ATED3

Atom Educação e Editora S.A., which began presenting itself to the market as Atom Educacional, is a publicly traded company with common shares listed on B3 under the ticker ATED3. The company is headquartered in Sorocaba, in the State of São Paulo, and originated from the corporate restructuring involving the former Inepar Telecomunicações S.A., a company whose activities were halted in 2000 and whose acquisition was completed in 2015. After the transaction, the company was renamed Atom Empreendimentos e Participações S.A. (Atompar) and, subsequently, the business was reorganized, culminating in the current structure of Atom Educacional as a listed vehicle on the Brazilian stock exchange, focused on the education segment. Its business history is tied to founders José Joaquim Paifer and Ana Carolina Paifer, professionals with long experience in the financial market who initially developed independent treasury and proprietary trading desk activities before consolidating their focus on financial education and vocational training courses.

Atom Educacional’s business model is based mainly on private education offerings in multiple formats, with an emphasis on financial education, capital markets, entrepreneurship and professional development content. The company is active both in the development of teaching materials and in the editing and publishing of educational content in books, magazines, e-books and digital platforms, complemented by courses, training programs and mentoring. In addition to its educational arm, it maintains a proprietary capital management and proprietary trading activity, although this front has very limited relevance in terms of revenue and operations. ATED3 shares therefore reflect a business whose economic core is organized as an education company, with a strong digital component and a growing presence in vocational courses through strategic acquisitions.

The main business line of Atom Educacional is the education area focused on the financial market, offered mostly in online format. The company develops courses and training programs on financial education, investments, stock exchange operations, derivatives, retirement planning, wealth building and certifications such as Agente Autônomo de Investimentos (AAI) and CGA, in addition to immersion programs for trader training. These products are distributed through its proprietary Atomplay e-learning platform, which integrates video classes, trading simulators, support materials, study tracks, tests and gamification tools, as well as mentoring with specialists and live webinars. The company also offers preparatory courses for civil service exams through Atom Concursos, with content structured in video classes, written materials, question banks and auxiliary study resources, expanding its educational scope beyond the strict financial market.

A significant portfolio expansion took place in 2024, with the acquisition of 51% of Cebrac Consultoria e Franquia S.A. (Cebrac), a vocational education network that operates predominantly through physical franchised units. Cebrac works with its own methodology, aimed at elementary and high school students, offering courses such as administrative assistant, pharmacy, English, IT, caregiver, among others, with a focus on entrepreneurship, sustainability and social responsibility. With this transaction, Atom Educacional began to combine a digital model intensive in online content with a physical network of more than 80 schools in around 20 states, using the franchise structure as a distribution channel for vocational courses and, potentially, for proprietary and partner educational products. This diversification reinforces the education area as the main revenue generator and broadens the target audience to age groups and profiles beyond the typical retail investor in the capital markets.

In the field of products focused on entrepreneurship, Atom Educacional also explores the licensing of global media brands. In 2022, the company entered into a licensing agreement with Sony Pictures Television UK Rights for the creation, production and distribution of Shark Tank E-School, an educational program inspired by the TV show Shark Tank Brasil. Shark Tank E-School is structured as a training program for entrepreneurs, with content on business modeling, pitches, success stories and mentoring with recognized professionals, seeking to translate the logic of the reality show into educational tracks for those who want to start or expand businesses. This initiative complements its financial education and professional development courses and is part of its strategy to strengthen the brand and expand its offerings in the entrepreneurship arena.

From the standpoint of markets served and competitive positioning, Atom Educacional operates in Brazil’s private education sector, with a focus on distance learning and non-degree courses, an area that has gained prominence with the expansion of online learning and continuing education in the country. The company is positioned in niches such as online financial education, trader training, career and civil service exam prep courses, while, through Cebrac, it operates in in-person vocational education, in the entry-level segment for young people aged 14 to 24. Its client base is diversified, with no dependence on any single student or company, and the company reports that in fiscal year 2024 there was no customer accounting for more than 10% of its net revenue. In terms of revenue, the education area accounts for virtually all consolidated revenue, gaining further relevance after the consolidation of Cebrac, while the proprietary capital operations area makes only a marginal contribution and delivers variable results year to year.

Geographically, Atom Educacional’s revenue is fully recognized as originating from Brazil, although part of its courses and e-books can be accessed from other jurisdictions. The company does not report revenue broken down by foreign country and does not target specific products or marketing campaigns to markets outside the national territory. Its physical presence stems mainly from Cebrac’s franchise network, spread across dozens of cities and states, while its digital operations reach students in different regions through its online platform, digital marketing and proprietary sales channels. This combination of online operations and an in-person network gives the company a hybrid profile, with nationwide reach mainly via franchises and digital scalability via Atomplay and other distance learning solutions.

On the regulatory front, its core activities of education and content publishing are not subject to a specific regulatory agency beyond general education and civil rules; the company reports that it does not depend on special government authorizations to operate most of its businesses. The potential exception lies in its proprietary trading desk and proprietary capital management activities, which led the Brazilian Securities and Exchange Commission (CVM) to initiate an Administrative Sanctioning Proceeding to discuss the possible need for registration as a securities broker for this activity. Even so, this front has negligible weight in revenue and market share, and the economic core remains focused on education. In environmental, social and governance matters, Atom Educacional states that in 2024 it did not publish a specific ESG report and does not yet follow a formalized reporting standard in this area, although it depends heavily on intangible assets such as trademarks, domain names and copyrights, which are managed in accordance with Brazilian intellectual property law.

As a company listed on B3, Atom Educacional combines characteristics of a digital education company with a platform of in-person vocational courses and a history linked to the financial market. ATED3 shares represent predominantly a private education operation focused on financial education, entrepreneurship, civil service exams and professional qualification, organized within a structure that uses technology, proprietary content production and a franchise network as its main growth drivers. Recent revenue trends highlight the growing weight of the education area and the integration of Cebrac, reinforcing the classification of the company within the education segment among the universe of companies listed on the Brazilian stock exchange.