CSED3: quote, dividends and indicators for Cruzeiro do Sul Educacional

Cruzeiro do Sul Educacional S.A., traded on B3 under the ticker CSED3, is a private education group that traces its origins back to 1965, with the creation of Colégio Cruzeiro do Sul in the São Miguel Paulista neighborhood, in the eastern zone of the city of São Paulo. Founded by a group of newly graduated teachers focused on preparing students for admission exams to the former lower secondary level of the public school system, the school began in two borrowed classrooms at the back of a church. In 1970, the company was formalized, marking the start of an institutionalization process that, two years later, would lead to the creation of Faculdade Cruzeiro do Sul, initially offering Business Administration and Accounting programs. In the 1980s, operations were expanded to early childhood and elementary education, while the portfolio of undergraduate programs was gradually broadened.

In 1993, the institution was accredited as Universidade Cruzeiro do Sul by the Ministry of Education, gaining academic and administrative autonomy, which made it possible to accelerate the creation of new programs and academic projects. From the late 1990s onward, it began a consistent agenda of innovation in distance learning (EaD), with studies in 1997, the structuring of a specific center in 2000, and the launch of the first EaD platform in 2006. In parallel, in 2001, academic governance was professionalized with the structuring of a rector’s office and vice-rectorates. Starting in 2007, the group launched a growth cycle via acquisitions, beginning with Centro Universitário Módulo in Caraguatatuba (SP), followed by Centro Universitário do Distrito Federal (UDF) in Brasília in 2008, laying the foundations for a multi-brand national expansion model.

Over the following decade, Cruzeiro do Sul Educacional consolidated this model by incorporating relevant regional institutions in different states. In 2012, it acquired Universidade Cidade de São Paulo (UNICID), significantly expanding its presence in health and other areas, and in 2013 it bought ACEF S.A., the sponsor of Universidade de Franca (UNIFRAN) and Colégio Alto Padrão, with a strong presence in the interior of São Paulo state. In 2015, it added Centro Universitário Nossa Senhora do Patrocínio (CEUNSP) to its portfolio, with campuses in Salto and Itu, as well as K–12 schools. In 2018, it expanded into the South region with the acquisition of Veritas Educacional and its maintained institutions, including Centro Universitário da Serra Gaúcha (FSG) and CESUCA, and, in the same year, entered the Northeast with Centro Universitário de João Pessoa (UNIPÊ). In 2020, expansion continued with Sociedade Educacional Braz Cubas in Mogi das Cruzes (SP) and Universidade Positivo in Curitiba (PR), as well as Faculdade Positivo Londrina. In 2024, the group strengthened its health vertical by acquiring Centro de Ensino de Pinhais (FAPI), which offers a medical program in the metropolitan region of Curitiba.

Cruzeiro do Sul Educacional’s business model is organized around the provision of educational services as its sole operating segment, with a predominant focus on higher education, complemented by basic education and technical vocational education at the upper secondary level. The company operates three internal management verticals: On-Campus Education, Digital Education, and Health Education, although results are reported on a consolidated basis. As of December 31, 2025, the group had approximately 572 thousand students, distributed across 28 on-campus sites and 1,564 distance-learning centers authorized and registered in the Ministry of Education’s system. Net revenue in fiscal year 2025 was about R$ 2.8 billion, growing versus 2024, supported by the expansion of both on-campus and digital student bases and higher average ticket in both modalities. EBITDA also increased, accompanied by positive net income in the period, reflecting a combination of organic growth, integration of acquisitions, and gains in operating efficiency.

The group operates across multiple educational levels and formats. In on-campus higher education, the company brings together 14 institutions accredited by the MEC, including Universidade Cruzeiro do Sul, UNICID, UDF, Módulo, UNIFRAN, Universidade Positivo, Faculdade Positivo Londrina, Braz Cubas, UNIPÊ, FSG, FSG-BG, CESUCA, CEUNSP, and FAPI. The portfolio covers undergraduate programs (bachelor’s, teaching degrees, and technology degrees) in the areas of exact and technological sciences, biological and health sciences, humanities and social sciences, agrarian sciences, and related fields. In 2025, there were approximately 445 on-campus undergraduate programs, with around 157 thousand students. The company also offers a broad range of lato sensu graduate programs, with hundreds of on-campus and distance-learning courses, as well as stricto sensu programs with 20 programs, 20 master’s and 14 doctoral degrees evaluated by CAPES, in addition to non-degree and professional courses. In basic education, the group operates Colégio Cruzeiro do Sul, Colégio Alto Padrão, and the CEUNSP schools in Itu and Salto, offering education from early childhood through upper secondary, supported by structured teaching materials and the use of technological resources.

In the digital modality, distance learning is offered mainly under the Cruzeiro do Sul Virtual brand, with strong nationwide reach. In 2025, the digital student base exceeded 400 thousand students, representing most of the total base. The EaD courses include undergraduate, lato sensu graduate, technical vocational education at the upper secondary level, and non-degree courses, with learning centers located in every state and in the Federal District. Courses are structured in modules, with intensive use of a virtual learning environment, digital libraries and labs, multimedia content, interactive activities, and academic support provided by course tutors and mentor-tutors. The ability to create new learning centers by its own act, subject to institutional performance as measured by the MEC, is a relevant lever for organic expansion in the digital vertical. In technical education, a highlight is Centro Universitário Braz Cubas, accredited by the São Paulo State Board of Education to offer upper secondary technical courses in the distance-learning modality under the trade name BRAZTEC, with authorization for thousands of annual openings supervised by the regional Education Board.

The regulatory environment plays a central role in Cruzeiro do Sul Educacional’s operations. The group’s higher education institutions are accredited and evaluated by the MEC based on indicators such as the General Course Index (IGC), Institutional Concept (CI), and Preliminary Course Concept (CPC), which directly affect the ability to expand EaD centers, open new programs, and increase enrollment capacity. The 2017 regulatory change, which began allowing specific accreditations for on-campus and distance learning and greater autonomy in creating EaD centers, favored the company’s growth strategy, which substantially expanded its digital network. In addition to education regulation, the group is subject to the Anti-Corruption Law, maintaining an integrity program and compliance structure to prevent misconduct, and to the General Data Protection Law, which imposes obligations on the processing of personal data of students, employees, and partners. Managing these topics involves internal policies, compliance controls, and regulatory governance, with an impact on legal, operational, and reputational risks.

From a corporate and capital markets perspective, Cruzeiro do Sul Educacional has gone through a trajectory of professionalization and access to capital that includes the entry of investment funds and foreign institutional investors, such as Actis and vehicles linked to GIC, the sovereign wealth manager of the Government of Singapore. In February 2021, the Brazilian Securities and Exchange Commission granted the company a category “A” publicly held company registration, simultaneously with its initial public offering. Since then, CSED3 shares have traded on B3’s Novo Mercado segment, aimed at companies with corporate governance practices more closely aligned with higher transparency standards, such as the requirement that capital be composed exclusively of common shares with voting rights. Following the IPO, the group began reporting financial and operating results to the market, with indicators that make it possible to track the evolution of its student base, revenue, profitability, and capital structure in a highly regulated sector subject to changes in public policy in the education area.