SEER3

Ser Educacional S.A. is one of the largest private higher education groups in Brazil, with common shares traded on B3 under the ticker SEER3. The company’s history began in 1993, in Recife, with the creation of Complexo Educacional Bureau Jurídico by José Janguiê Diniz, initially focused on preparatory courses for civil service exams. Starting in 2003, with the publication of Ordinance 1,109 by the Ministry of Education (MEC), the sponsoring institution ESBJ – Ensino Superior Bureau Jurídico Ltda. obtained accreditation for Faculdade Maurício de Nassau, which quickly became a benchmark in private higher education in the North and Northeast regions. In 2010, after a cycle of management professionalization, adoption of ISO 9001 standards and expansion through acquisitions, the organization was renamed Ser Educacional S.A. and, in 2013, carried out its initial public offering on B3, marking the transition to a publicly traded capital structure.

Ser Educacional’s business model is focused exclusively on providing educational services, with an emphasis on higher education in hybrid on-campus and digital (distance learning – EAD) formats, as well as graduate programs and vocational courses. All of the company’s revenue and profit come from this core activity, through the collection of enrollment fees, tuition, and educational charges. As of December 31, 2024, the company’s base comprised approximately 330.3 thousand students enrolled in hybrid undergraduate, digital undergraduate, on-campus and digital graduate courses, as well as technical programs. Ser Educacional manages its different academic offerings in an integrated manner, without managerial segmentation by program line, prioritizing operating scale, process standardization and academic synergies across units and modalities.

Over the years, the company has consolidated a portfolio of regional brands recognized in various parts of the country. In the Northeast, UNINASSAU and Faculdades UNINASSAU stand out, as well as Centro Universitário 7 de Setembro (UNI7). In the North region, Ser Educacional operates through Universidade da Amazônia (UNAMA), Universidade do Norte (UNINORTE) and also under the UNINASSAU brand. In the Southeast, Universidade de Guarulhos (UNG) and UNINASSAU units represent the main front of operations, while in the South the company operates Centro Universitário da Lapa (UNIFAEL). As of December 31, 2024, the educational platform included 59 higher education units and 814 digital learning hubs and super-hubs, distributed across all Brazilian states, evidencing nationwide geographic presence with greater density in the Northeast and North regions.

Ser Educacional’s academic strategy has increasingly emphasized health-related areas, especially Medicine, Veterinary Medicine and other related courses that require laboratory and clinic infrastructure. In 2024, the company expanded the number of Medicine seats and reinforced investments in laboratories and training systems linked to partner hubs, integrating the legacy structure of regional brands with UNIFAEL in digital education. Health programs came to represent 64% of the hybrid undergraduate student base and around 45% of the total undergraduate base at the end of 2024, in addition to increasing their share in digital undergraduate programs. This specialization seeks to leverage differentiating factors such as physical infrastructure, unit locations in strategic urban areas, and the recognition of regional brands in the job market.

In terms of academic innovation, Ser Educacional has structured a continuing education ecosystem supported by technology. In 2021, it launched the Ubíqua academic model, designed as an omnipresent education platform supported by digital content, active learning methodologies and high flexibility for creating new courses and formats. The company has also diversified its activities through investments in Edtechs such as Beduka and ProvaFácil, and in the development of complementary digital solutions, such as the fintech b.Uni and the social network Peixe30. The teaching process incorporates tools such as electronic gradebooks, standardized joint exams, integrated curricula and systematic academic audits, with the aim of monitoring performance, standardizing quality across all units, and quickly adjusting content and teaching practices to regulatory guidelines and labor market demands.

From a regulatory standpoint, Ser Educacional operates in a sector that is heavily regulated by the federal government through the Ministry of Education (MEC), the National Education Council (CNE), the National Institute for Educational Studies and Research Anísio Teixeira (INEP), and the National Commission for the Evaluation of Higher Education (CONAES). The opening, accreditation and re-accreditation of institutions and programs, as well as recognition and renewal of recognition, depend on regulatory acts and periodic assessments by these bodies. The company operates different types of higher education institutions – colleges, university centers and universities – which are subject to oversight processes, on-site visits, evaluation of faculty, infrastructure and pedagogical projects, as well as indicators such as ENADE and CPC. Throughout its trajectory, Ser Educacional has accumulated experience in conducting these processes, seeking to shorten authorization timelines and adapt its operations to the requirements of the National System for the Evaluation of Higher Education (SINAES).

Operationally, the company organizes a series of academic support centers and departments to sustain its large-scale model. The Student Support Center (NAE) monitors performance, absences, joint exam results, students with disabilities or special needs and classes in external assessments, working both with students and faculty. The Employability, Jobs and Careers Center promotes the interface between students, alumni and the job market, offering career guidance, support in preparing résumés and referrals to openings at partner companies. In addition, there is a Regulation and Quality Department responsible for monitoring internal audits, ensuring adherence to MEC standards and proposing action plans for the continuous improvement of academic offerings, aligned with national higher education guidelines.

On the environmental, social and governance (ESG) front, Ser Educacional has been incorporating initiatives related to social responsibility, diversity and transparency. In 2023, the company celebrated 20 years of the group’s higher education structure, highlighting social impact actions and inclusive programs in the communities where it operates. In 2024, it launched the Programa Ser Solidário, focused on academic expansion and reducing student indebtedness, and published the Transparency and Equal Pay Report for Women and Men, presenting data on female and Black representation in its subsidiaries, as well as salary and average compensation comparisons between genders. Also in 2024, SEER3 shares were included in the IDIVERSA B3 index, which groups companies that stand out in diversity practices and indicators according to B3’s own methodology, reflecting the incorporation of diversity into Ser Educacional’s corporate agenda.

From an economic and financial standpoint, Ser Educacional has a recurring revenue business based on tuition fees, with diluted concentration risk, as it does not have individual customers accounting for more than 10% of net revenue. Between 2022 and 2024, net revenue increased from approximately R$ 1.68 billion to around R$ 1.98 billion, with average annual growth driven by the expansion of the student base, especially in hybrid undergraduate and Medicine courses, and by inflation pass-throughs. The company operates with financial discipline and centralized management of academic and operational indicators, aligning the expansion of hubs and units with regional demand for higher education, particularly in locations with a lower supply of on-campus programs and per capita income compatible with its pricing structure.