Yduqs acquires Unifametro University Center
Company tops shareholder cash flow guidance, reaching R$ 613 million over the last 12 months. All business segments report student intake above the same period in 2024
Rio de Janeiro, August 14, 2025 — YDUQS (B3: YDUQ3) reported results highlighted by strong operating cash generation, shareholder cash flow above the upper end of full-year guidance, and robust student intake. These factors reinforce confidence in meeting 2025 targets—particularly earnings per share—and point to positive prospects for 2026. Shareholder Cash Flow (SCF) over the last 12 months reached R$ 613 million, exceeding by R$ 13 million the 2025 guidance ceiling of R$ 600 million (guidance range: R$ 500–600 million). This figure represents a material improvement of R$ 669 million versus LTM 2Q24.
“Beyond our well-demonstrated cash generation and solid results, we have important levers for the second half. The new regulatory framework removes risk and uncertainty around distance learning, intake is running at a pace we haven’t seen since 2023, and our re-enrollment is at a historic high,” said Rossano Marques, who becomes the group’s CEO on August 15, succeeding Eduardo Parente, who will join the Board of Directors. “We also have Mais Médicos III, where we expect a very positive outcome given our impeccable track record with the program,” he added.
With more than 60% of the 25.3 intake cycle completed, new enrollments are up 16% year over year, with improvements across all business segments.
Pro forma net revenue for the first half reached R$ 2.9 billion, up 5% versus 1H24. On the same basis, net income totaled R$ 249 million, reflecting the recent provisioning related to non-engaged freshmen revenue and the migration of private financing bases. Combined with a favorable mix improving revenue quality and high re-enrollment rates, these factors indicate a strong operational outlook for 2026. The premium segment—Idomed and Ibmec—now accounts for 29% of gross operating revenue and nearly 45% of Yduqs’ EBITDA, underscoring the company’s multi-year transition to a diversified, highly resilient, cash-generative business, less exposed to public policy shifts and market volatility.
Operating Highlights
Ibmec. Another quarter of strong results: adjusted EBITDA for the half rose 40%, with EBITDA margin expanding from 39% in 1H24 to 45% in 1H25. Postgraduate “live” intake advanced 79% year over year, consolidating share in a niche with clear headroom.
IDOMED. Solid growth, with double-digit gains in gross operating revenue (up 11% in 1H25 vs. 1H24), EBITDA (up 11% half over half), and student base (up 12% quarter over quarter). Average tuition for returning students was 2% higher than a year earlier.
Hybrid (semipresencial) hubs. The hybrid offering at learning centers continued to deliver consistent results, reaching 99,000 students—up 63% vs. 2Q24. Intake grew an even stronger 90% vs. 1H24, materially improving the revenue mix. Pricing momentum remained healthy (+7% in average tuition for returning students).
Digital. While a trade-up to hybrid weighed on digital gross operating revenue as expected, average tickets were largely resilient, down just 2%. Re-enrollment increased nearly 5 pp to 71%—a distinctive outcome for an odd-numbered quarter—driven by targeted student support initiatives.
Financial Performance
Strong cash generation remains a hallmark of Yduqs. Over the 12 months ended June, operating cash flow reached R$ 1.554 billion, with 118% cash conversion. Performance benefited from improved collections efficiency, with Days Sales Outstanding falling to 94 days, supported by structural enhancements to billing processes.
Leverage remains contained at 1.66x Net Debt/Adjusted EBITDA. Excluding shareholder-return initiatives during the period—share repurchases and dividends—leverage would be 1.41x. The average debt spread in 2Q25 was CDI + 1.07%. Yduqs has no mandatory debt maturities in 2025 and retains flexibility to manage future maturities, underpinned by strong market credibility.
Artificial Intelligence: Building Global Use Cases
Yduqs currently has more than 80 AI solutions in production, delivering tangible value to students. Implementations have driven meaningful efficiency gains, including a 17% reduction in Estácio’s customer acquisition cost (CAC), a 24% decrease in digital content production costs, and an 11% reduction in service costs. Today, 100% of digital student interactions—across all institutions and segments—are supported by AI solutions.
The company leads the market in areas such as scaled deployment of autonomous agents, including in collections processes—innovations that have garnered global recognition through case partnerships with companies like Adobe and Salesforce.
ESG Agenda
Yduqs achieved international recognition by winning the Grand Prix at the 2025 Cannes Lions International Festival of Creativity with the book Nigrum Corpus, an initiative by IDOMED in partnership with the Yduqs Institute. The work stems from the Mediversidade program and, through real cases and testimonies, underscores the urgent need for greater diversity in medicine—both in professional training and in awareness of the specificities of Black patients served by Brazil’s health system.
Additional highlights include the Literacy and Reading Program, which increased the number of students served by 25% in 2025, and record-breaking community donation drives, with more than 98,000 items donated—evidence of the organization’s reach and social mobilization capacity. On the environmental front, the company joined the UN Global Compact’s “Business Ambition for 1.5°C/Net Zero” movement, setting targets to neutralize emissions by 2030.
For the full earnings materials, please visit our Investor Relations Results Center.