ATED3 Atom Educacional

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 suspended 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 corporate trajectory is linked 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 activities before consolidating their focus on financial education and vocational courses.

Atom Educacional’s business model is based primarily on offering private education in multiple formats, with an emphasis on content related to financial education, capital markets, entrepreneurship and professional development. The company is involved both in the development of teaching materials and in the editing and publication 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 a very small relevance in the composition 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.

Atom Educacional’s main line of activity is education focused on the financial market, offered mostly in online format. The company develops courses and training programs on financial education, investments, stock exchange trading, 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 e-learning platform Atomplay, which integrates video classes, trading simulators, support materials, study paths, 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 relevant expansion of the portfolio took place in 2024, with the acquisition of 51% of Cebrac Consultoria e Franquia S.A. (Cebrac), a vocational education network that operates predominantly in physical franchised units. Cebrac works with its own methodology, aimed at elementary and high school students, offering courses in administrative assistant, pharmacy, English, IT, caregiver, among others, with a focus on entrepreneurship, sustainability and social responsibility. With this transaction, Atom Educacional started to combine a digital model with intensive online content and a physical network of more than 80 schools in about 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 geared towards 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 cases and mentoring with recognized professionals, seeking to translate the logic of the reality show into didactic learning paths for those who want to start or expand ventures. This initiative complements the company’s financial education and professional development courses and is part of its strategy to strengthen the brand and expand its offering in the entrepreneurship area.

From the standpoint of target markets and competitive positioning, Atom Educacional operates in the Brazilian private education sector, focusing on distance learning and non-degree courses, an area that has gained relevance with the expansion of online education (EAD) and continuing education in the country. The company is positioned in niches such as online financial education, trader training, career and exam prep courses, while, through Cebrac, it operates in in-person vocational education, serving primarily 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 responsible for more than 10% of its net revenue. In terms of revenue, the education segment accounts for virtually all consolidated revenue, growing in importance after the consolidation of Cebrac, while the proprietary capital trading area has a marginal contribution and variable results year over year.

Geographically, Atom Educacional’s revenue is fully recognized as originating in Brazil, although some of its courses and e-books can be accessed from other jurisdictions. The company does not report revenues segmented by foreign country and does not target products or specific 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 physical network gives the company a hybrid profile, with nationwide reach primarily via franchises and digital scalability through 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 educational and civil rules; the company states it does not depend on special government authorizations to operate most of its businesses. The potential exception lies in its proprietary trading and proprietary capital management activities, which led the Brazilian Securities and Exchange Commission (CVM) to open an Administrative Sanctioning Proceeding to discuss the possible need for registration as a securities broker for this activity. Even so, this front has an insignificant weight in revenue and market share, and the economic core remains concentrated in education. In environmental, social and governance matters, Atom Educacional states that it did not publish a specific ESG report in 2024 and does not yet follow a formalized reporting standard in this area, although it depends heavily on intangible assets such as brands, domain names and copyrights, which are managed in accordance with Brazilian intellectual property law.

As a company listed on B3, Atom Educacional combines the characteristics of a digital education company with a platform of in-person vocational courses and a history connected to the financial market. ATED3 shares predominantly represent a private education operation focused on financial education, entrepreneurship, civil service exam prep and professional qualification, organized under a structure that uses technology, proprietary content production and a franchise network as its main growth levers. The recent revenue evolution highlights the growing weight of the education segment and the integration of Cebrac, reinforcing the company’s classification within the education sector among companies listed on the Brazilian stock exchange.