Ser Educacional (SEER3) reported net income of R$ 36.6 million in the third quarter of 2026 (3Q26), up 145.1% from R$ 14.9 million in 3Q25. The net margin was 6.9%, versus 2.9% a year earlier. According to the company, the result stems mainly from the recovery of the revenue base in On-Campus Education, greater efficiency and an improved financial result, with the reduction of net debt and of the cost of debt. Adjusted net income was R$ 39.2 million, growth of 62.4% from R$ 24.2 million in 3Q25.
Net revenue reached R$ 531.0 million (R$ 530.978 million), up 3.2% from R$ 514.5 million in 3Q25, driven by the On-Campus Education student base and partially offset by the smaller Distance Learning (EAD) and Blended Learning base. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 136.5 million, an increase of 6.1%, with a margin of 25.7%. Adjusted EBITDA totaled R$ 109.1 million, up 6.7%, and the adjusted margin reached 20.6%, an expansion of 0.7 percentage point.
Net debt fell 36.5% from R$ 576.5 million in 3Q25 and totaled R$ 366.0 million. Gross debt was R$ 678.7 million. The ratio of net debt to Adjusted EBITDA for the last 12 months went from 1.08x to 0.61x. Net operating cash generation after investments (CAPEX) totaled R$ 119.2 million, up 13.9%, equivalent to 109.3% of Adjusted EBITDA. In March 2026, the company completed its 7th debenture issuance, of R$ 250 million, at CDI + 1.1% per year, which allowed it to prepay the 3rd and 4th issuances, with an average cost of CDI + 2.0% per year.
The On-Campus Education undergraduate student base reached 185.4 thousand, up 1.7%, the 8th consecutive year of growth in the third quarter. The total student base fell 8.6% to 323.9 thousand, with a 36.6% drop in EAD, which totaled 94.1 thousand students. The overall average ticket rose 11.8% to R$ 518.4 per month. Through the end of 3Q26, the company distributed R$ 87.1 million in dividends, versus R$ 19.6 million a year earlier. It will still pay R$ 26.0 million in dividends in 4Q26. As a result, total payout, relating to 2025 earnings and the first half of 2026, will reach R$ 113.0 million, or R$ 0.8831 per share. The dividend policy provides for a 30% payout on a semiannual basis.
In the first nine months of 2026, net income was R$ 218.8 million, up 56.4%, and net revenue totaled R$ 1.7 billion (R$ 1,736.8 million), an increase of 5.7%. Adjusted EBITDA for the period reached R$ 448.1 million, an increase of 9.5%.
Is SEER3 worth investing in?
- Price
- R$ 11.26
- as of 11/10/2026
- Dividend yield
- 7.84 %
- P/L
- 5.34
- P/VPA
- 0.95
