portfolio.

• Focus remains on operational efficiency, student retention, and expanding course offerings in high-demand areas.