Cogna Educação (COGN3) investor relations material

Executive summary

• Net revenue for 2025 reached R$7.0 billion, up 9.3% year-over-year, with pro forma revenue at R$7.18 billion, up 11% year-over-year.

• Recurring EBITDA for the year was R$2.3 billion, up 5.7%, with a margin of 32.8%; pro forma EBITDA was R$2.35 billion, up 9.9%.

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

• Free cash flow reached R$716.2 million, up 81.1% year-over-year, and net debt reduced by R$44.9 million despite significant capital allocation.

• Leverage improved to 1.21x EBITDA from 1.35x, with strong operational and financial results, high NPS/eNPS, and ESG recognition.

Financial highlights

• 4Q25 pro forma revenue was R$2.37 billion, up 12.1% year-over-year; recurring EBITDA was R$769.1 million, down 5.3% YoY, with a margin of 34.9%.

• Adjusted net profit for 4Q25 was R$279.4 million (12.7% margin); for 2025, R$862.7 million (12.3% margin).

• Operating cash generation after Capex reached R$1.27 billion, the highest since 2017.

• Cash and equivalents at year-end were R$1.28 billion.

• Net debt at R$2.8 billion, with leverage at 1.21x EBITDA.

Outlook and guidance

• Focus on sustainable double-digit growth in core businesses, operational efficiency, and innovation, with robust cash generation expected in 2026 and 2027.

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

• Continued investment in digital transformation and ESG initiatives.