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Investment in associate
 12 Months Ended
Dec. 31, 2025
Notes and other explanatory information [abstract]  
Investment in associate

 

9Investment in associate

 

The Company holds a 30% interest in UEPC, a medical school located in the Federal District that offers higher education and post-graduate courses, both in person and long-distance learning. The Company’s interest in UEPC is accounted for using the equity method. The tables below summarize the financial information of the Company’s investment in UEPC:

 

   
  2025 2024
   
Current assets 27,686 38,122
Non-current assets 118,550 116,846
Current liabilities (44,726) (30,049)
Non-current liabilities (90,394) (87,388)
Equity 11,116 37,531
Company’s share in equity - 30% 3,335 11,259
Goodwill 43,183 43,183
Carrying amount of the investment 46,518 54,442

 

       
  2025 2024 2023
     
Revenue 167,525 156,984 148,042
Cost of services (79,116) (72,898) (71,282)
Selling, general and administrative expenses (32,587) (30,755) (27,646)
Allowance for expected credit losses 445 (1,587) (1,029)
Other income 660 212 179
Other expenses (5,111) (5,326) (8,709)
Net finance result (3,298) (4,946) (6,123)
Income before income taxes 48,518 41,684 33,432
Income taxes expenses (2,132) (2,560) (1,782)
Net income 46,386 39,124 31,650
Company’s share of profit, net of tax 13,916 11,737 9,495

 

The movements during the years ended December 31, 2025, 2024 and 2023 are shown below:

 

       
  2025 2024 2023
     
Opening balance 54,442 51,834 53,907
Share of profit, net of tax 13,916 11,737 9,495
Dividends received (15,553) (7,501) (9,900)
Dividends receivable - Other assets (6,287) (1,628) (1,668)
Closing balance 46,518 54,442 51,834

 

The Company tests the recoverability of the carrying amount of the Company’s investment in UEPC at least annually. As of December 31, 2025 and 2024, no impairment had to be recognized.