Cogna Educação (COGN3) investor relations material

Executive summary

• Net revenue for 2025 reached BRL 7.184 billion, up 11% pro forma and 9.3% year-over-year, with strong growth in student base, client satisfaction, and employee engagement (eNPS above 80).

• Recurring EBITDA for the year was BRL 2.351 billion, up 10% pro forma and 5.7% year-over-year, with a margin of 32.8%.

• Net income for the year was BRL 625.5 million, impacted by non-recurring items; pro forma net income up 756% year-over-year, excluding one-off effects.

• Operational cash generation after CapEx reached BRL 1.274 billion, up over BRL 230 million year-over-year; free cash flow grew 81% to BRL 716 million.

• Leverage improved to 1.21x EBITDA from 1.35x, with net debt reduced by BRL 45 million despite over BRL 650 million in capital allocation.

Financial highlights

• Pro forma Q4 revenue grew 12.1% year-over-year; recurring EBITDA margin was 34.9% in Q4 and 32.8% for the year.

• Net profit for the year was BRL 624 million, supporting dividend distributions.

• Free cash flow grew over 80% to BRL 760 million; operational cash flow up 24% to over BRL 1.02 billion.

• Net debt at BRL 2.835 billion, with BRL 1.28 billion in cash available.

• Financial expenses fell 15.7% year-over-year due to liability management and lower interest on loans.

Outlook and guidance

• Expectation of continued double-digit sustainable growth in core businesses for 2026 and 2027, with focus on operational efficiency, student experience, and innovation.

• Free cash generation projected to remain strong, with further improvement possible if interest rates decline.

• CapEx as a percentage of revenue expected to remain around 7% in 2026 and 2027.

• B2G segment and new business lines anticipated to drive further growth.