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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vitru Educação
Vitru Educação (VTRU3) investor relations material
Vitru Educação Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
9M26 adjusted EBITDA reached R$748.0m, up 11.4%, with a 41.1% margin; free cash flow rose 39.7% to R$631.5m and leverage fell to 1.13x.
Engaged student base reached 922.4k, up 11.9% YoY; intake engagement increased to 83.6% from 63.7%.
Hybrid undergraduate intake grew 9.9% YoY in 3Q26, representing 56% of total intake.
Financial highlights
Q3 net revenue was BRL 579m, up 5.4%; 9M26 net revenue was R$1,819.5m, up 7.0% YoY.
Q3 adjusted EBITDA was R$234.9m, up 9.7%, with a 40.6% margin; 9M26 adjusted EBITDA was R$748.0m, up 11.4%.
9M26 cash-tax adjusted net income was R$397.1m, up 41.0%; net margin increased 5.3 p.p. to 21.8%.
Free cash flow was R$221.5m in Q3, up 9.0%, and R$631.5m in 9M26, up 39.7%.
Outlook and guidance
Q4 student intake was tracking similar to Q3; 2027 intake and margin outlook remained under planning.
Regulatory changes are being implemented to plan, with impacts expected in 2027; detailed margin effects remained under planning.
Distribution policy permits quarterly base distributions when quarter-end leverage is at or below 1.5x; additional distributions may be proposed if year-end leverage is below 1.2x, subject to approvals and reserves.
Q3 CapEx of BRL 58m reflected investment in labs and IT; further investment in both areas was expected.
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Latest events from Vitru Educação
- FY23 growth in revenue, EBITDA and cash flow accompanied rising student enrollment.VTRU3
Q4 2023 - Record revenue and EBITDA growth driven by hybrid expansion and strong cash generation.VTRU3Q2 2026
- Revenue, EBITDA, and cash flow surged as student engagement and leverage improved.VTRU3Q1 2026
- Record student growth, margin expansion, and cash flow drove deleveraging and operational gains.VTRU3Q4 2025
- Adjusted net income up 79.8%, free cash flow up 32.9%, and leverage down to 2.1x.VTRU3Q3 2025
- Net revenue rose 6.6% and adjusted net income surged 75.6% as students topped 1 million.VTRU3Q2 2025
- Q3 2024 revenue rose 8.8%, with digital education and medicine driving strong margin gains.VTRU3Q3 2024
- Revenue and profit surged, led by digital education and operational efficiency gains.VTRU3Q1 2025
- Net revenue rose 9.1% in 2024, with EBITDA up 9.8% and net income up 15.1%.VTRU3Q4 2024
Vitru Educação
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Frequently asked questions
Vitru Brasil Empreendimentos Participações e Comércio SA is a Brazilian education services company offering digital and hybrid higher education. It provides undergraduate, graduate, and technical programs through its network of online platforms and regional centers. The company focuses on expanding access to education across Brazil through technology-enabled learning. It is headquartered in Florianópolis, Brazil, and its shares are listed on the B3.