Yduqs delivers another quarter of solid results and reaffirms 2026 guidance
Company closes the first half with 7% growth in adjusted EBITDA (ex-DIS), record student intake at IDOMED and the announcement of the seventh unit of Ibmec’s. Since 2024, R$780 million has been returned to shareholders through dividends and share buybacks.
Rio de Janeiro, August 13, 2026 — Yduqs (B3: YDUQ3), one of Brazil’s largest private higher education groups, reported its second-quarter (2Q26) and first-half (1H26) results on Thursday, August 13. The period underscored the strength of the company’s fundamentals: across all segments, its brands remain among the leaders in their respective markets and continue to deliver strong earnings and cash generation.
This performance allows the confirmation of the guidance projected for the year, of Free Cash Flow to Equity (FCFE) between R$520 million and R$620 million, and Earnings per Share (EPS) between R$1.40 to R$2.00.
Consolidated results
In comparable terms between the semesters of 2026 and 2025, excluding the effects of lower participation in DIS (tuition dilution program at the beginning of the course), Yduqs posted 4% growth in net revenue, 7% growth in adjusted EBITDA and a 25% increase in adjusted net income.
Adjusted EBITDA reached R$970 million in 1H26, with a margin of 33% (+0.8 p.p. year-on-year). Financial discipline and recent measures aimed at improving revenue quality have also translated into a significant improvement in delinquency indicators. At Estácio and Wyden, the allowance for bad debt declined to 15.1% of net revenue, down 1.5 p.p.. On a consolidated basis, the combined impact of bad debt, discounts, fines and interest fell to 10.6% from 12.5%, a 1.9 p.p.
Premium brands drive growth
Together, IDOMED and Ibmec now account for 48% of Yduqs’ EBITDA and 32% of net revenue, with the highest margins and strongest pricing dynamics across the company’s portfolio.
In Medicine, IDOMED delivered the highest student intake in its history despite increased competition, welcoming more than 2,000 new students during the first half. Net revenue reached R$694 million, up 9%, while the renewal rate stood at 97%.
Ibmec maintained its strong growth trajectory. Net revenue rose 18% to R$223 million, while adjusted EBITDA reached R$87 million, with a 39% margin for the first half, up 2.1 p.p. from 1H25. The renewal rate reached 95%. Since 2024, the brand’s EBITDA has grown 70%. The average intake ticket increased 10% compared with 1H25, reflecting Ibmec’s continued brand appreciation across all markets in which it operates.
During the first half, Yduqs also announced Ibmec’s seventh unit in Brazil and the brand’s first in the Northeast. The new Fortaleza unit will feature modern infrastructure while offering the premium experience and academic excellence that define Ibmec. Student intake is expected to begin in 1H27. The company’s ambition is to establish Fortaleza as a hub for executive education serving Brazil’s Northeast and North regions.
Estácio and Wyden: resilience and growth in Semi on-campus
Estácio and Wyden remained resilient despite an environment shaped by elections and high levels of household debt. On a comparable basis, excluding DIS effects, net revenue increased 1.4%, while adjusted EBITDA reached R$540 million. The adjusted EBITDA margin rose 0.7p.p. to 26% compared with the first half of 2025.
The highlight continues to bem the Semi on-campus format, whose student base expanding by 170% over the past two years. That growth has been accompanied by higher student engagement and lower bad debt levels, in line with the company’s expectations.
Capital discipline and shareholder returns
Yduqs continues to pursue a disciplined, focused and sustainable capital allocation strategy. In the accumulated since 2024, R$ 780 million have already been returned to shareholders in dividends and share buybacks - equivalent to 37% of their market value at the end of the period.
The R$100 million buyback program was completed in July 2026. Leverage continued to decline, ending 2Q26 at 1.55x Net Debt/EBITDA, moving toward the company’s target of 1.0x by 2027. The Days Sales Outstanding fell to 78 days, 15 days shorter than in 2Q25.
ESG: international recognition
The quarter also brought international recognition. Nigrum Corpus, a book developed through the Mediversidade Program by IDOMED and Instituto Yduqs, received its second Grand Prix at the Cannes Lions, winning in the Glass: The Lion for Change category in 2026, the festival’s top honor for work driving social change.
In another initiative, a first-of-its-kind partnership among Estácio, Instituto Yduqs and the Brazilian Soccer Confederation (CBF) gave students the opportunity to gain hands-on professional experience at the 2026 FIFA World Cup. Content from the initiative generated more than 20 million views across the company’s social media channels.
Guidance reaffirmed and outlook for 2H26
The company’s performance gives Yduqs confidence to reaffirm its 2026 guidance: Free Cash Flow to Equity (FCFE) between R$520 million and R$620 million and Earnings per Share (EPS) between R$1.40 and R$2.00.
For the second half, Yduqs expects the impact of DIS on revenue to normalize, operating results to continue improving and financial expenses to ease as Brazil’s benchmark Selic interest rate declines.
Visit Yduqs’ Investor Relations website at www.yduqs.com.br to access the full presentation, earnings release and related documents.