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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Cogna Educação (COGN3) investor relations material
Cogna Educação Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net revenue grew 18.9% year-over-year in 3Q25 to R$1,523.4 million, with all business units contributing to growth.
Recurring EBITDA increased 9.8% in 3Q25 and 12.4% year-to-date, marking the 18th consecutive quarter of growth, though margin was pressured by higher provisions related to PAGFASIO and seasonality in Saber.
Net income reached R$191.6 million in 3Q25, reversing a net loss of R$29.1 million in 3Q24, and totaled R$405.5 million year-to-date.
Free cash flow for 9M25 was R$583.9 million, up 197.9% year-over-year, surpassing the full year of 2024 by nearly 50%.
Leverage (Net Debt/EBITDA) dropped to 1.11x, the lowest in 28 quarters, with net debt reduced by R$474 million year-over-year.
Financial highlights
3Q25 net revenue: R$1,523.4 million (+18.9% YoY); 9M25: R$4,815.6 million (+13.0% YoY).
Recurring EBITDA: R$422.7 million in 3Q25 (+9.8% YoY); 9M25: R$1,530.4 million (+12.4% YoY); margin 27.7% in 3Q25.
Net income: R$191.6 million in 3Q25 (vs. -R$29.1 million in 3Q24); R$405.5 million in 9M25 (vs. -R$46.0 million in 9M24).
Free cash flow: R$300.1 million in 3Q25 (+3.1% YoY); R$583.9 million in 9M25 (+197.9% YoY).
Net debt: R$2.576 billion; cash position: R$1,277 million.
Outlook and guidance
Optimistic outlook for Q4 and 2026, expecting continued consistent results and strong cash generation.
Vasta ACV expected to maintain mid double-digit growth for 2026, in line with recent years.
Anticipates a strong Q4 in Saber and Vasta due to seasonality and government programs.
Continued focus on growth, efficiency, and student experience, with strategic initiatives in innovation, ESG, and people development.
Expansion in NBTP market share and positioning for regulatory changes to drive future revenue growth.
Pague Fácil: future margin impact
DL regulation: on-site nursing margin impact
Technology CapEx: drivers and future outlook
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Next Cogna Educação earnings date
Q4 202518 Mar, 2026
Next Cogna Educação earnings date
Q4 202518 Mar, 2026
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Frequently asked questions
Cogna Educação S.A. is an educational organization based in Brazil. The company provides a comprehensive range of educational services and products across various learning stages, including primary, secondary, and higher education. Cogna is organized into three main segments: In-Class Higher Education, Distance Learning Higher Education, and Basic Education. These segments encompass a wide array of educational activities such as the management and provision of undergraduate and graduate courses, technical and vocational education, as well as K-12 education. The company also engages in the publishing, distribution, and sale of educational materials and textbooks, and offers educational solutions and services tailored for professional and higher education. The company is headquartered in Belo Horizonte, Minas Gerais, and its shares are listed on the São Paulo Stock Exchange.
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